Taxpayer may get £500bn liability for RBS / LLoyds losses bringing Gordons winter spending to £1,300,000,000,000 (£1.3 TRILLION)!

Banned 19 replies
Found 24th Feb 2009
Prudence my @rse!

works out at a net spending level of £20,000 for every single person in the UK.

Expect taxes to go through the roof over the next 10 years!

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18 Comments

Were damned if we do and damned if we dont....caught between a rock and a hard place, the everyday Joe Blogs always gets put over a barrel when it comes to taxes :-(

yikes...not good :-(

Banned

OP If you've bothered to post this lets have some ideas at least to what YOU think
should be done otherwise its just a news item

goldmax;4471698

OP If you've bothered to post this lets have some ideas at least to what … OP If you've bothered to post this lets have some ideas at least to what YOU thinkshould be done otherwise its just a news item



yes-like the many news items posted here-its not necessary for the op to have a solution to the problem to keep us informed you know.

they should be reclaiming the millions of pounds bonuses that the fat cats have been getting and back date it to when this all began on its slippery slope. I am sure that would take a rather large chunk of the amount away!

The best way of retrieving the money would be to introduce higher tax rates for the people who have benefited from the banks' profligacy. But as the richest have got the government (regardless of which party is in power) in their pockets, that would seem as likely as pigs flying. :whistling:

Original Poster Banned

goldmax;4471698

OP If you've bothered to post this lets have some ideas at least to what … OP If you've bothered to post this lets have some ideas at least to what YOU thinkshould be done otherwise its just a news item


er - it is a news item :?

Surely news threads are allowed or should we all stick to 'add one to this number" et al
barky;4471772

yes-like the many news items posted here-its not necessary for the op to … yes-like the many news items posted here-its not necessary for the op to have a solution to the problem to keep us informed you know.


exactly :thumbsup:

barky;4471772

yes-like the many news items posted here-its not necessary for the op to … yes-like the many news items posted here-its not necessary for the op to have a solution to the problem to keep us informed you know.



+1

Sloth/Mod

csiman;4471850

Surely news threads are allowed or should we all stick to 'add one to … Surely news threads are allowed or should we all stick to 'add one to this number" et al



+1 ;-) :w00t:

StevenA2000_uk;4471589

Were damned if we do and damned if we dont....caught between a rock and a … Were damned if we do and damned if we dont....caught between a rock and a hard place



Pretty much sums it up - if the banks went down, the situation would have been far worse......

Unfortunately the Directors of these banks will no doubt still come out this very well financially.

csiman;4471583

Expect taxes to go through the roof over the next 10 years!


Not necessarily - I think Northen Rock have paid back 18 billion and have 8 or 9 billion left to pay back..........

Could you have done better? The whole country has surfed a wave of incredible wealth over the last decade and now it's time to pay. GB might deny it, but Boom and Bust has historically always been the case in ALL economies.

Human's by their very nature are greedy so this kind of thing can't be avoided. Time for HUKD to be the people's champion!! ;-)

Original Poster Banned

Trickyjabs;4472455

Could you have done better? The whole country has surfed a wave of … Could you have done better? The whole country has surfed a wave of incredible wealth over the last decade and now it's time to pay. GB might deny it, but Boom and Bust has historically always been the case in ALL economies.Human's by their very nature are greedy so this kind of thing can't be avoided. Time for HUKD to be the people's champion!! ;-)


Maybe not but then again I dont get paid hundreds of thousands a year and have an army of quangos to give me advice. TB/GB was warned a few years ago about the problems lying ahead and chose to ignore it in order to get through the last election.

Even the banks fired anyone from their risk management teams who dared to warn of impending doom.

The current solution put forward by GB to limit excessive lending is laughable. Banning 100% mortgages is the wrong way to go. Its the ability to pay that should be looked into.

