Taxpayers to prop up property market/Govt rewarding failure?

Discussion in 'The Intelligence Cell' started by rockape34, Jul 24, 2008.

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  2. The over inflated housing market and the increased speculative nature of most banks and building societies mortgage products in recent years is one of the reasons that we are slightly in pOO city as is America.

    If individuals acted this way it would be just call making a bad wager and they would get no government money to bail them out!
     
  3. Biped

    Biped LE Book Reviewer

    I bet it's got nothing to do with the drop in tax revenue from Stamp Duty, VAT on house fittings etc etc etc either. Why else spend more bailing out a labour sponsoring bank than you do on national defence?
     
  4. the_boy_syrup

    the_boy_syrup LE Book Reviewer

    Business' go bust every day why should the banks be any different
    When they are flying do they phone the Goverment and say we'll pay double tax
    Maybe the goverment when talking about these loans should put a wage cut and no bonus condition in it for the fukcwitts in the banks who just carry on regardless

    I might change my name to bank of Syrup as I'm skint and could do with a tax payer bailout on my mortgage
     
  5. I'm planning to go to vegas in september. I fully intend to try my luck on the roulette wheel.

    I think I might actually gamble much more money than I would normally, as I am safe in the knowledge that HM Treasury will bail me out if it all goes belly-up and I end up not being able to afford the rent!
     
  6. Dear God above. Do the words FANNIE MAE and FREDDIE MAC not sound dreadfully familiar?

    Fannie Mae and Freddie Mac were created by the US Government to: "provide funding to mortgage lenders by purchasing their mortgages and then holding them or selling them to investors in the form of securities that they guarantee."

    These companies are also known as Government Sponsored Enterprises. And as many will have read recently, in deep cr@p so US Government is having to bail them out!!

    http://uk.reuters.com/article/marketsNewsUS/idUKN2349729720080723
     
  7. Isn't the whole rationale behind blockbusting bonuses and dividends the 'risk' that these enterprises take? No risk, no payout, IMO. Sauce for the goose.
     
  8. Northern Rock anyone?
     
  9. Grownup_Rafbrat

    Grownup_Rafbrat LE Good Egg (charities)

    Don't forget also, these are the same banks who are advising big business on 'a million and one ways to avoid paying UK tax .. as legally as we can dare'.
     
  10. Tax avoidance and tax evasion.Two totally separate worlds.
     
  11. One is immoral one is illegal...both are used more by the extremely rich rather than the normal taxed too the eyeballs everyone else.
     
  12. Who was the guy (MD of merchant bank?) who was paying less tax than his cleaning lady?
     
  13. the_boy_syrup

    the_boy_syrup LE Book Reviewer

    Don't forget those who presided over the Norther Rock policy have walked away with all there big pensions etc intact
    Any other person whose company goes tits up will kiss good bye to theirs
    As I understood it banking is effect a gamble on the money markets why should we bail them out and it dosen't even register on their radar?
     
  14. It was a venture capitalist 'Nick Ferguson' however they are just as bad IMHO for the effect they have made in encouraging the 'Buy to Bet' attitude.

    http://www.iufdocuments.org/buyoutwatch/2007/06/private_equity_firms_paying_le.html

    I have no problems with people trying to make money i have no problems with people getting rich, i do have problems when they get burnt and then cry foul and expect the public to bail them out.

    Im a little old fashioned in that way.
     
  15. Grownup_Rafbrat

    Grownup_Rafbrat LE Good Egg (charities)

    There are so many of them. Philip Green, owner of Debenhams, etc. keeps his wife domiciled in Monaco and pays all his wages to her, so he pays less tax on his millions than I do on my pittance. Rupert Murdoch, changes his nationality every few years to suit whatever newspapers he wants to own, and his domicile to suit the minimising of tax - News International pays less tax than someone on 8 grand a year. The more you've got, the more you can keep.

    And as for the companies, they're now trying to sue the government for taxing them too highly because it's 'restraint of trade' or some such nonsense. Lawyers in the European Court standing by to make another fortune. Taxpayers standing by to pay fees, fines and extra tax to fill the gap.

    My view? Simplify the tax system. No allowances, breaks, schemes or scams. Every individual earning over ten grand a year and every company turning over more than twenty sends 15% to the Revenue.

    We won't need so many tax lawyers, revenue collectors, accountants, schemers or scammers, and the money could be used to provide health, education, transport, military equipment, and even a few wages for MPs who have no other job.