Saturday, Mar 29, 2008
RECORD bad debts in the US home loan market will see bank profits fall from eye-poppingly obscene to unspeakably repulsive, City analysts warned last night.
Daily Mash: BANK PROFITS PLUNGE FROM OBSCENE TO REPULSIVE
"The fact is, they control every aspect of your lives - often in ways you dare not imagine - and could, if the notion takes them, snap you in half like a dry twig."
Posted by planning4acrash @ 10:45 AM (419 views) Add Comment
4 Comments
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1. inbreda said...
This guy is hilarious - I love it, even though this particular article seems to have been written whilst drunk and after a hard day trying to get an overdraft! I also loved reading about mungo the shit-faced octopus, the glasgow mascot. Class stuff.
2. Herrbbiiee said...
"Millions of buck-toothed rednecks with no credit history and a disturbing fondness for Jack Daniels were allowed to borrow 40 times their non-existent wages to buy a burnt-out toilet in a crack alley"
aahhhaaahaaa!!!! Brilliant stuff!
3. plato said...
Superb, contains a few swear words (might offend a few but not me) but quite honestly the best way to describe the banking system and stop us from crying.
4. planning4acrash said...
Banks, by lending money, push up asset prices, thereby making us dependent on their loans to purchase assets. If all of the mortgage banks dissapeared today, we could all buy a house at the price of the average 15-20% deposit. Sterling would be worth one hell of a lot more, so that would be enough to pay for build costs, etc. Sold down the river are we. But it goes further than that. Much of our income tax is used to pay interest on money spent to buy assets and services that would not cost so much if they were purchased with gold standard government issued cash backed by gilts.