Lady Murasaki wrote:Fletch wrote:Lady Murasaki wrote:Fletch wrote:Lady Murasaki wrote:
Jesus, how many more times.
The banks didn't set the rates.
Lending is their business but they have to make a profit for their shareholders.
If you're going to blame banks then you also have to blame those who took out mortgages beyond their means.
Who offered the loans? Who upped the multiple of income and who accepted people for 100% mortgages, sometimes even higher with a cash back?
The bank's bank, the Central bank, Bank of England set interest rates. Also private balance sheet with private interests up-holding the debt based lending system of money.
Who forced people to take up those loans?
I repeat, banking is a business, they will do what they need to to get back on their investments.
Low rates meant they don't make much profit so they had to increase their yield by selling ridiculous loans.
Why did the BoE set the rates low? Because of the federal reserve bank, and their chairman admitted the error.
Don't start with the it's all about starting wars and all that sinister shit. I'm not interested in CTs.
Rates are set for a number of reasons, the lower the better for growth and business. The collapse wasn't due to interest rates suddenly rising like on black wednesday,. It was the interconnection (and conniving) of world banking. Banks in pretty much all countries suffered, it wasn't a uk based issue. It was a failure of the system of money (banking) and will happen again. (ever rising unpayable debt)
So no lessons will be learnt from this then?
Just like no lessons were learnt from the depression of 1930s.
You just love the conniving theories don't you? Fuck knows why you cling onto that crap, you've gone a bit weird from dwelling in the wilderness I reckon.
Don't just read stuff, think, listen, apply to reality,
Pack in all the aggressive shit, no need for it. You either want to discuss banking, warts and all, or you don't.