- 06-08-2012, 16:23 #11Night time is really the best time to work. All the ideas are there to be yours because everyone else is asleep. ~Catherine O'Hara
RayC is a pig fucker.RayCbums goats.RayCsuckshorses. Earth is RayC's sockpuppet and P.Maitra is a fat goat sucker.
- 06-08-2012, 16:39 #12
Millions bought into the bubble - only a few get the blame. In some ways I don't blame the bankers I blame the people that bought their products thinking that a four bed was really worth 5 X the average local salary.
Caveat Emptor and all that Latin type stuff IMO.
- 06-08-2012, 16:42 #13
- Join Date
- Nov 2005
- 06-08-2012, 16:55 #14
Broon helped but markets are driven by the activity of individuals, nobody made people take on debt or mortgages that were not sustainable - Broon may have encouraged the gullible to believe that boom and bust had gone, but good old human greed helped many into the mindset where it's easier to blame the bankers rather than themselves for the personal financial mess they are in.
All will be corrected. Buy farm land and gold. Out.
- 06-08-2012, 18:54 #15
Thing is if you bought a four bed at the height of the Irish boom you are probably in serious financial trouble and are paying for your sins. You may well be being sued by the same bank for non-payment of a mortgage that if they had shown any due diligence would never have been offered. These are now largely state owned institutions which you are basically working a day a week to pay up the vast debt they racked up to foreign bondholder.
Meanwhile the eigits who eagerly loaned you and 20% of the Irish homeowners the money that kept those prices rocketing up are mostly fat and happy employees who made very nice bonuses off loans only a fool would consider prudent. There's been no mass firing of senior people who are either incompetent or rogues let alone prosecutions and they are only slightly less comfortable now.
Life isn't fair of course but the young couple who were desperate to get on a soaring property ladder have learnt their lesson the hard way, they're wiped out and they'll likely die poor miserable pensioners who are painfully careful with money. I see no reason at all why I would not do the same thing again in the bankers very expensive loafers. Never give a sucker an even break and if you have a whole polity of suckers so willing just to turn the other cheek repeatedly you are going to do what comes natural and fuck them.
I don't blame the bankers, they're victims of a set of vastly generous incentives and low risks of personal loss that few could resist, the flesh is weak and men sin. They were larger actors in a moment of exuberantly foolish capitalism who enjoy a very privileged position having ideologically captured government. It's a bit like being a Priest in Dev's theocracy, treated with immense respect by fawning Culchies, the worst they risk for tampering with a pretty choirboy is a confrontation with an angry parent, a slap on the wrist from the Bishop and a Parish move, with new sensuous opportunities ever few years. And the good times rolled on and on for decades. It's the servile eigit who like mothers in deference to Father Murphy's status blame the sinful tempting child and insist there nothing fundamentally wrong with the status quo that I find a mite perplexing.That's the most foul, cruel, and bad-tempered rodent you ever set eyes on!
- 06-08-2012, 21:50 #16
- 06-08-2012, 23:18 #17
Here's the thing, in the last round of serious economic unpleasantness (early nineties) I made lots of silly financial decisions, buying a range of financial products that with hindsight were sheer lunacy, and guess what it was ALL MY FAULT, no one made me do it. Yes the banks made the products but I made the decisions and I did the sums, or so I thought..........
By the way this desparate young man learnt his lessons and in reality was not ruined for life but took about six to seven years to get back on his feet and develop a sound financial knowledge (IMO ) that prevented him from making the same mistakes with similar products in the last housing boom. Retirement does not worry me for similar reasons. The same steep learning curve will apply to the current crop of late twenty somethings and most will learn and some will not come the next housing boom.
- 07-08-2012, 11:18 #18
- Join Date
- Oct 2006
- 14 miles West of the moon, for all I know.
In their professional capacity, it's other people's money they're playing with and it's those people who're taking the risks.
If they're making the same decisions on their own private investments then they're doing so in a private capacity and their reward is any return on their investment, not linked to their salaries, bonuses or any other professional remuneration.
So what 'risk' are they actually taking in their professional lives? Nothing as risk is understood by the ordinary bloke and blokess, so far as I can see.
If it's been sent from my HTC Sensation using Tapatalk then I'm probably pissed.We need people who look to the stars, holding the nation and the world in their hearts but at the same time we need down-to-earth people who can do serious and trying work.
In a definite sense, a country's power and prestige isn't only a reflection of its economic power but also a reflection of its people's quality and morality. Moreover, I think the latter is actually more important in the long-term.
- 07-08-2012, 11:29 #19
On Naked Capitalism Are Handcuffs Needed for the Libor Scandal to Register With Bank Perps?
This points out just Bob Diamonds recent ejection from Barclays was a stiff enough dose of jeopardy to make banking CEOs look to their shaky houses more seriously. It's the moral hazard of there being really no hazard for the big fish that was worrying after Lehman.That's the most foul, cruel, and bad-tempered rodent you ever set eyes on!
- 07-08-2012, 11:31 #20
- Join Date
- Apr 2005
When I was living in Shannon, Co. Clare, during the late 90s, I couldnīt afford a place of my own. Instead I was forced to share a house with several coworkers, with each of us having one room. The places for rent in Ireland at this time were usually furnished with junk furniture, because law said that if a certain amount of furniture was in the house the landlord could charge extra. Often the stuff came from auctions and second hand sales.
Even today my fiancée in Dublin canīt afford a place of her own. She is in her late 30s and works in nursing management, but has to share a house with another Filipina coworker and her teenage daughter.
Houses in Ireland are still very much overpriced, even in rural Ireland they would charge € 100.000 for a place I could get here in rural Germany for €50.000.
Some British colleagues of mine, upon seeing the low housing prices around here (and the nice landscape around the Moselle river) decided to buy a house here and to live here permanently.
Another thing is that German banks usually wonīt give you a 100 % loan. They will demand about 20% of your own capital up front, plus they will check your employment and credit history.