- We actually witness a very special year in UK. After years of bad gambling with the money of their customers, a lot of big Banking institutions collapse. During the last ten years, the speculation on housing was enormous, the 3% inflation per year, that is the official rate in uk, was probably virtually calculated without house pricing, because in some place house value was four or five times their initial value after 10 years.
- State agents was encouraged by our friends the Bankers to rise up prices , more the value of the transaction is hight, more money in commission for both side, and more V.A.T for our friend the tax man .You know every one is delighted at the time, even the buyer because the Banker and the state agent persuade him that he will double his investment in the next 5 years, thats mind even if the mortgage look a little unrealistic, the buyer after 5 years will be able to sale his house, and to clear the mortgage, and if he want, with the enormous profit made with this operation, he will be able to do it again. And for to give more credibility to the story, some TV show was programmed to explain people how to speculate better on housing, and now they fit the trap abroad, TV program show people looking for property in France, Spain, Portugugal, etc.... Nice house ,six bedroom, four bathroom, one swimming pool under a lovely sunny weather all year, all this for only 600,000.00 pound sterling, that is for nothing, say the animator of the show, imagine that you can save 1000.00 pound sterling a month, you only need fifty years to raise this amount of money, but if you pay 20% now, the bank give you a mortgage in 20 years, and remember you can sale again the property with profit if something goes wrong.
- Now, after the economy crash, lot of people lost their job, no way to pay the mortgage anymore, its time for the Bank to close the trap then to repossess the house, byebye sweets dreams, you cannot even sale your house, because the value fail consequently, and you will not make enought money to clear the mortgage. Banks plane repossessing house every years to balance their lost when gambeling in stock exchange, but the few last years, the lost was more bigger than expected and repossession dont make the money expected when the house market lost value. Actually the Banks own a lot of houses, but they cant sale them, hard for them when they need cash.
- And for to finish, the UK government decide to save the banks with tax money, that is not the job of the gouvernment to protect the interest of the subjects of her Majesty ? instead, they save the head of the predator with the public money from the victim.
- Banking is not a secure and juicy Business in UK? Only Bankers can do that, the others if they do the same go strait to jail.
- My question is: Why do not help the victims, these one get trapped, because the law is not strong enought to stop these can of legal stealing, more than this, to save the predator, its to encourage it to do it again.
Barakrante posted on Oct 06, 2008
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Comment on "The year of the Bankers"
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