Quote:
Originally Posted by Margaret Pilkington
I don't know what percentage of business the financial area of the city accounts for, but it pays some 54 billion in taxes.
And the incumbents knew of the banking crisis for seven months before the brown stuff hit the fan. the brits had been encouraged to live on their credit cards for ages......there was not a week went by without some mail shot that offered credit, without checking if you could pay back what you were spending.......the whole thing was allowed to go unchecked.......even the FSA have held up their hands and said that they mis-managed the situation. It isn't just one thing...it is a complex series of things....and I'm not sure there is a leader in the world with enough balls to tackle the mutiple problems.
Anyway, this they did this, so we'll pay them back by doing this, is schoolyard antics(with France and Sarkozy in mind) is a waste of time and energy...what should be happening is decisive action.........and I'm not sure that pouring money in, to save the Euro is the right thing to do.
|
Are you saying that the government was responsible for ordinary Britons' abusing credit cards
It's not that uncommon. The folks that you have a special relationship with got into it big time with NINJA loans. When well-paid industrial jobs are shipped off to other countries, the quick fix is to replace a decent, living wage with easy credit. Of course, there are countries with Bank Acts that limit banks to makig consumer loans only to those who have a good chance of repaying the money.
I agree with you on the Euro ... to use a military analogy, it is always a mistake to reinforce failure.