Tuesday, Jan 30, 2007
Lib Dems comment on "irresponsible lending"
Firstrung: Lib Dems slam irresponsible mortgage lending
Commenting on a Yorkshire Bank survey showing that six out of ten first time buyers would take a mortgage of over five times their salary, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "These findings are extremely alarming. But we should not blame the borrowers - they have little choice because of the highly inflated price of property. A great deal of irresponsible lending is fuelling this problem on debt.
Posted by converted lurker @ 12:18 PM (355 views) Add Comment
21 Comments
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1. Cstanhope707 said...
I would actually vote for these guys if we could get this sort of stuff without the rest of their "Loony Leftie" agenda.
2. japanese uncle said...
Ask your own governer, first, Vince. You know how they operate very well, to fleece the ignorant, as you yourself were and are part of the System, having worked as chief economist at RIIA and Shell International. Impressive career for an ostensibly left-wing party? Again, this political Trojan Horse or Juda in the Libdem could have made this comment much earlier say in 2002 when BSs were already lending money on a false premiese ie self-declared annual income. After the bubble has apparently reached its peak, then these leeches always start wriggling. Disgusting!
3. paul said...
Yes, those that bleat the loudest were the ones that kept the quietest when HPI was running away out of control.
I remember that well before banks threw out the lending multiples rulebook to prolong the boom, there was the ridiculous premise of the self-cert mortgage.
4. george monsoon said...
The Lib.Dems must know that this is a big vote winner to be pushing it.
I have been monitoring the change in the tide over the last few months and this is yet another nail in the coffin for the Bears.
Banks have been let out to play unsupervised for too long, and now that they have caused all this trouble, its time to ground them for a while. Get your claims in for the overcharging by banks in the past few years... I worked out they owe me around 700 quid.
5. george monsoon said...
sorry that should have siad Bulls!!!
6. inbreda said...
I agree with most of the comments, but Stan, I'm not sure I've encountered much of the "rest of their "Loony Leftie" agenda". Personally as far as I'm concerned a large chunk of their agenda becomes irrelevant - they were the only major party not to support what is an illegal war that has killed hundreds of thousands and will continue to do so. On that basis alone I wish they were in charge. They would have had to try very hard to muck anything else up more than the incumbants.
George - I claimed 176 quid back from NatWest. I gave them one month to respond to my first letter, and the money was in my account in less than two weeks. No attempt at delay at all. Definitely the easiest 176 quid I've ever made.
7. Davros said...
Vincent Cable used to be my MP and he was genuinely a nice bloke. He's also been banging on about debt for years now. You should take a look.
8. Uncle Fargas said...
Irresponsible lending - yes, but the borrowers aren't blameless here. Its a bit like blaming the DIY shop if you buy a chainsaw then chop off your own leg.
9. Ticktock said...
I agree with Mr. Cable on this, but JU is right about his 'connections' and his real 'role' in the party.
He was behind the coup in the party that ensured there would be no democratic alternative to the 'Washington consensus' at election time.
The Murdoch 'loonie lefty' label seems to have been well digested by the sheeple though, despite what their policies actualy are. Come to think of it, I'm not too sure they themselves know exactly what they stand for anymore!
10. Chillilizard said...
The borrowers are equally to blame. But in a way, what do you expect? How much do they really know about the economy or finances. Maybe we should really be blaming education.
11. Ticktock said...
Uncle Fargas,
I see what you mean, and yes you are right.
However, I think that it maybe more comparable to a gunsmith seeling loaded guns to school children, and then shirking responsibility as the corpses mount up, simply because the sale broke no law and because the children were acting of their own free will.
It was the 'children' that killed each other, not the guns we sold them the arguement goes.
In arguements like this, one perhaps should ask, would the children still have killed each other without the guns? (or would the people have bankrupted themselves without the credit) and I think the answer is probably no. How would they have?
