Member Since: 06 Jan 2005
Location: Patching, Sussex
Posts: 15496
To my mind the bankers are the symptom not the cause of the problem. The problem lies with the regulatory frame work, which unfortunately is in effect put in place by the biggest beneficiary of the banking system and of course the good old general public for borrowing so much - but none of that is too popular, so lets just kick rich bankers. And who gives a toss about the thousands of ordinary decent folk doing their jobs in banks who are going to have a pretty bleak few years - comrades who cares?DS3 TDV6 HSE - Silver with Alpaca (old one) Gone
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15th Oct 2008 1:01 pm
DG Site Moderator
Member Since: 12 Dec 2005
Location: The Gaff
Posts: 50979
Wow ...it's so nice to see people speaking out in favour of the workers for a change
I think we all know the level within the banking system at which blame is being apportioned to...and don't forget that a great proportion of the general public could and should have been refused the credit instead of every regulatory rule being either bent or broken to give them the money.
125% mortgages ....10 x your salary ...credit card give aways ...lend, lend, lend, lend, lend, lend, lend. They had the power to stop it ...they took the risk in lending ...we are all paying the price now. 21 year LR veteran > D2 GS 2003 > D3 S 2006 > D3 HSE 2009 > D4 HSE 2013 > D4 HSE 2015 > D5 HSE 2018 > DS HSE R-Dynamic P300e 2021
Apologies if I got too serious Pelyma. You are right of course the rest of the people working in the banking system will also suffer for this and probably much more than the bankers who are the cause of the problem. They will move on to even more lucrative jobs, troubles like these don't seem to affect them. So comrade, my sincerest regards to the workers at the back bone of the banking industry, this is not meant for you.
How ever it is also easy to blame the frame work for this when it is clearly the bankers using every, shall we say, less than correct move that they think they can get away with that has caused the problem. More regulation may be the answer now that this has happened but that just goes to enforce the fact that bankers cannot be trusted to run banks in an acceptable manner. This is indefensible.
Not more regulation, better regulation (and effective controls to enforce the current regulation).
I work as a freelance consultant in the financial services industry, advising on regulatory issues as part of my role. The present regulatory regime is obtuse, vague and poorly applied. The number of horses galloping around the field by the time the stable doors are shut speaks volumes for their regulatory impotence and their 100% record on hindsight. Regulatory censure follows many years after misdeeds, rarely do the regulators catch people in the act.
That's the bit that has to change.I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
Member Since: 06 Jan 2005
Location: Patching, Sussex
Posts: 15496
I thought you might like that!
I still think you are looking at the hype. What effect on a mortgage does your salary have? Surely it is, was and always will be affordibility and that is linked to expenditure just as much as income.
It is very easy to say the bankers, but who do you mean? Is it Eric Daniels, is it Mr Hornby - because anyone else is an employee. I would have more sympathy with you blaming shareholders as they own the business and so are ultimately in control, must of those aren't big earners so aren't as easy to knock.
We all look for loop holes and angles to make more money or life easier, the government knew it was happening - I'm bloody sure the FSA did - but perhaps we were all caught up in the (word for the the day) hubris of no more boom and bust and believed the hype.
Financial markets have always gone up and gone down this time they were too clever for their own good - in an ideal world they should have been allowed to fail, but the government knows what that would mean even if the general public don't.
TSR2 no apolgy needed its that bloody lefty communist moderator that needs to get on his knees and beg forgiveness - never trust a Edited to protect the guilty DS3 TDV6 HSE - Silver with Alpaca (old one) Gone
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I am still confused to find that the bankers don't understand what ever the regulatory rules are that the system will collapse if they don't run it using sound business rules. You talk as if they cannot be trusted and need to have the Rottweillers sent in to keep them in line. It doesn't do anything to raise my confidence in the banking system and makes me more concerned for my pension.
15th Oct 2008 2:06 pm
crews control
Member Since: 18 Mar 2007
Location: Dorset
Posts: 5011
I bet most bankers didn't even know what was going on. When the Americans really started pushing the sub-prime market, deals were done with traders across all markets (usually young high-flying mathematicians) who dreamt up some of the most convoluted exchanges around. It was not uncommon for one bank to buy a tranche of bad debt then make their own mathematical judgement as to the lowest risk portion of this and shave it off the top before selling the rest on to another bank. This next bank would then do the same maths and shave a bit more off and sell it on again. The whole thing got so complicated that nobody knew what the risk factors were anymore or how much they'd lost. These were short sighted traders on high commissions - not your average bankers. I bet there are still bankers getting sacked now who don't understand how they got into this mess.
Don't get me wrong, I'm not overly sympathetic to anyone who was creaming a fat un-earned bonus, but the 20 somethings from maccydees who wanted 125% mortgage on 10x salary must of wondered who will pay when they can't !... And if they're too stupid to work that out, then the mortgage brokers who sold them the loan in the first place must be responsible too...
Totally agree NoDo$h 2005 D3 HSE 2011 D4 Landmark 2016 D4 HSE Lux
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15th Oct 2008 2:15 pm
DG Site Moderator
Member Since: 12 Dec 2005
Location: The Gaff
Posts: 50979
Pelyma wrote:
its that bloody lefty communist moderator that needs to get on his knees and beg forgiveness
No one to blame, system out of control Im off to draw my savings out and put it under my mattress Not sure whether to laugh or cry.......
15th Oct 2008 2:21 pm
Pelyma
Member Since: 06 Jan 2005
Location: Patching, Sussex
Posts: 15496
Who has got the red pen then
Him who hath started casting stones already DS3 TDV6 HSE - Silver with Alpaca (old one) Gone
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15th Oct 2008 2:23 pm
crews control
Member Since: 18 Mar 2007
Location: Dorset
Posts: 5011
TSR2 wrote:
Im off to draw my savings out
If you do that - along with everyone else - then the system will collapse...
And you'll be to blame 2005 D3 HSE 2011 D4 Landmark 2016 D4 HSE Lux
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15th Oct 2008 2:27 pm
DG Site Moderator
Member Since: 12 Dec 2005
Location: The Gaff
Posts: 50979
OUCH!! That's what SWMBO says all the time. it must be me then.
Dear All,
Please accept my sincerest apologies for causing all this trouble. The banking crisis, the rising oil prices, the increase in inflation, Land Rover reliability and next doors bitch getting caught by the local mongrel. I have finally come to realise that SWMBO was right all the time and I must pay pennance for my crimes................ I'll go and clean her car as well as the Landy.
Don't know when she'll let me out again could be a long time. If she finds out that is!!
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
it must be me then.
