Keep Taking The Pennies: Northern Rock And Tax
NORTHERN Rock falls off a cliff taking a minimum £50 billion of public money with it. The 10p Tax Band to cushion poverty trap victims is abolished and 70 plus Labour MPs finally realise their jobs are up the creek unless they get off their well-fed rumps and do something?
The Royal Bank of Scotland is about to proffer the begging bowl to help pay for its unforced errors? Probably the first of many to do so…
So let’s get this right. Five and half million of the poorest and most disadvantaged people in Britain are being shafted by a Labour Chancellor in a reprise of the worst excesses of the robber Barons, meanwhile, failed and desperately seeking money, banks are still paying vast and obscene bonuses to the executives who have got it catastrophically wrong.
It MUST be me. I must be reading it all wrong. I think I’ll have a little lie down and maybe a mug of Ovaltine..with an Oxo cube chaser…maybe mum will put down the gin bottle long enough to read us all a Children’s’ Hour story. One about Muffin the Mule. That would be nice - AGW
Posted: 21st, April 2008 | In: Labour Party, Politicians, Tabloids, Twitterings Comments (14) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
Comments
- percy stilton on Susan Boyle: World Divided Over SuBo And Lady Susan
- yampster on Daily Mail And Tax Payers’ Alliance Attacks BBC Over Its Free Trees For A Better Planet
- June on The Pirelli 2010 Calendar In Artful Nudity (NSFW)
- June on Susan Boyle: World Divided Over SuBo And Lady Susan
- Tony on Daily Mail And Tax Payers’ Alliance Attacks BBC Over Its Free Trees For A Better Planet
September 7th, 2008 at 12:57 pm
Finacial instituations, loan companies and credit card goons allow people access to cash they should never have. This is going to bring the country to its knees very soon as people just can’t afford to pay the ever increasing costs. It is very clear that lending companies don’t care a toss about people running up huge debts that just can’t be justified on current earnings. My wifes spending got out of control and the lenders were only to happy to allow this to happen. Now they are turning the screw like a bounch of highway robbers. I was only invited along to the frakas at the end to see if I could borrow more money to pay for there reckless behaviour fucking idiots do they think I am going to pay for there greedy intentions burn the house down first bastards. I dont blame my wife lenders should not be giving people money they just can’t afford to pay back. See if you can get your cash from the ashes ass holes.
April 21st, 2008 at 10:36 pm
12 Gandolf
“Has there ever been a more incompetent government in history than this one; has there ever been a more apathetic population than this one.”
Good question.
1 Probably not
2 Probably not, though in this second case I suspect that most people do not really understand what is being done to them, and are so used to “spin”, (which is what Nu Labur calls downright lies) that they accept it as the ’soma’ that it undoubtedly is.
Remember that there is a now a whole generation who have been educated solely under Nu Labur, and who probably think that they are being led to a famous victory by the Dear Leader.
April 21st, 2008 at 10:10 pm
The Bank of England, which it is anything but, has ploughed £50 billion of your dosh under today, by subsidising the banking system a private sector industry.
The abbey robbing bastards that they are, are gleefully passing fuk all benefit onto their customers, and are upping the deposit for a tracker mortgage to 25%.
The rest of the white collar robbing bastards, will play this £50 bill on the international money markets same as happened to the £30 bill of 5 weeks ago.
Has there ever been a more incompetent government in history , than this one, has there ever been a more apathetic population than this one.
And there is no such entity as the bank of england, it is the treasury, and it is tax payers money, not government or any other robbing usury fukers, its tax payers money.
April 21st, 2008 at 8:21 pm
Yes, thanks for that. It was meant to be a satirical and rhetorical question. But the underlying message is stil the same. Supply and demand should rule, but don’t seem to for the reasons you and other posters have given.
In southern Spain along the Costa we are seeing the results. People bought off plans, made the first two stage payments intending always to sell at a massive profit before the third and final payment, but the market has become sluggish, and new people are buying their own places next door off plans, hoping to dothe same thing.
So the original purchasers are in a position which they never intended to be in, receive the demand for the final payment, but cannot or will not afford it, and start making excuses about not paying until the pool and the landscaping is finished.
But it is their joint final payments which would provide the liquidity to do that.
So the builder does not get paid for a week and goes elsewhere.
You can’t take a class action against 10 people from Scandinavia, 4 Brits, a German, 2 poles, a Latvian….. so the project comes grinding to a halt.
All along the coast are these two thirds finished complexes, like rotting teeth. And their existence affects the saleability of the next one along, and so on.
The prediction is that this is how the Costa building boom will finish.
And you can’t even buy the unfinished projects cheap and carry on the work, because debt in Spain attaches to the property, not to the person.
Brilliant.
April 21st, 2008 at 2:23 pm
It’s a lot like Philosophy Val, Economists know fuk all about the economy, otherwise we wouldn’t be in this mess, the proper word for it is GREED!!
April 21st, 2008 at 2:12 pm
9 Gandolf
History repeating itself once again. An Economist being interviewed this morning
remarked that it is only the British who are obsessed with owning their own Homes,
instead of renting like most Countries. By insisting on getting on the Property ladder
regardless of cost, the result is Homeowners “imprisoned” in their Homes for the next
25/30yrs subjected to the vagaries of fluctuating Interest rates, Inflation, Unempoyment etc. Time was when the Banks would not lend more than 2.5 times the
Husband”s salary and ignored any earnings the Wife made. Now they were offering
sometimes 125% of the Property price, and no one tried to stop them!!!!!!
