What do you think caused the recession??

Andrew_McP said:
A massive expansion of debt over many years meant that people and their governments were able to live better today, expecting tomorrow to be able to pay for it. Unfortunately tomorrow has arrived and there has been no magic source of growth to pay for that debt. All the real growth (rather than borrowed growth) has been in the East.

What is going on now in the West is the slow, painful realisation that -- having lived beyond our means for many years -- we now have to live below our means for long enough for inflation to destroy our earning power and make us competitive with the East, where labour is so much cheaper than here.

It's going to be a long, hard path, and things like the Obama speech tonight -- no matter how well intentioned -- are just part of the whole "bread and circuses" thing.

The good news is that the important things in life are still free. Friends, family, fresh air. Food is still cheap, despite recent price hikes, and the only bit of the basic equation for life which is wildly messed up is the price of putting a roof over your head.

But that just makes the friends and family part of the equation even more important... at least until the politicians wake up and realised that depleting the council housing bank made us poorer as a society, not richer.
Click to expand...

Probably the best response in this thread.
 
To say that everyone is too blame or that consumers are too blame is completely misunderstanding the problem. The government and the banks would like to convince the public that they are just as much too blame as them, because they used a credit card etc. There is nothing wrong with consumer debt, there is nothing wrong with debt.

The problem is bad credit. Watch that video i posted.
 
according to the daily mail:
Aids
Asylum seekers
foreigners
the germans
the nazis
bacon
cancer
riots
the americans
house prices
technology
plumbers
mobile phones
petrol prices
 
Greed and banks... We all continued to remortgage and spend what we hadn't got and the banks were happy to throw it at us. But I might change my mind after watching the posted video ;)
 
crabpeople.jpg
 
groen said:
To say that everyone is too blame or that consumers are too blame is completely misunderstanding the problem. The government and the banks would like to convince the public that they are just as much too blame as them, because they used a credit card etc. There is nothing wrong with consumer debt, there is nothing wrong with debt.

The problem is bad credit. Watch that video i posted.
Click to expand...

So I take it that on a normal credit agreement there are two signatories, the financial institution and the consumer, whilst on a bad credit agreement there is only the financial institution?
 
The copula function started it all.

The rest just spiralled out of control.

Like I've already said but was ignored. :D
 
You must log in or register to reply here.
Back
Top Bottom