Who shall we blame this week? the American? Borrowers? no lets blame the government

W

Witch consumer

Moderator
Sep 8, 2008
1,593
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Debtors retreat
I have just read this quote from Michael Crogan of the Council of Mortgage Lenders on the BBC website, he is apparently upset about "conflicting and incoherent " lending priorities from the government:

Mr Coogan said lenders were facing a range of conflicting pressures. These included protecting themselves against future losses, passing on rate cuts to borrowers, and keeping savings rates high.

They also had to assist those facing arrears on their mortgage repayments, as well as helping to maintain economic activity during a downturn.
Click to expand...
Now hang on a minute it appears tome they managed ALL of the complete opposite of the above for the last few years without any problem, they laughed in the face of future losses and in doing so not only created the credit crunch but the recession we now face and the rising unemployment, they failed to pass on rate cuts while imposing rate rises the very minute they happened while only raising savings rate in competition with others, they created mortgage arrears by lending up to 6 times salaries to people who were never going to be able to make the repayments once mortgage deals had ended all the time they were rushing us all headlong into economic downturn!!!

Funny isn't it how there's always someone else to blame for their failures.
 
J

Jorumian

Facilitator
Sep 1, 2008
347
3
0
Birkenhead
Totally agree Witch consumer,

There is a blame culture in this country, and others, where the people who make calamitous mistakes and errors of judgement, always seek to point the blame elsewhere for their own failures. This is self-evidently a clear case of that.

I find it hard to have any sympathy for the banks given their conduct over the past few years. By that I don't mean dealing with the local cashier or bank manager in your local branch, but the decision makers at the top end who are responsible for the whole situation and yet who still take home a salary that is verging on the obscene, while normal folk left right and centre are losing their jobs and their homes.

I'm not some hardline communist invoking a proletariat revolution against capitalism, I just don't see why these people should be rewarded handsomely for the mess they have created while down the line normal folk are footing the bill for the mess their ill-judged extravagance has created.
 
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