About time home truths about recession

  Strawballs 18:05 15 Sep 2010
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Head of bank of england admits the banks caused problems and you have to pay the price to the TUC conference.

  Strawballs 18:57 15 Sep 2010

I don't agree with their solutions just the fact that the bank of england has admitted that it was the banks fault it all happened and yet again it is down to the working men and women to suffer to sort it out.

  Al94 19:04 15 Sep 2010

Mervyn King is absolutely correct.

We can't change what has happened, we will all have to pay for it as there is no other solution - so we need to get over it and move on.

It wasn't just the banks, the public in general got used to living beyond their means so a reality check was long overdue.

  bri-an 19:28 15 Sep 2010

"Deputy Prime Minister Nick Clegg has cited the governor's advice as having been key to his Liberal Democrat party changing its approach to spending cuts -

Mr King has denied that he passed any new information to Mr Clegg at the time."

Nice one, Nick!!

  Forum Editor 19:36 15 Sep 2010

to suffer to sort it out."

Is that a chip I see on your shoulder?

The working men and women are not blameless in all this, and it's ludicrous to suggest otherwise. They were as keen as anyone else when it came to taking out big, fat mortgages, and using their credit cards to pile on the debt.

I'm not suggesting that the banking industry isn't massively to blame, but it shouldn't carry the can entirely. We are all in this together, no matter how some people would like it to be otherwise,and if we're to get out of the mire we would do well to concentrate our efforts on looking to the future, instead of sitting around looking for a scapegoat. We'll achieve nothing as a nation if all we can do is whine endlessly that 'it's not my fault, it was those evil bankers, they did it'.

Mervyn King went to the conference to ask unions to work with the Bank of England, and all that Bob Crowe can think of doing is to walk out without even listening, saying he has better things to do with his time. If I was a member of his union I would be lobbying for a new leader - one who has a brain between his ears, and a bit of vision.

  morddwyd 20:04 15 Sep 2010

"instead of sitting around looking for a scapegoat."

But isn't that unfortunately the modern way in this country?

Instead of "What went wrong? What can we learn? How do we prevent a recurrence?" it's always "Whose fault? Who can we blame? Let's castigate somebody"

  jakimo 20:07 15 Sep 2010

In 2009, Bob Crow's basic salary at RMT was £94,747; a 12% increase from the previous year despite the ongoing recession. His entire pay package with bonuses and pensions was £133,183; on top of this he claimed £9,989 in expenses and £2,376 in travel costs, taking his total income to £145,548.

Is that what feathering ones nest means.

  Forum Editor 20:11 15 Sep 2010

Well said.

  Strawballs 20:13 15 Sep 2010

The people that go on about having chips on shoulder are usually those who have never been there and don't understand there is nothing more agrivating than having spent most of your working life working very long hours just to make ends meet only for a group to wreck the ecconomy still claim their big bonuses and leave it up to you to dig them out of the smelly stuff, if that is what you mean then yes I have a bloddy giant chip

  john 52 20:42 15 Sep 2010

Forum Editor

The working men and women are not blameless in all this, and it's ludicrous to suggest otherwise. They were as keen as anyone else when it came to taking out big, fat mortgages, and using their credit cards to pile on the debt.

Regarding the big fat mortgages I am afraid most people had to take these out to get on the housing ladder and in relation to credit cards I am sure I was not the only to get there credit card limit increased not at my request may I add and receive blank cheques through the post from credit card providers . This as I am sure you know is were the American sub prime market collapsed people were given loans knowing that there was no way they ever could repay them
The thing that concerns me most is we hear nothing about how this Government is going to create jobs for the many new and old unemployed .

  Strawballs 20:43 15 Sep 2010

How can we prevent a recurrence I wish we could, but the as I have said in other threads the banks know full well that we can't just let them go under as the whole economy would collapse so we have no choice but to bail them out while they still go on getting there bonus.

I'm glad I'm not that bad at my job because I would not get a bonus I would get the sack.

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