Someone mentioned the pound. Don't go there.

They need to get back to the basics of not lending more than someone can afford to payback.

My mortgage is £69,000 and my gross income £27,090 so it is less then 3 times my gross income which used to be how they calculated what they gave you. Also I had a good deposit. When I first got my mortgage they were giving out 5 times gross salary.

It does seem we need a bust to weed things out and level them off. The thing that pisses me off is that I try to live within my means but get hit by the twats up top who had pound signs replace common sense.

I share your frustration as one who also has always been fiscally resposnsible while not living in a world of ga-ga credit that I can't afford.:yep:

Yes.

What also makes me most angry in all this is that probably none of those being responsible will be held accountable, and will escape with the money they have made. That includes a certain Mr. Paulson, former head of Golden Sacks and now finance minister of the US. If that is not a joke in itself.

Could possible political suicide if they do. Most are up for re-election. Welcome to American politics.

Here is the best analysis of this I have found to date:

http://www.cnn.com/2008/POLITICS/09/...ef=mpstoryview


Let the banks go into bankruptcy and stop the fear mongering by the news and Bush. Let the banks take it in the shorts. Right now the banks are using extorsion to bail out the US. Screw 'em.

So what if it is. Someone has to step up and do the right thing. Making the hard choices and living with the consiquences are what defines a leader.

You must be mistaking American politicians for leaders:D

Unfortunately there are not to many of those around in today's political climate. It is not much different here in Canada.
Cookie-cutter politicians and politics on both sides of the border :dead::dead:


RDP

Actually, the Carter Administration and every other administration thereafter allowed this after the Community Reinvestment Act was introduced, during his tenure. Clinton strengthened it(the CRA)

And since the law required subrime loans to be made to low-income citizens, the firms actually did kind of have a gun to their head. :dead: That is to say nothing of the power the Federal Reserve and various political concerns that shape corporate decision-making.

Well, lets look at the stepping up part...McCain attempted that last Wednesday and was ridiculed as looking to avoid the debates. He is still be ridiculed today because he could not get his party together to vote on this and pass this poorly written bill. Fine by me, the bill needs to be looked at closely and what ramification it will wrought. Not to mention we are dealing with extorsionist (banks) at the moment.

Obama, he stepped up....and ridiculed Republicans and McCain because it did not pass. Finger pointing at everyone with exception of the Democrates and this poor business practice of pressuring the banks to offer bad loads since the 1990's. I see no leadership there. Pelosi, she decided to throw rocks in her glass house.

We are seeing the epitomy of Washington corruption and shelfish politicians.

:-? Perhaps we should look at starfish politicians? :D

Recieved this on email today:

Trust that makes sense. ;)

Here is the problem. The Fed insured these loans...FDIC. Now they need to make good on the insurance. The banks know this and knew this going into making these bad loans. Furthermore, there was no oversight and the banks just ran with it like lunatics. We can disect it all we want but the bottom line is the Fed needs to cover up their mistake and sleeping at the helm as well as the insurance.

Maybe shellfish also :rotfl:

@AVG Maybe I should have phrased that differently. There are a few trying to do the right thing but, percentage wise, there aren't very many. It's just not how the current Washington, DC works. In the current DC, doing the right thing just isn't the right thing.

That and I'm a little jaded against politicians in general:shifty: I think they should all be lined up against a wall and given a good spanking. Oh wait, they'd probably enjoy that too much:rotfl:

I agree that there are few that are attempting to do the right thing but they are far out numbered by those that court the lobbyists and big business. It is all about the dollar and what house page you can text and have lunch with:roll:...this is were the spanking comes in :rotfl: Barney Frank comes to mind.

You are correct, but look at why they voted against it. The bill was either hinky enough that 40% of the Democrats did not feel comfortable with it, or maybe the Pelosi speech pissed more people off (even in her party) then they would admit. They needed only 12 more Yes voted to pass the bill. The Democrats could run the whole thing by themselfs, but yet refuse too.
Also, please note, that apparently the VOTERS ( the american public) are against the plan. They literally flooded the Congress guys with mail and phone calls that they do not want the bail out.
Furthermore, Pelosi went through the ranks and allowed people to vote against it because they are up for re-election.
And 12 of Barney Frank people who are on his commity (House Finance Services Commity)voted, with Pelosi's permission, against the bill. The House Finance Service Commity oversees Fanny May and Freddie Mac.

They claim because they want to involve the other party, yet you have people like Pelosi holding an incredible stupid speech right before the vote. The Democrats are a bunch of chicken chits that are to afraid to take the blame if their bail out fails, yet ignore other viable options.
Apperantly there is a plan from the Republicans that would not involve any or just a small amount of tax payer money, but so far the Democrats have refused it.
Taxpayer money is not the solutuon to everything, imho.

you're saying that republican senators (or whatever) are so stupid that they'll vote to willfully hurt the nation against their beliefs, intentions and instincts, because they are pissed at what a democrat says?

You guys are in trouble if so.

Claiming that Pelosi's speech is what turned the Republican is grossly over-rated. Just her mere presense is enough to turn a vote. Really, the first bills sucked. Even the Dems see that. Rushing to cut a check without any thought is the wrong way to go. Has any other avenue been walked other than cutting a fat check? It takes congress months to pass legislation and usually it is full of holes. Now we are going to cut a deal in under 4 days? This one will be full of black holes!

You can't have a system where you privatize profit and socialize loss. And that's what was being offered.