New
#60
Hi there
actually it wasn't most govts -- although they tend to run deficits that wasn't the problem.
The Banks made Bad risks on "Sub Prime Slime".
Finally after a few years of Pass the Parcel the whole sordid mess started to unravel and the Banks realized that these "assets" they'd being selling and buying were worth ZERO (or even LESS than ZERO).
Actually the whole system of Buying and Selling on debts is a pretty immoral and shabby practice anyway -- you get in to trouble with say a Credit card debt (Banks sent Unsolicited stuff in those days through the post giving people access to BILLIONS of Dollars credit they shouldn't have had) and when people got into trouble as they inevitably did they then sold" the debt for pennies in the pound to really EVIL vicious collection agencies such as C-pqu--t for example whose directors aren't even UK based.
These agencies then use the County Court etc etc to try and get the WHOLE amount plus appalling charges added on for a debt they've paid 30 GBP for (your debt was say 3500 GBP -- and by the time CQ have added charges it's now around 8,000GBP. Meanwhile the Bank writes of the whole debt and gets a Tax refund would you believe.
The more I look at this side of the business the more I'm UTTERLY appalled -- and it's THIS type of stuff we are bailing the Banks out for -- I could understand it if they were attempting to renew Infrastructure or get the railways or roads working again or even investing in new energy sources or do something about Job creation..
We aren't out of the woods yet either -- ever seen some of these payday loan companies appearing on UK screens (BANNED in Germany --well done there) who advertise short term rates for HORRIFIC interest often around 3500% (yes no typo 3500%).
Makes the Mafia or even "your friendly neighbourhood Back Street Loan Shark" seem quite reasonable in comparison. These companies were ejected from the US -- and of course it's the most vulnerable people who get suckered in by this type of business.
Sorry for the rant here but I'm with a colleague who supports Blackpool FC -- we are waiting for tonights International Football matches (aka Drinking nice Belgian Beer in a great pub on a beautiful summers day here in Brussels) -- and the question of Blackpool's sponsor came up -- WONGA --one of those 3500% interest charging companies.
Cheers
jimbo