Global Debt Storm - Osborne

[MrSmith]

and business growth

 

Business growth came from people spending money in that business, if the money they spend is borrowed which much of it was then the growth is still based on debt.

[MrSmith]

Of course we need banks and or course we need credit. I never argued otherwise. I just don't think we need the banks in their present form.

 

They've taken down the world economy - it's no good celebrating the fact the banks gave us some growth if a couple of decades later the way they did it means half of us are living in shacks.

 

Bottom line - nobody can defend the way the banks have behaved. But have a try if you want. I think before the end of next year you will be agreeing with me anyway.

 

If we hadn't had the banks we would be living in shakes anyway, so the banks have given us a good time and now we have to pay the price.

[Tony]

The whole banking system is based on them living beyond their means.

No it isn't.

A few hundred years ago we hung speculators

No we didn't.

 

 

Honestly Wildcat, it might be best if you stick to union stuff. We don't expect you to be financially literate when you talk about union stuff.

[I1L2T3]

If we hadn't had the banks we would be living in shakes anyway, so the banks have given us a good time and now we have to pay the price.

 

I can't agree. I think it is wrong for the public en masse to pay the price for global systemic banking failure.

 

And again I have never once said we shouldn't

have banks. I believe we should have responsible banks and that you line about banks being an automatic force for good a bit naive.