Families must accept partial blame for recession?

[Celestine]

A Tory Defence Secretary's view on the recession........

Families who borrowed during boom 'must accept some blame for crisis' as slump costs every household £30,000 | Mail Online

[Hurricane Puffrose]

Re: Families must accept partial blame for recession?

bout right, blame us.. the fact we bail everyone else out doesnt matter!!!

[QCKate]

Re: Families must accept partial blame for recession?

A Tory Defence Secretary's view on the recession........

Families who borrowed during boom 'must accept some blame for crisis' as slump costs every household £30,000 | Mail Online

Thanks Mr Hammond thats a very helpful contribution that shows how much you understand about life for most of us.

Just what we all need a government minister to tell us.

QCK

[Shadowcat]

Re: Families must accept partial blame for recession?

The banks 'had to lend to someone'. What about the banks 'had to lend to someone at an over inflated and ever increasing interest rate, add extortionate default charges by, for example, setting up the direct debit at the end of the month rather than the beginning like the customer requested so that they never quite come out of default and then snowball those charges, add them to the loan, give them interest, double them and add 10, call in our 'legal department' that's in the next room, add their charges to the loan, start 'managing their debt', charge for that, add it to the loan at £70 a letter, threaten to take their house, offer them more money to restart the cycle, take their house so that the good old welfare state has to step in, give the banks the money (and some) that they gave you to start this venture, pop it in the bonus pot, blame the victims of this predatory and questionable lending'.

No Mr Minister, for your homework take the above home and learn it verbatum, if you want to lay the blame at our door - right back at you as they say.

[Hurricane Puffrose]

Re: Families must accept partial blame for recession?

I know how to make this country a fortune Mr Minister!!!
I haven't got shedloads of degreees, I bearly passed school, everything I have learnt I taught myself but grab a pen and a calulator..

First, all the CEO's of the banks ect, pay them by the hour, and by productivity. If they can't stand at the desk and give you a balance like the other staff... they can't do thier jobs, sack 'em.
THEN replace said Bigwigs with the bank managers who have started at the bottom and worked their way up. Move the Team Leaders to the Bank Managers, and so on.. repeat until the junior clerks are the school leavers signing on the dole.

Next, all the people who are buying 30 or 40 houses and leaving 10/15 vacant till the next boom... give them an ultimatum. Rent it, sell it or lose it, if they dont do one of the 3 within 30 days, repossess and house a homeless family.

I agree with the more than 3 kids no tax credits, people were breeding for money (and yes I would like more kids), and I agree with raising the working hours to 24, people were working bang on 16 hours so to keep the benefits. BUT... why are people like Bruce Forsyth, Terry Wogan (insert millionaire pensioner here) getting a free bus pass?? Why are the fully paid politicians getting child benefit (Would LOVE to see Posh Spice down the post office with her Post Office Account book)?

maybe concerntrating on getting the rich to put their hands in their pockets too will help!!

[enaid]

Re: Families must accept partial blame for recession?

Spose it's our fault too that Spain and Greece have gone tits up, we should never have gone there for our jollies lol

[Shadowcat]

Re: Families must accept partial blame for recession?

The problem with scrapping free bus passes Puff is that we know the way that will go - means tested for people on low incomes as well, or if you own a property no free bus pass. The problem with means testing is that it hammers the bottom of the pile instead of being sensible.

[Hurricane Puffrose]

Re: Families must accept partial blame for recession?

i meant for incomes for say...50k +

its never gonna happen i know, the 5k people will lose it, and the rich buggers will get it gold plated!

[bluebottle]

Re: Families must accept partial blame for recession?

Is Philip Hammond living on the same planet as the rest of us? The fault lies with the last Conservative government who deregulated the financial services sector and let them do whatever they liked without fear of sanctions, prosecution or restriction. Mr Hammond would do better by advocating a crackdown on financial institutions who cheat and bully borrowers, those who dodge tax, the likes of Tesco who pay 20% Corporation Tax on their profits when sole traders can pay up to 56% Income Tax on their profits and a hard line with creditors who abuse the system to make matters worse for debtors.

