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"we All Ate Together"


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#1 mfs1959

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Posted 26 April 2012 - 10:01 AM

Theodoros Pangalos conied the phrase "We all ate together" in 2010 to point that the people and politicians are all responsible for landing the country with its mountain of debt. He was vilified by the Greek people.

Where is out politician with the guts to stand up and point out that it's not just politicians and bankers, it's all of us: estate agents, journalists, broadcasters, watchers of property porn, mewers, and the rest?

Edited by mfs1959, 26 April 2012 - 10:17 AM.


#2 crashmonitor

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Posted 26 April 2012 - 10:05 AM

Well said Theo. Could equally go for the Brown boom too. We all want jam today and land the next generation in debt. Some even make out that this debt is an investment and somehow in the unborns interests, yeh right.

When the Debt is in the Stratosphere

And Carney has left his scars

Then fear will guide our planet

And despair will steer the stars

 

This is the Dawning of the Age of Deflation

Age of Deflation

Deflation

Deflation

 


#3 Errol

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Posted 26 April 2012 - 10:40 AM

Default. Default.

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#4 GBdamo

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Posted 26 April 2012 - 10:48 AM

Theodoros Pangalos conied the phrase "We all ate together" in 2010 to point that the people and politicians are all responsible for landing the country with its mountain of debt. He was vilified by the Greek people.

Where is out politician with the guts to stand up and point out that it's not just politicians and bankers, it's all of us: estate agents, journalists, broadcasters, watchers of property porn, mewers, and the rest?


Not this nonsense argument again.

If you went to the doctor and he prescribed you medication, would you take the 'we're all in this together' approach if that medication was wrong and caused serious complications?

As with doctors and medicine very few people are knowledgeable enough to understand all the intricacies of government and economies and defer to elected representatives who claim to know what's best.

There may be a few people that knew and played the game but the vast majority just did as they were told. If they were properly educated they may have known things couldn't last but they weren't.

The blame for this mess lies with the politicians and the bankers.


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#5 mfs1959

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Posted 26 April 2012 - 10:58 AM

Not this nonsense argument again.

If you went to the doctor and he prescribed you medication, would you take the 'we're all in this together' approach if that medication was wrong and caused serious complications?

As with doctors and medicine very few people are knowledgeable enough to understand all the intricacies of government and economies and defer to elected representatives who claim to know what's best.

There may be a few people that knew and played the game but the vast majority just did as they were told. If they were properly educated they may have known things couldn't last but they weren't.

The blame for this mess lies with the politicians and the bankers.


No, it's with all of us. The reason why even those politicians who knew how bad things were could say nothing was that the great British public did not want to hear, and would punish those forthright enough to say.

#6 billybong

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Posted 26 April 2012 - 11:42 AM

IF some of them did all eat together then some sure got to eat far far more than others.

Edited by billybong, 26 April 2012 - 11:43 AM.


#7 GBdamo

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Posted 26 April 2012 - 11:42 AM

No, it's with all of us. The reason why even those politicians who knew how bad things were could say nothing was that the great British public did not want to hear, and would punish those forthright enough to say.


Agree but you're looking five years further on than me. It should never have happened in the first place and politicians should not have allowed banks to prey on the public.
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#8 OnlyMe

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Posted 26 April 2012 - 11:46 AM

Agree but you're looking five years further on than me. It should never have happened in the first place and politicians should not have allowed banks to prey on the public.



That is the key, it was predatory. Just look at the credit card debt - different market, same issue. Bombard the population with zero percent offers, get the public to take it up until at some poit either the bank decides to up the rates having ensnared their debt pool or for the borrower to start defaulting on other obligations, miss payments and then hit them with charges.

Pure calculated greed and planned theft on the part of the banks, except it blew up in their face when they asked the taxpayer to pay for the bill, directly and through inflation, which the politicans and central bank obliged in spades.

Edited by OnlyMe, 26 April 2012 - 11:47 AM.

"Asians make things and sell them to Americans, who borrow money from their suppliers (on the inflated value of their houses) in order to continue living beyond their means. Asians take their profits and either relend them to Americans...or use them to buy more productive capacity, in America and elsewhere.

For those who wonder where this trend will lead, we offer a guess: The average American will be left with a shoeshine kit and instructions on how to say 'please' and 'thank you' in Chinese...."

Bill Bonner.

Socialists want socialism for everyone else, but capitalism for themselves, while capitalists want capitalism for everyone else, but socialism for themselves.
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#9 mfs1959

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Posted 26 April 2012 - 11:52 AM

That is the key, it was predatory. Just look at the credit card debt - different market, same issue. Bombard the population with zero percent offers, get the public to take it up until at some poit either the bank decides to up the rates having ensnared their debt pool or for the borrower to start defaulting on other obligations, miss payments and then hit them with charges.

Pure calculated greed and planned theft on the part of the banks, except it blew up in their face when they asked the taxpayer to pay for the bill, directly and through inflation, which the politicans and central bank obliged in spades.


Sorry, this sounds like denial. "A big boy did it and ran away".

#10 OnlyMe

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Posted 26 April 2012 - 11:55 AM

Sorry, this sounds like denial. "A big boy did it and ran away".



There is only one reason you douse a person with 0% credit - to ****** them over later. The same was done with housing with teaser rates and 125% loans.


It is not rocket science.
"Asians make things and sell them to Americans, who borrow money from their suppliers (on the inflated value of their houses) in order to continue living beyond their means. Asians take their profits and either relend them to Americans...or use them to buy more productive capacity, in America and elsewhere.

For those who wonder where this trend will lead, we offer a guess: The average American will be left with a shoeshine kit and instructions on how to say 'please' and 'thank you' in Chinese...."

Bill Bonner.

Socialists want socialism for everyone else, but capitalism for themselves, while capitalists want capitalism for everyone else, but socialism for themselves.
Link

#11 Gone baby gone

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Posted 26 April 2012 - 11:56 AM

"We all ate together"

He forgot the last bit:

"But some of us came back for seconds, thirds, fourths..."

#12 mfs1959

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Posted 26 April 2012 - 12:32 PM

There is only one reason you douse a person with 0% credit - to ****** them over later. The same was done with housing with teaser rates and 125% loans.


It is not rocket science.


Apart from my mortgage I have only borrowed at 0% interest. I paid no interest, no PPI, nada, nothing. I didn't get ****** over.

Perhaps we should introduce a 'Financial Unawareness' card, like organ donor cards. It could say, "Don't lend me anything as I don't understand the concept of being required to pay it back".

#13 RufflesTheGuineaPig

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Posted 26 April 2012 - 12:34 PM

Default. Default.


Errol... do you have a pension... or any savings?
It's time to pay the piper. There is no magician who will magic away the debt. Someone is going to have to pay it. Bend over and prepare to make payment.

In this glorious nation of ours, if you work hard and keep your head down for 25 years then you too can aspire to own one-eighth of a one bedroom flat in Manchester.


My mum and day always tell me how important it is to save to buy a house. They should know, it took them nearly 6 months to save for theirs. As teenagers, they bought a 3 bed semi.

#14 mfs1959

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Posted 26 April 2012 - 12:35 PM

"We all ate together"

He forgot the last bit:

"But some of us came back for seconds, thirds, fourths..."


In Greece that's most of the population, something like 90% of dentists declared earnings below 12.5k euros.

#15 Dorkins

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Posted 26 April 2012 - 12:43 PM

"We all ate together" ignores the demographic reality that Greek over-40s are even now mostly doing pretty well for themselves while the Greek under-35s are the most shafted generation in any country in Europe.




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