PeteMorris Posted October 9, 2012 Share Posted October 9, 2012 ....Maybe they should have replaced “nearly all” with “many people”. ......... Maybe I should!.........also I should have said "indirectly" responsible,because many have benefited indirectly at the party over the last two decades in Britain. Just try going to Meadowhall any day, and see how many people are there buying imported this that and the other,then being served lunch then stepping out into a shiny car.I never saw that in Sheffield when I was young. You need to understand Pete that we have all benefited some way or another in this country,don't let your left wing view cloud the issue regarding Cameron,before you can tell us what Milliband can do to erase Labours huge overspend debt,because he is saying absolutely nothing up to now. Nether of them seems to have an answer to China or Germany at the present time.....have you? I'd just like to clarify your assumption that I'm left wing! I'm not..Cameron and his cronies are just as bad as Milliband and his crew, I don't have faith or support either of them!...They've all got their snouts in the same trough...it's just that some snouts are longer than others! I'm afraid I don't have any magical solutions either, and I'm not an economist, or politician. I just know what irks me, and I have my own opinions, right or wrong as they may be...it's just me! As for your assertion that indirectly we've all benefitted at some time from the 'boom' years. I can't see it! I've got a shiny car that's 10 years old that I paid cash for. I've got a big tv at home, that I paid cash for. If I don't have the money, I don't have it. I don't have a mortgage, or own my own home. I work for a living. I'm pretty ordinary, as are a lot of others, who the gov would have you believe caused the problem! Link to comment Share on other sites More sharing options...
Rupert_Baehr Posted October 9, 2012 Share Posted October 9, 2012 A part of the problem is (IMO) that people won't face up to reality. Yes, the government screwed up and the banks screwed up. How much (as a percentage of GDP) is the state debt? How much is personal debt? The state (the government) is responsible for state debt, but who is responsible for personal debt? I bought a new car in 1976. The price was £3100 and that's what it cost me. (A number of my friends said to me: "How the hell can you afford to buy a £3100 car?" I paid cash. My £3100 car cost me £3100. Their £2000 cars cost them £4000. IMO (because it was the way I was brought up) If you want something ... If you really want something - and you've got the money, buy it! If you want something and you haven't got the money, think on! - Save up until you've got the money. If you want something, you can't afford it but you borrow the money and get into a hole, whose fault is that? Is it the Bank's fault? (Are you not capable of looking after your own funds?) Link to comment Share on other sites More sharing options...
mossdog Posted October 9, 2012 Share Posted October 9, 2012 A part of the problem is (IMO) that people won't face up to reality. Yes, the government screwed up and the banks screwed up. How much (as a percentage of GDP) is the state debt? How much is personal debt? The state (the government) is responsible for state debt, but who is responsible for personal debt? I bought a new car in 1976. The price was £3100 and that's what it cost me. (A number of my friends said to me: "How the hell can you afford to buy a £3100 car?" I paid cash. My £3100 car cost me £3100. Their £2000 cars cost them £4000. IMO (because it was the way I was brought up) If you want something ... If you really want something - and you've got the money, buy it! If you want something and you haven't got the money, think on! - Save up until you've got the money. If you want something, you can't afford it but you borrow the money and get into a hole, whose fault is that? Is it the Bank's fault? (Are you not capable of looking after your own funds?) Totally agree!..........but for some,funny how things seem much more attractive and desirable when you can't afford them! When you can easily afford something,you can much easier walk away from it and have second thoughts. Of course the finance companies mostly make money out of people who should be having second thoughts,..........not people like Pete and Rupert (or me). Link to comment Share on other sites More sharing options...
L00b Posted October 9, 2012 Share Posted October 9, 2012 A part of the problem is (IMO) that people won't face up to reality their responsibilities.Corrected that for you, in view of- If you want something, you can't afford it but you borrow the money and get into a hole, whose fault is that? Is it the Bank's fault? (Are you not capable of looking after your own funds?) It's a bit like that PPI thing, when you think about it (who was responsible for signing on the dotted line with PPI built-in? hint: not the bank manager). Fair enough if it was effectively mis-sold (as in, not explained at the time time of the application and just rolled in by default)...but if it was not, and you did not need it in the end? Why would you even try to get the premium back? (it'd be like claiming car insurance premiums back because you haven't had a crash) The Gvt could do worse than instilling 'money sense' into kids from a young age (then continuing) as part of a national curriculum reform. It is my understanding that they do not, currently - and haven't for a while. I fear it shows. Link to comment Share on other sites More sharing options...