I
April 21st, 2008 at 1:30 pm
Houses PeterM are much like everything else, supply and demand should balance the market, but that is in the housing market not the case’
If I can give you an example, Glasgow has a major harbour development, where prices are top end, asking about £480,000 for a jerry built two apartment flat. The unit price i.e. build price taking all contingencies into consideration is approx. £63,000 per unit, result blatant profiteering, and an imbalance in cost to sell ratio. That does not take into consideration the profit accruing from mortgages on these properties, the construction industry in this country is a disgrace and frauds and conspiracies to defraud at the highest level, go unpunished, as this latest inquiry, which has taken four years to report will prove.
April 21st, 2008 at 1:05 pm
5
Gandolf Says:
April 21st, 2008 at 11:24 am
‘Economics was explained to me like this, spend only within your means and never a borrower or a lender be. While I appreciate running a country is a bigger kettle of fish, perhaps common sense and the obvious, would serve the government far better than rescuing capitalist institutions with tax payers money.’
———————————————–
Your point is well made; however, the problem has much deeper roots.
Securitisation was, for most of the last century, illegal.
It was only when Salomon Brothers conceived of the idea of mortgage trading that US legislators, heavily lobbied, changed the law.
And as a result a few years later the international financial markets came very close to total meltdown.
The US government became massively indebted in bailing out the Thrifts, and we didn’t do too well, either.
Most rational people would have concluded, at that point, that securitisation was simply too inherently unstable to risk a repeat performance. And repealed the legislation.
Sadly, rationality is not a strong feature of people who believe in the inalienable right to make money, even if they have to print it, so we have mortgage trading debacle Mark II.
It would be nice to think that someone will have the sense to legislate, but it isn’t going to happen…
April 21st, 2008 at 12:44 pm
Is there any reason why a house should go UP in value ?
April 21st, 2008 at 11:24 am
That may be the perception of what EP was alluding to agw, the reality is something more mundane.
Gangsters have arrived as asylum seekers and very logically, albeit foolishly, have attempted to muscle in on the Glesga’ Teams patch, What has resulted is utter mayhem, Glasgow is once again very far from the tolerant society the politicos would have you believe. A window of what is happening all over the UK, how readily people have forgotten the warnings of the last riots.
Economics was explained to me like this, spend only within your means and never a borrower or a lender be. While I appreciate running a country is a bigger kettle of fish, perhaps common sense and the obvious, would serve the government far better than rescuing capitalist institutions with tax payers money.
Perhaps the Government should take account of the old adage, Charity begins at home.
Again the problem is not people, who wish to come here to better themselves, it is the government who have abandonded their duty to the indiginous population, with not one ounce of shame.
April 21st, 2008 at 10:59 am
The Rivers of Blood speech refered to a right wing reaction against immigrants. I do not yet seen signs of that sort of right-wing resurgence within our society.
Your dénouement appears to be incomers bring changes. I’m afraid that’s true and has been true of our mongrel nations since the picts looked and were horrified to see the scotii and celtic hordes arriving do them some serious damage via gene pool expansion.
I’m told tiny little Oban has 1,500 Poles alone. I shouldn’t worry over much. The Gaels will chop them all down for firewood to cook the missionaries.
By the way. This sort of discussion is probably better expressed over in the Forum. You may even get a reasoned and sensible reply.
April 21st, 2008 at 10:22 am
No agw I was referring to EP’s famous, which in the true traditions of the PC brigade is now classed as infamous speech.
There are places in Glasgow known as Taliban towers huge high-rise 22 story ghettos, that is not the fault of the immigrants, or should I say asylum seekers, it is the fault of an incompetent government without viable policies.
This government is riving the UK with divisions, as a matter of fact. They create division by wealth, by race, by creed, by abandoning socialist principle to embrace fools gold, they shall reap what they have sown.
Enoch Powell’s rivers of blood may be with us sooner than we suspect.
April 21st, 2008 at 9:32 am
Was that the Rivers of Wealth speech?
Are you not mistaken and perhaps perhaps referring to Harold Mac-Penycillin’s sensational financial address: Wind Of Small Change.
It eventually resulted in devaluation…but then doesn’t it all?
April 21st, 2008 at 9:04 am
House prices have no basis as a barometer of a nations economy, people need houses to live in, that is a simple fact. This government has wasted an enormous amount of money in supporting a private sector balls up, banks. Yet they cannot find the money to support the every day running of the country, health, transport, equip our soldiers properly, schools or care for the elderly or people in the greatest need.
A bank is simply a shop that sells money or financial products, anyone who likes to think it is something else, or is a complicated process is deluding themselves, Banks have been allowed by various governments to legalise theft, their interest formula’s would make the usurer’s of the Temple blush.
Like any private business, it is not and should not be the tax payers job to subsidise such blatant incompetence, they the fat cats at these banks should have provided for the barren times, only idiots or people not very good at their job, believe that every harvest will be better than the last one.
This country is going to hell in a hand cart, because people who govern this country have no sense of and have lost any idea of the reality of every day life.
Their actions, the governments that is, will surely be the catalyst that proves the veracity of Enoch Powell’s famous speech.