Northern Rock
Capitalist | 19.01.2008 09:44 | World
Bank Regulators who permitted Northern Rock to get into such a mess are guilty of Negligence. Is that Criminal?
The people who repeatedly persuaded US Citizens to take out Mortgages they could never repay and pocketed the Commission are clearly Criminals. We have not heard of any prosecution on that base.
If those who allowed themselves to be persuaded to buy property they could not afford are occupying that property then clearly they should be evicted and the property sold for what it will fetch. And the outstanding debt be a lifelong claim on their future resources. It seems that dupes are to suffer, but the Criminals go free.
The people who bundled up such fraudulent Mortgages and sold them to Banks have undermined the World's Banking system. The prime duty of a Bank is to Not Borrow Short and Lend Long. If the Banks real assets are insufficient to cover the long loans they have made, then that Bank should be liquidated when it gets into trouble. There is no duty on any Government to use Public Money to bail out people who are stupid enough to put more money into Banks than the Law guarrantees. That is exactly what has been done in the UK. The Government has shown criminal incompetence preventing the collapse of Northen Rock Bank. They have undermined the value of Money, the Life blood of Capitalism is being destroyed.
The Labour Party has destroyed the possibility of Socialism in the UK, but in that desireable objective, they have ensured the collapse of the UK down to the economic level of a third world country. The dominoes are running, and their incompetent economists have no clue. It appears that Fascism really will be the only answer.
The British people do not have the gumption to step in and throw out the corrupt politicians who have all betrayed their own principles. And there is no Fascist who has the answers either. What a bloody mess. UK down the drain!
The Depositors' losses in Northern Rock Bank should have been lawfully covered by other Banks to the extent of about £30,000 in any one account. That was the Law. The stupid Government gave entirely unecessary guarrantees indebting evey British Citizen. The Government should be punished. There is no point in having Laws that are ignored.
The people who repeatedly persuaded US Citizens to take out Mortgages they could never repay and pocketed the Commission are clearly Criminals. We have not heard of any prosecution on that base.
If those who allowed themselves to be persuaded to buy property they could not afford are occupying that property then clearly they should be evicted and the property sold for what it will fetch. And the outstanding debt be a lifelong claim on their future resources. It seems that dupes are to suffer, but the Criminals go free.
The people who bundled up such fraudulent Mortgages and sold them to Banks have undermined the World's Banking system. The prime duty of a Bank is to Not Borrow Short and Lend Long. If the Banks real assets are insufficient to cover the long loans they have made, then that Bank should be liquidated when it gets into trouble. There is no duty on any Government to use Public Money to bail out people who are stupid enough to put more money into Banks than the Law guarrantees. That is exactly what has been done in the UK. The Government has shown criminal incompetence preventing the collapse of Northen Rock Bank. They have undermined the value of Money, the Life blood of Capitalism is being destroyed.
The Labour Party has destroyed the possibility of Socialism in the UK, but in that desireable objective, they have ensured the collapse of the UK down to the economic level of a third world country. The dominoes are running, and their incompetent economists have no clue. It appears that Fascism really will be the only answer.
The British people do not have the gumption to step in and throw out the corrupt politicians who have all betrayed their own principles. And there is no Fascist who has the answers either. What a bloody mess. UK down the drain!
The Depositors' losses in Northern Rock Bank should have been lawfully covered by other Banks to the extent of about £30,000 in any one account. That was the Law. The stupid Government gave entirely unecessary guarrantees indebting evey British Citizen. The Government should be punished. There is no point in having Laws that are ignored.
Capitalist