[Shadowcat]

Re: Families must accept partial blame for recession?

I think 'all in it together Dave' had a wake up call last night but I'm still reeling at Gordon Brown really letting his own side down by deregulating. Its seems 'THEY are all in it together'. As for Vadaphone and the £6 billion tax they got away with - they're not in it at all.

[meellis]

Re: Families must accept partial blame for recession?

Well it is nice to see a minister tie there flag to a mast but lets be honest it isn't a surprise. We all need to change our attitudes, me included. I don't begrudge rich people any more than the bone idle who deserve to be poor. The way people think seems to be relative to the situation they are in and we have all been brainwashed to a degree. If your friend came to you and asked if they could borrow your best watch for a night out you would lend it to them. If they returned it damaged we would all probably say that we were foolish to lend it them. Same thing but a different attitude when it comes to borrowing money though and the blame is solely with the borrower. Truth is in both instances we all have to take responsibility and then look for a fair solution. I am personally bankrupt and to be honest it was all too easy to happen. I get the feeling that the people who made me bankrupt have found a way to right off the losses and prosper and not really worry about all the others in the firing line. When you look back at it you find that most of the debt is manufactured and if these people would look at things realistically they could probably make a good healthy living without having to extract blood from their customers.

[meellis]

Re: Families must accept partial blame for recession?

I have to say that I have thought about this more and I have have to do a terrible thing. I have to defend this MP in a way which I feel uncomfortable doing. Yes he is a Tory millionaire who is totally out of touch but he is right that families should take their share in the blame for what has happened. The problem I see is that we are willining to share the blame but we seem to be taking all of the responsability and this is why people are angry with the situation. Because we are shouldering the burden they are allowed to get on with life as normal and carry on robbing us blind. What I would like to see is people not talking about who is too blame but rather them accepting the problem and really coming up with a plan to deal with it. I cannot understand why these companies are interested in selling debts to agencies for a fraction of their value but are not interested in accepting the same sort of offers from the overcharged clients. I cannot understand how as a country we are disliking the control banks have over us but we are handing it too them by accepting to make payments by DD or SO or bank transfers hence making everybody reliant on banks. I remember my nan being able to go into a showroom and paying cash for her "electric light" bill. I am fed up with the government blaming the previous govt it is about time they shouldered the responsibility for what they have done both in the past and in the present. I am also getting fed up with the competition between companies, what is there to keep prices competitive is now storing up problems which are affecting us now. Every loss leader a company comes up with has to be paid for somehow, every time a phone company offers you a deal for 8p a min phone calls knowing the true cost is 9p knows they need to start making the 1p a min back at some point just to break even. This, I believe is one of the other reasons why we are all still struggling because the true cost of things is actually more than we can afford and we are always offsetting the difference.

[Shadowcat]

Re: Families must accept partial blame for recession?

We are deliberately being put in the red as inidividuals to keep credit high. Now, whether this is to stop us borrowing as a wise move for everyone; or to get more money out of us per loan as bad credit enables higher interest rates, that I'm not sure about. I'm not clever enough to see what the grand plan is here.

[Angry Cat]

Re: Families must accept partial blame for recession?

Yet another Tory who is out of touch.
Hammond's wealth is estimated at £7.5m^[17] or £9m.^[18]!

http://www.thesun.co.uk/sol/homepage...-blunders.html

Labour’s shadow financial secretary Chris Leslie said: “The Tories are so out of touch they try to blame the public for the bank crisis. With prices going up faster than wages, it’s time

THEY took some responsibility.”

[messimoo]

Re: Families must accept partial blame for recession?

silly idea but if the government wrote off any personal debts the general public incurred say from 2009 (3 years ) with an imbargo of getting any sort of credit for say 2 years (these are defaulted debts CCJ's etc wouldn't that leave in the future bring up better prospect of credit impaired individuals getting jobs without the dreaded credit checks earning more money and in the future abkle to gain mortgages etc which would in theory boost the housing market ?

Let me kniow if I am being a total idiot