Why Was The Bailout Good For Me?

[Milton]

Why was the Bailout good for me?

I keep hearing, from various leading media figures, and politicians that the Bailout had to happen.

Phrases like; 'We had to have the bailout, otherwise it would have been like cutting off our nose to spite our faces.....'

I know that I have been forced to waste tens of thousands in rent. [Possibly six figures]

Not something that gets mentioned often, but I think a lot of people on here probably have feelings of despair, anger, worthlessness, knocks your confidence etc, [all suitably buried!] not being able to afford a bedsit for a decade.

Whereas I feel pretty confident in stating that if the Housing Bubble had not been allowed to inflate, I would have got a mortgage around 1999, and very probably paid off a large part of it by now. Had kids, a family, etc. etc.

I think I would be leading a very different life. Probably a much better life.

[My Industry, manufacturing/Engineering, in the Petrochem/Pharma/Chem sector has suffered, and I have lost my job because of it.]

Im Living off my [meagre] savings, as are many others. Still paying taxes. [My money Going to the Banks]

So, why were the Bank Bailouts good for me?

Edited February 6, 2010 by Dan1

[200p]

We as sheep should not be thinking or asking these questions of our masters.

Follow, accept and obey. FAO.

[South Lorne]

Why was the Bailout good for me?

...the Bailouts were bad for you as they are only delaying the real recession ...further debt does not solve debt...the pendulum is about to return....possibly for the last time...

[Milton]

...the Bailouts were bad for you as they are only delaying the real recession ...further debt does not solve debt...the pendulum is about to return....possibly for the last time...

Ok. But how have the Bailouts helped me?

[South Lorne]

Ok. But how have the Bailouts helped me?

...they have not...they have kept your government with pumping machines attempting to keep the bubble alive ...some think they have been helped ... HPC has been softened and restricted to pockets ...while the spending in the public sector has gone up to give you a feel good factor like a bag of sweets from the corner shop...just a temporary feeling of comfort...Gordo's tricky way....

[Milton]

Ok. But how have the Bailouts helped me?

Forget it. Late. Exhausted posting.......

I guess the media figures and politicians are not talking to me. They are talking to the people with mortgages.

They should state specifically, 'The bailouts are good for the people with mortgages. But completely shit for you Dan. Were just stealing your money Dan, to keep their houses artificialy inflated, and make sure you stay in debt bondage. Dont like that? Tough. W'ell send you to prison, unless you give us your money, so we can keep our house prices propped up"

[Rhysling]

It stopped any new banks from forming which is bad for me. They could have taken on deposits and had a good Tier 1

for lending and undercut the market.

[laurejon]

Why was the Bailout good for me?

I keep hearing, from various leading media figures, and politicians that the Bailout had to happen.

Phrases like; 'We had to have the bailout, otherwise it would have been like cutting off our nose to spite our faces.....'

I know that I have been forced to waste tens of thousands in rent. [Possibly six figures]

Not something that gets mentioned often, but I think a lot of people on here probably have feelings of despair, anger, worthlessness, knocks your confidence etc, [all suitably buried!] not being able to afford a bedsit for a decade.

Whereas I feel pretty confident in stating that if the Housing Bubble had not been allowed to inflate, I would have got a mortgage around 1999, and very probably paid off a large part of it by now. Had kids, a family, etc. etc.

I think I would be leading a very different life. Probably a much better life.

[My Industry, manufacturing/Engineering, in the Petrochem/Pharma/Chem sector has suffered, and I have lost my job because of it.]

Im Living off my [meagre] savings, as are many others. Still paying taxes. [My money Going to the Banks]

So, why were the Bank Bailouts good for me?

It has permitted you to continue to live in the fourth richest nation in the world with all the power and responsibilities that come with that status.

The vast majority of adults in the UK have under Labour purchased a house, not something that can be said of the old boom to bust days of the do nothing Tories.

For sure there have been some like yourself that have lacked the confidence in the nation at the outset of the price corrections and have failed to get onto the housing ladder. But the vast majority of people have managed to get onto the housing ladder and are thankfull that Labour have created jobs in the public sector for those that unable to find a job in the less stable private sector that has caused a economic problem the world over.

[huw]

Whereas I feel pretty confident in stating that if the Housing Bubble had not been allowed to inflate, I would have got a mortgage around 1999, and very probably paid off a large part of it by now. Had kids, a family, etc. etc.

In 1999 the house-price mania was still doing its stretching exercises and warming up for the big show...

So, why were the Bank Bailouts good for me?

Have you got nominal savings in the banking system; do you still have them?

You seem to be complaining of the housing boom, more than the bailout.

I'm no supported of the bailout myself BTW, I think it should have been handled very differently.

[Misanthrope]

It has permitted you to continue to live in the fourth richest nation in the world with all the power and responsibilities that come with that status.

Take a look at this:-

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita

[Tiger Woods?]

It has permitted you to continue to live in the fourth richest nation in the world with all the power and responsibilities that come with that status.

The vast majority of adults in the UK have under Labour purchased a house, not something that can be said of the old boom to bust days of the do nothing Tories.

For sure there have been some like yourself that have lacked the confidence in the nation at the outset of the price corrections and have failed to get onto the housing ladder. But the vast majority of people have managed to get onto the housing ladder and are thankfull that Labour have created jobs in the public sector for those that unable to find a job in the less stable private sector that has caused a economic problem the world over.

Sometimes Laurejon you are just a bit too subtle in your sarcasm.

[Misanthrope]

Sometimes Laurejon you are just a bit too subtle in your sarcasm.

[aa3]

I'd say unless you have more than £35,000 in stock investments or savings accounts you lost out on the bailout. At your expense people who are richer than you had their wealth saved.

