Arbtalk 2015 General Election Poll

[Two Acres]

Some say the crash was orchestrated and some say it wasn't. But I was working in mortgages then and strangely enough in the August everyone did record lending you could get a mortgage on an outside sh*t house. Then September everything went Pete tong.

That's all I can say was families in Britain were led to believe that they could live way beyond their means and debt wasn't debt it was living off the supposed increase in house values.

Whoever lead the country made no attempt to give us a reality check until it was too late. I suppose the feel good factor to win votes was more important than the financial well being of the nation.

 

It wasn't the responsibility of the state to 'give us a reality check'. We're talking about a global, private enterprise that had persuaded politicians to deregulate. Remove banking regulations and we'll deliver wealth was the arrangement. Unfettered free market capitalism.

[Two Acres]

I did not miss it. My point was no one was forced into anything. It's no good blaming the banks when you take a £150k mortgage while working at McDonald's flipping burgers

 

Ok, I see what you're saying but don't you think that a mortage company telling such a person that the can afford a loan, when they actually can't, is dishonest? I would expect that a large number of people in McJobs would happily believe what they are told, wouldn't you?

[skyhuck]

This is an admirable stance, and what we are genetically predisposed to do. The people I take issue with are the people who continue to hoover up loads more money and assets than they need to adequately provide for their families.

 

In Bhutan the fabulously named 'Dragon King- Jigme Singye Wangchuck' instigated a system where Gross National Happiness is used to measure the 'wealth' of the country rather than the standard Gross Domestic Product.

Their policies are centred around protecting the country's traditions, their environment (maintaining their 60% forest cover) and the wellbeing of their citizens.

Bhutan remains one of the poorest nations on Earth but as a direct result of it's commitment to a radically different system, it has become one of the happiest nations on Earth, and a refuge to many threatened species.

 

It's worth looking up if you didn't know about it, but very sad to note that their efforts are being severely hampered by the rest of the world's apathy in properly tackling climate change.

 

I'm sure that more people in Bhutan are happy and more importantly content than most of the west. This however does not mean that there are not a great many of us in the west who are happy and content

 

I have a theory that some people have the capacity for contentment and some don't, I feel I am one of the blessed, I have always been content.

 

When I was married at first (25 years ago) we were proper skint, no phone, no TV, no car, no carpets, no holidays, just enough to live on, my wife made our bread to keep down costs, we cycled, walked or caught the bus, but I was still happy or as I prefer content. We lived through the boom when things were fantastic, money coming like I could never have believed, I was still content, the crash hit, times got tough, but we coped, my contentment continued.

 

Contentment means I'll never be rich, as I lack the drive to make more and more, but not a problem, because I'm content

 

Many people seem to measure their worth against others, they worry about what others have and why they have more than them. They find fault with those who have more and feel cheated that they don't have the same. These people will never be happy. Even if they were cave men living in the stone age they would be unhappy, as the other guys club is bigger:001_rolleyes: and he only got a bigger club because he stole it

Edited April 10, 2015 by skyhuck

[skyhuck]

Ok, I see what you're saying but don't you think that a mortage company telling such a person that the can afford a loan, when they actually can't, is dishonest? I would expect that a large number of people in McJobs would happily believe what they are told, wouldn't you?

 

God forbid than anyone should be expected to think for themselves or take personal responsibility

[RichieR]

Sorry but the mortgages and secured loans are strictly regulated by the FSA . The FSA I appreciate cannot set lending levels, they can and do regulate how loans are conducted. One example . 3 bed terraced house in mountain ash value went from £25000 to £135000 to pay off credit card debts car loans and leave them with £20000 spending money. The values were only too happy to give that valuation knowing that at FSA wouldn't be checking . Mortgage Brokers weren't receiving or were worried at FSA audits. So sorry to argue but yes the country could of given a reality check but chose not to

[Two Acres]

Sorry but the mortgages and secured loans are strictly regulated by the FSA . The FSA I appreciate cannot set lending levels, they can and do regulate how loans are conducted. One example . 3 bed terraced house in mountain ash value went from £25000 to £135000 to pay off credit card debts car loans and leave them with £20000 spending money. The values were only too happy to give that valuation knowing that at FSA wouldn't be checking . Mortgage Brokers weren't receiving or were worried at FSA audits. So sorry to argue but yes the country could of given a reality check but chose not to

 

Thanks for that RichieR

 

Theres no need to say sorry as far as I'm concerned, and please do feel free to argue - none of us will earn anything if we don't discuss the issues

So the FSA wasn't doing its job properly in that it should have been regulating the UK lending market ?

[Two Acres]

God forbid than anyone should be expected to think for themselves or take personal responsibility

 

But we all have to learn don't we? When I was starting out in business I as only 23 and mad keen. A few years later I was building my own home / workspace. I remember calling my bank manager because I wanted to extend my borrowing. Of course I was young and inexperienced. I have a distinct memory of sitting on an upturned beer crate in a dusty building that was really just a construction site. My bank manager sat on another beer crate and he asked me what I wanted. I asked for another 20k. My bank manager lit a whopping great cigar, took a few puffs, thought for a very long time and then said 'No, you'll have to work your way out of this one'. I only just contained my anger at the time however I did as he suggested and came through it. Had he given me the 20k I suspect may have got into financial trouble. It was a brilliat lesson and one I've never forgotten. Thats the kind of reponsible banking we should never have abandoned IMHO

[Richard 1234]

Ok, I see what you're saying but don't you think that a mortage company telling such a person that the can afford a loan, when they actually can't, is dishonest? I would expect that a large number of people in McJobs would happily believe what they are told, wouldn't you?

 

 

Fair point it's just not black and white as to who is to blame, the banks need to take some responsibility but so do the people signing on the dotted line.

[Mark Bolam]

But we all have to learn don't we? When I was starting out in business I as only 23 and mad keen. A few years later I was building my own home / workspace. I remember calling my bank manager because I wanted to extend my borrowing. Of course I was young and inexperienced. I have a distinct memory of sitting on an upturned beer crate in a dusty building that was really just a construction site. My bank manager sat on another beer crate and he asked me what I wanted. I asked for another 20k. My bank manager lit a whopping great cigar, took a few puffs, thought for a very long time and then said 'No, you'll have to work your way out of this one'. I only just contained my anger at the time however I did as he suggested and came through it. Had he given me the 20k I suspect may have got into financial trouble. It was a brilliat lesson and one I've never forgotten. Thats the kind of reponsible banking we should never have abandoned IMHO

 

That's part of the problem IMO mate.

When it all became faceless and impersonal we definitely lost our way.

Under any government.

 

 

Sent from my iPhone using Arbtalk

[Two Acres]

Fair point it's just not black and white as to who is to blame, the banks need to take some responsibility but so do the people signing on the dotted line.

 

I'd like to think that in future the people signing on the bottom line will be more savvy in the future, at least everyone should be well aware of what could go wrong now. 25 years ago I would have trusted my bank, safe, I would have assumed, in the knowledge that what was good for me was good for them.