Wednesday, Apr 23, 2008
Vince Cable talking mostly sense
Yorkshire Post: Vince Cable: The banks got themselves into this mess. Why should we bail them out?
Bank shareholders should do any bailing out. They took the profit in good times after all.
Urging banks to share the costs of mortgages in trouble.
"This responsibility should be enforced by a statutory obligation on both parties to submit to an independent financial assessment by an agency like the CAB and for lenders to offer a range of payment alternatives so as to keep families in their homes – involving share ownership and rental arrangements – with an equitable sharing of losses."
Posted by voiceofreason @ 09:02 PM (533 views) Add Comment
9 Comments
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1. paul said...
At least people like Vince Cable are set to keep the Labour Government from showering households with taxpayers money to help them with their over-inflated mortgages.
I think what's happening in the US, with the government proposing taxpayer bailouts to prevent repossessions is utterly shameful. The UK government has already committed over £200bn of taxpayers' money, without any mandate from Parliament or the British people - they've just gone and done it (and to hell with what anyone else thinks). Hopefully, voices like Cables will grow louder the closer Gordon Brown comes (and the more desperate he gets) to throwing money at reckless borrowers.
How much do we all have to pay to salvage Gordon Brown's reputation?
2. voiceofreason said...
By the looks of his U-turn on the 10p tax removal (BBC News at 10), not long.
I reckon the Labour Party realise that they have an unelectable Kinnock-esque PM in residence (or Howard for the Tory example).
Can't see Gordie making it into the next general elections myself.
But who would be the most likely next candidate ? And what would his HPC position be ?
3. jack c said...
@ paul - "How much do we all have to pay to salvage Gordon Brown's reputation?"
De La Rue couldn't print enough money on a 7 day 52 week non stop run to save Brown's reputation - it's fair to say (IMO) it's in tatters.
4. Crashwatcher said...
I have some Bradford and Bingley Shares - presumably if I am asked to 'Bail them out' the value of the shares may go negative. Any one tell me how much they want to take them off my hands?
5. Tinker said...
Hey, there's a run on Gordon Brown's reputation!
6. alan said...
I hope that I'm not seen as being nasty or mean spirited, but the boards of directors in the big banks made a lot of mistakes. They should take the consequences. If useless directors aren't culled ( without cash "good-byes"), where are we?
Maybe we let one or two fall over - pour encourager les autres!
By the way, there is no safety net for those who overspend or mess up on credit cards - they get taken to court and dispossesed of their assets. In some cases, their car, house or property.
7. paul said...
"pour encourager les autres"
Indeed! That would get the senior bank executives refocussing very quickly I should think.
8. taffee said...
vince cable is about the most sensible man on tv....mind you given crash gordon and windmill cameron...perhaps I should have voted liberals
9. growler said...
@alan
Absolut richtig. The hopeless directors actually were very effective in trousering great bonuses for achieving targets. But we're looking at 1970s style drug cheats in sports. It'll all pumped up artificially. What happens to cheats? They get fired - and they get fined. I'm not a lawyer, but we just need ONE test case of a lender being found negligent for poor advice to start a snowball.