PeteMorris Posted October 9, 2012 Share Posted October 9, 2012 Corrected that for you, in view of- It's a bit like that PPI thing, when you think about it (who was responsible for signing on the dotted line with PPI built-in? hint: not the bank manager) The Gvt could do worse than instilling 'money sense' into kids from a young age (then continuing) as part of a national curriculum reform. It is my understanding that they do not, currently - and haven't for a while. I fear it shows. My Bold: In a huge number of cases yes. Maybe not the manager personally, but certainly the banks. A lot of the cases were sold as "well if you don't have the ppi then you can't have the loan" Ok maybe that should have prompted them to not have the loan..but that's the way it was sold! Link to comment Share on other sites More sharing options...
L00b Posted October 9, 2012 Share Posted October 9, 2012 In a huge number of cases yes. Maybe not the manager personally, but certainly the banks. A lot of the cases were sold as "well if you don't have the ppi then you can't have the loan" Ok maybe that should have prompted them to not have the loan..but that's the way it was sold! Edited my post before I saw yours Link to comment Share on other sites More sharing options...
PeteMorris Posted October 9, 2012 Share Posted October 9, 2012 Edited my post before I saw yours No problem...we both got there in the end! Link to comment Share on other sites More sharing options...
Anna Glypta Posted October 9, 2012 Share Posted October 9, 2012 Yes I am British citizen. It may well be in my interests to get out of the mess the country is in. So if the bloke next door remortgages his house and does lots of home improvements, then goes and buys a new car on tick, and subsequently gets into a financial mess with it all. Does that mean I have to dig deep into my pockets to 'sort him out'. Are we in it together? I don't think so! I already live on an island thanks As for people borrowing to holiday and stuff their house with gadgets etc...It's impossible to say what the percentage was (although some smart alec will produce a stat link from somewhere no doubt), but I still think the mojority of people didn't. For one thing because they couldn't afford to. I'm on the same wage now, as I was back in 1999. So my earnings havn't risen in 12 years! It's just the pious mp's that annoy me and say 'we're all in this together'. It would be nice if someone said. Ok I know probably most of you didn't cause this problem. We will be tackling those who did. But please bear with us, we're trying to sort it out as best we can. We need everyone's help. But no!...We all caused it, so we all have to suffer! There was a time not long ago when buying a house required folk to put up 25% of the cash up front. That kept house prices relatively low and made payments affordable. The rot set in 10/15 years ago when 120% mortgages came along and folk just borrowed to buy the house, the car, the furniture and a couple of foreign holidays a year thrown in for good measure. Britons enjoyed a boom lifestyle they couldn't afford and the country similarly enjoyed services paid for on tick that were unsustainable. Good for you if you didn't borrow a shed load of money to pay for a frivolous lifestyle. You won't have to pay back what you didn't borrow, unless your pension fund is tied up in banks that can't get your cash back from defaulters. Unfortunately the government of the day borrowed a £trillion on your behalf and you are now paying the price for that. Link to comment Share on other sites More sharing options...
PeteMorris Posted October 9, 2012 Share Posted October 9, 2012 There was a time not long ago when buying a house required folk to put up 25% of the cash up front. That kept house prices relatively low and made payments affordable. The rot set in 10/15 years ago when 120% mortgages came along and folk just borrowed to buy the house, the car, the furniture and a couple of foreign holidays a year thrown in for good measure. Britons enjoyed a boom lifestyle they couldn't afford and the country similarly enjoyed services paid for on tick that were unsustainable. Good for you if you didn't borrow a shed load of money to pay for a frivolous lifestyle. You won't have to pay back what you didn't borrow. Unfortunately the government of the day borrowed a £trillion on your behalf and you are now paying the price for that. So where did that trillion go?...I never noticed it as an enhancement of my lifestyle? Link to comment Share on other sites More sharing options...
Hots on Posted October 9, 2012 Share Posted October 9, 2012 He may be heading in the right direction - but I think he's out of his depth. I did study economics (at Post-grad level) but I would hardly class myself as an economist. There are probably some good post-grad economists, a few really good PhD economists, but surely the UK could produce one or two exceptional economists to vie for the post of Chancellor of the Exchequer? There are quite a few really smart people in the UK. As I've said (so many times you must all be bored with hearing it by now) I detest 'party politics'. Given that there is no shortage of intellectual ability in the UK, why the hell can't the country forget about parties and elect (or appoint -cabinet ministers are appointed, not elected [vide Lord Mandelbrot]) the best people to do the job? When Labour were in government, at one point Alan Johnson, who was a postman before he was an MP I believe, was offered the job as chancellor. Sensibly he declined it because he felt he wasn't qaulified to do the job; I respect him for that, but god knows what Gordon Brown was thinking. Link to comment Share on other sites More sharing options...
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