Wednesday, Nov 25, 2009

The Telegraph's tortured logic

Telegraph: Why the Supreme Court was right to stand up for beastly bankers on overdraft fees

So perhaps this is a good time for a reality check. Savers outnumber borrowers by about six to one in Britain, despite the collapse in the savings ratio which has occurred since Labour came to power in 1997. Borrowers make far more noise than savers because borrowers tend to be younger, more telegenic and better represented in the media; both in front of the camera and behind it. Many of the people who would have been hurt if the Supreme Court ruled in favour of preventing banks imposing unauthorised overdraft fees are pensioners who rely on dismal returns from deposits.

Posted by drewster @ 03:13 PM (1478 views)
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11 Comments

1. i remember the 90`s said...

Here Here for common sense.

Wednesday, November 25, 2009 03:20PM Report Comment
 

2. rumble said...

Ahem, "hear, hear".

Wednesday, November 25, 2009 03:25PM Report Comment
 

3. mark wadsworth said...

I don't think that the logic has been "tortured" so much as ritualistically slaughtered and then incinerated on a pyre of half-truths and prejudices.

I tell ye, it's the Home-Owner-Ists, they'll blame anybody but themselves:

1. The "collapse" in the savings ratio because banks were lending like topsy to push house prices ever higher (and we didn't hear the H-O's moaning about that, did we?)
2. The borrowers making the biggest noise are the H-O's. That's the reason rates are so low. They wanted it, they got it.
3. Pensioners are indeed getting a lousy return on savings, again, thanks to the H-O movement. But pensioners are among the most hard-core H-O's when it comes to NIMBYism, and the ones who'd scream loudest when it comes to Land Value Tax.

And so on. These people are masters at DoubleThink.

Wednesday, November 25, 2009 03:35PM Report Comment
 

4. rumble said...

What a load of tripe. To enable fee-free banking for those in credit - get real, who's buying that? Ah.
This way to the hole in the floor - oh dear, you fell.

Wednesday, November 25, 2009 03:38PM Report Comment
 

5. drewster said...

Thanks Mark - your logic is as impeccable as ever!

Hypothetically, if interest rates rose to 10% and house prices collapsed, would pensioners be happy or angry?

Wednesday, November 25, 2009 03:39PM Report Comment
 

6. rumble said...

They would be happy living in their homes, with increased income, hoping to avoid a care home.

Wednesday, November 25, 2009 03:50PM Report Comment
 

7. Dk Jones said...

I pledged money to the tsunami disaster relief fund.

They did not take the money out of my account, until 6 months after I pledged it.

Susequently I went overdrawn by 4 pence, for a period of less than twenty four hours.

The same morning that my charitable donation was taken, I bought 10 ciggarettes, using my switch card.
Later that morning I bought a pan u chocolate at the train station, before arriving at the office.

The Thieving B@5Tards at the Halifax, took £30 for going overdrawn, and a further £28 [per transaction] for the ciggarettes and the pastry.

A total of £86.......

You economists who agree with this BLATANT THEFT need lining up against a wall with the rest of the politicians and bankers.


[I spent weeks arguing with the T@ssers on the end of the phone at the Halifax, who wouldnt give me my money back]

Wednesday, November 25, 2009 04:02PM Report Comment
 

8. holyroller said...

If you believe that this will save free banking you are a fool. There is no such thing as free banking we are all paying for so called free banking. Banks make billions from these charges and with this money they reward the sensible by offering higher rates of interest and loads of great benefits, haha. Subprime lending and bank accounts profit the banks greatly with these rules and because of this screw up everyone is paying bigtime thanks to all the bailouts and crap.

I often get paid cheques from US companies. I received one cheque for $11, after fees and the exchange rate I owed the bank £1. I made a $5 payment over the internet recently, after exchange rates and charges it cost me around £6. Tell me that is free banking?

Wednesday, November 25, 2009 06:57PM Report Comment
 

9. mr g said...

Drewster said @ 5 "Hypothetically, if interest rates rose to 10% and house prices collapsed, would pensioners be happy or angry?"

I'm retired but not yet at state pension age AND a home owner without a mortgage.

I couldn't give a tinker's f*rt if house prices collapsed and I'd be blo*dy delighted if interest rates were at 10%!

Wednesday, November 25, 2009 07:19PM Report Comment
 

10. Alfie said...

I agree Mr G,

Let the interest rates rise to 10% and house prices to collapse.

Why cant we all get real and live within our means. For years I thought Britain population were doing very well for themselves, but now I wonder how much of it was/is debt.

Whats the difference between a drug dealer and a banker?
One deals and makes money from drugs the other deals and makes money from deb.

Wednesday, November 25, 2009 10:06PM Report Comment
 

11. tenant super said...

"3. Pensioners are indeed getting a lousy return on savings, again, thanks to the H-O movement. But pensioners are among the most hard-core H-O's when it comes to NIMBYism, and the ones who'd scream loudest when it comes to Land Value Tax."

Absolutely. I'm a bioethicist and at work recently, someone thrust a Nuffield Council report about dementia and care into my hands. I pointed out the myriad ways in which the current generation at retirement age (the boomers) have royally shafted my generation (XY). They didn't fight any wars so I owe them absolutely nothing and as far as I am concerned they should either sell everything they own, (especially their homes) or fester in their own excreta.

Thursday, November 26, 2009 12:35AM Report Comment
 

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