Moreover, does the arguement 'not all the children who bought guns from us used them on each other, just a few idiots' really make it still OK to sell guns to school children? There will always be idiots.
So, we might well conclude that if selling guns to school children is to be legal, then the gunsmith must (at the very least) take great care in selecting who he will, and who he will not, arm to the teeth.
A heavy burden of responsibility indeed is it not?
It may seem a little patronising to characterise the average UK borrower as a child (i.e. financialy unaware) but I fear that this may well be close to the truth in far too many situations these days.
12. bidin'matime said...
Fargas - you can see the teeth on a chainsaw, but you can't on a mortgage - it's the equivalent of being told that everyone in the know has got a chainsaw, so you ought to get one too, before you get too old and miss the bus. Also we've supposedly got the FSA to regulate the selling of mortgages, whilst there's no equivalent for chainsaws.
13. Gingerbread said...
I agree with Uncle Fargas....
People who borrow money, for whatever reason, are entirely responsible for taking out that loan. the fact that lenders are willing to do so is shifting the responsibility.
From the article....
'But we should not blame the borrowers - they have little choice because of the highly inflated price of property.'
No, lets not blame the borrowers!!!!. little choice? The choice not to buy at these vastly inflated prices will bring them back down again.
It's all so easy to blame other people for our own mistakes.
14. Orwell said...
you don't think Cas that because you don't have a loony left rep in parliament you don't have things like affordable housing etc. then? Do you now think Tony Benn and Deniis Skinner were loony left? what about Nye Bevan who created the NHS. Was he loony left?
15. magnifico said...
bidin, the makers of the chainsaw will cover their back by writing Health and safety warnings on their pamplet, knowing all too well that nobody will read them. Similar thing happens with the small prints on mortgage contract.
16. glorious sunshine said...
They will continue to go up. Have you losers still not figured it out? Ha Ha Ha
Well East coast girls are hip
I really dig those styles they wear
And the Southern girls with the way they talk
They knock me out when I'm down there
The Mid-West farmer's daughters really make you feel alright
And the Northern girls with the way they kiss
They keep their boyfriends warm at night
I wish they all could be California
I wish they all could be California
I wish they all could be California girls
The West coast has the sunshine
And the girls all get so tanned
I dig a french bikini on Hawaii island
Dolls by a palm tree in the sand
I been all around this great big world
And I seen all kinds of girls
Yeah, but I couldn't wait to get back in the states
Back to the cutest girls in the world
I wish they all could be California
I wish they all could be California
I wish they all could be California girls
I wish they all could be California
(Girls, girls, girls yeah I dig the)
I wish they all could be California
(Girls, girls, girls yeah I dig the)
I wish they all could be California
(Girls, girls, girls yeah I dig the)
I wish they all could be California
(Girls, girls, girls yeah I dig the)
:-)
17. Nohpc said...
Lib Dems are definately not capable of running the country - bunch of muppets if you ask me. I'd rather Green party took over. I'd rather Labour stayed in power.... no wait.... what am I saying!! I just hope Tories get back into power and revert to some of their old ways so they can wipe out some of the politically correct bullshit that has swept the country in recent years.
I don't see how they can say they can't blame first time buyers for taking out 5 x salary loans. Yes, they are offered it but nobody holds a gun to their head and forces them to take it. Ultimately I think the government is to blame as children should have better education with regards to finance in school.
18. japanese uncle said...
Isaac Asimov and Beach Boys are my favorite.
19. george monsoon said...
the beach boys are great, but didn't Brian Wilson go bonkers for a year or 10?
Keep taking the lithium Sunshine !
20. David20040_0 said...
The Liberals are not a credible party, some of their policies verge on Communism. They won't get into power on their own. A Labour/Liberal merge could happen though.
21. inbreda said...
Wonder where GS has been these last months? Locked away perhaps?
NoHPC - I agree that the UK is too politically correct. You stupid pasty crusading honky.