Get back to lending no more than 3 times single income or 3 to 4 times joint income. Having a 5% deposit and lending at 5 or more times income multiples is just adding to the existing problems.

csiman;4472721

Maybe not but then again I dont get paid hundreds of thousands a year and … Maybe not but then again I dont get paid hundreds of thousands a year and have an army of quangos to give me advice. TB/GB was warned a few years ago about the problems lying ahead and chose to ignore it in order to get through the last election.Even the banks fired anyone from their risk management teams who dared to warn of impending doom.The current solution put forward by GB to limit excessive lending is laughable. Banning 100% mortgages is the wrong way to go. Its the ability to pay that should be looked into. Get back to lending no more than 3 times single income or 3 to 4 times joint income. Having a 5% deposit and lending at 5 or more times income multiples is just adding to the existing problems.



To answer your points:

If you're talking about GBs salary it's about 195K, NOT 'hundreds of thousands'.

Ofcourse people warned them. It doesn't take a genius to realise this was all going to implode, but did ANY of the world's governments react? NO. Because greed and growth are addictive.

There was ONE story last week about a guy getting fired from risk management, but do we know the full story? This guy has a slightly dubious career history anyway.

Just yesterday, Northern Rock (prompted by the government) announced 14 billion worth of mortgage funds available over the next two years.

So you think 100% mortgages are a good idea? House prices are still falling, you would create instant negative equity, why?

Your final paragraph almost seems to contradict your penultimate paragraph. (100% mortgages GOOD, 95% mortgages BAD!!!) ;-)

Sorry fella, think you come across as someone who just jumps on the bandwagon of slagging of Gordon Brown without having thought about the reasons. For sure, Blair and Brown didn't curtail the issues when growth was getting out of hand, but Brown is now putting recovery measures in place that MOST of the major western economies, including the US, are following.

BTW: I'm not a Labour/Brown supporter, I just think it's far too easy to **** them off and not come up with any viable alternatives.

Original Poster Banned

Trickyjabs;4472870

To answer your points:If you're talking about GBs salary it's about 195K, … To answer your points:If you're talking about GBs salary it's about 195K, NOT 'hundreds of thousands'.Ofcourse people warned them. It doesn't take a genius to realise this was all going to implode, but did ANY of the world's governments react? NO. Because greed and growth are addictive.There was ONE story last week about a guy getting fired from risk management, but do we know the full story? This guy has a slightly dubious career history anyway.Just yesterday, Northern Rock (prompted by the government) announced 14 billion worth of mortgage funds available over the next two years.So you think 100% mortgages are a good idea? House prices are still falling, you would create instant negative equity, why?Your final paragraph almost seems to contradict your penultimate paragraph. (100% mortgages GOOD, 95% mortgages BAD!!!) ;-)Sorry fella, think you come across as someone who just jumps on the bandwagon of slagging of Gordon Brown without having thought about the reasons. For sure, Blair and Brown didn't curtail the issues when growth was getting out of hand, but Brown is now putting recovery measures in place that MOST of the major western economies, including the US, are following.BTW: I'm not a Labour/Brown supporter, I just think it's far too easy to **** them off and not come up with any viable alternatives.


GB 100'sK = salary / expenses / perks / speech fees / gilt edged pension etc etc

If it didnt take a genius to predict, then just because no-one else reacted, doesn't mean they're off the hook imho

More than 1 risk mgmnt expert 'relieved of duties'. Google it.

Where do you think NR are getting the £14BN funds from? Yes, another top-up from us.

Halifax house price survey showed a 1.4% increase in UK house prices.

100% mortgage at 3 times income is far better than 95% mortgage at 5 times income. The ability to pay is the key.

I think we'll just have to agree to disagree as it is quite difficult to reach any consensus. :thumbsup:

Servicing the loan on the national debt is predicted to reach £40BN per year, and thats just the interest :w00t:

csiman;4472972

I think we'll just have to agree to disagree as it is quite difficult to … I think we'll just have to agree to disagree as it is quite difficult to reach any consensus. :thumbsup:



Agreed, I think! ;-)

holey cow. . . . .and my oh thought i was a spend-a-holic!!!!!

Original Poster Banned

foxymissroxy;4473269

holey cow. . . . .and my oh thought i was a spend-a-holic!!!!!


anyone would be when someone else footed the bill ;-)
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