Remember that the next time you hear a rich person crying about higher taxes. If it wasn't for the state stepping in, that rich person's wealth would have been gone, the system would have hit the reset button.

[LuckyOne]

I'd say unless you have more than £35,000 in stock investments or savings accounts you lost out on the bailout. At your expense people who are richer than you had their wealth saved.

Remember that the next time you hear a rich person crying about higher taxes. If it wasn't for the state stepping in, that rich person's wealth would have been gone, the system would have hit the reset button.

Anyone who had substantial secured liabilities (which includes anyone with a mortgage with a LTV of 60% or higher)probably also benefitted from the bailout.

[Mikhail Liebenstein]

I'd say unless you have more than £35,000 in stock investments or savings accounts you lost out on the bailout. At your expense people who are richer than you had their wealth saved.

Remember that the next time you hear a rich person crying about higher taxes. If it wasn't for the state stepping in, that rich person's wealth would have been gone, the system would have hit the reset button.

That's ok then, I feel so much more pleased for myself.

But seriously there is a big question about the role of the banks. The Banks almost have their own imaginary economy, salaries everything is inflated by direct cash infusion, meanwhile they don't do anything to create real wealth by advancing loans for good business ideas at reasonable rates.

Personally I believe the Government should just give everyone £100,000 and close the banks down and replace them with a free, publicly funded cash transfer system. Meanwhile they should confiscate all the assets of anyone who has ever worked for an investment bank.

[Bloo Loo]

That's ok then, I feel so much more pleased for myself.

But seriously there is a big question about the role of the banks. The Banks almost have their own imaginary economy, salaries everything is inflated by direct cash infusion, meanwhile they don't do anything to create real wealth by advancing loans for good business ideas at reasonable rates.

Personally I believe the Government should just give everyone £100,000 and close the banks down and replace them with a free, publicly funded cash transfer system. Meanwhile they should confiscate all the assets of anyone who has ever worked for an investment bank.

thats an idea.

however, we hear today the government cant buy, at great expense, a computer, with a printer, that can work out tax codes.

my £299 notebook, with excel and a £29 printer can do that.

[Georgia O'Keeffe]

thats an idea.

however, we hear today the government cant buy, at great expense, a computer, with a printer, that can work out tax codes.

my £299 notebook, with excel and a £29 printer can do that.

it could be done for a few francs on a slide rule

[pyracantha]

Take a look at this:-

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita

FFS we are behind Iceland! Will be interesting to see how the ratings change over the next few years. Interesting as in the old Chinese curse "May you live in interesting times".

[Bloo Loo]

it could be done for a few francs on a slide rule

yeah, but you cant print out the letter, demand and reminders on a slide rule im afraid.

[Once in a lifetime]

Why was the Bailout good for me?

Do you still have a job ?

[barrabus]

it could be done for a few francs on a slide rule

Slide Rule ! you are showing your age now. 90% of the people on this site will have never seen one.

[shedfish]

surely it's obvious -

the unwashed had to have money taken off them to give to the banks, so that they could lend it back to them with interest, thus providing vital bonuses that trickle down - e.g. finding coins dropped in the street, dry cleaning old school ties, that kind of thing

come on - get with the programme, Tax N*****

learn to love the rimming

[Authoritarian]

Why was the Bailout good for me?

I keep hearing, from various leading media figures, and politicians that the Bailout had to happen.

Phrases like; 'We had to have the bailout, otherwise it would have been like cutting off our nose to spite our faces.....'

I know that I have been forced to waste tens of thousands in rent. [Possibly six figures]

Not something that gets mentioned often, but I think a lot of people on here probably have feelings of despair, anger, worthlessness, knocks your confidence etc, [all suitably buried!] not being able to afford a bedsit for a decade.

Whereas I feel pretty confident in stating that if the Housing Bubble had not been allowed to inflate, I would have got a mortgage around 1999, and very probably paid off a large part of it by now. Had kids, a family, etc. etc.

I think I would be leading a very different life. Probably a much better life.

[My Industry, manufacturing/Engineering, in the Petrochem/Pharma/Chem sector has suffered, and I have lost my job because of it.]

Im Living off my [meagre] savings, as are many others. Still paying taxes. [My money Going to the Banks]

So, why were the Bank Bailouts good for me?

The bailouts are good for you because they protected your savings.

I'm going to expect howls of indignation now, people can't face up to the fact that the bailouts weren't there to protect an elite group of shadowy bankers, they mainly bailed out ordinary peoples' nest eggs. Like yours.

In the long run it would have been much cheaper to let it crash, but governments don't think like that, they prefer short termist solutions that keep them in power and expenses. So we've had to bail out the rich (well, the poor have had to bail out everyone)

Edited February 6, 2010 by chefdave

[Georgia O'Keeffe]

The bailouts are good for you because they protected your savings.

I'm going to expect howls of indignation now, people can't face up to the fact that the bailouts weren't there to protect an elite group of shadowy bankers, they mainly bailed out ordinary peoples' nest eggs. Like yours.

In the long run it would have been much cheaper to let it crash, but governments don't think like that, they prefer short termist solutions that keep them in power and expenses. So we've had to bail out the rich.

exactly, alot dont seem to understand the primary reason for bailing was for savers, it doesnt change the fact it was a classic wealth redistribution to the better off but savers above the guarantee threshhold are the main beneficiaries

[Bloo Loo]

exactly, alot dont seem to understand the primary reason for bailing was for savers, it doesnt change the fact it was a classic wealth redistribution to the better off but savers above the guarantee threshhold are the main beneficiaries

thats great, they bailed the savers (NOT) then gave them below inflation interest.

some bailout.

clearly, the bailout cost nothing.