Who's to Blame the Banks or Us

Whilst listening on the Radio to the recent economic events it was interesting hearing both sides of the argument of who is to blame for the current financial mess we are in.

Well my own view is that here in the UK its the banks 100% and why you may ask. Well not so long ago the workers of the UK got paid their wages/salaries in there hands. But of course the banks did not want that, no they wanted control of our money. This started with monies earnt being paid into bank accounts, there was no longer a choice.

Then followed DD's, SO's credit cards and debit cards. We were all told it would be so much easier to get at our money pay bills and all the rest of it. Well the truth is it was all a big lie. Once the banks have our money they have control of it and we did not, we had to go to them to ask for what was ours and had worked for. Many people soon realised that it was not all it was cracked up to be. Penalties that were in place should anyone default on a cheque or DD would be applied and the parasite banks applied massive charges and over the years have extorted billions out of an intially unsuspecting public.

The whole scheme was to achieve the objective of a cashless society, just a debit or credit card thats all you would have. The parasite banks then would have total control over your money and you. But we have now seen to our cost exactly what they are like and what they are up to. Are we to blame no, they invented this scheme for the aformentioned, we did not and do not have a choice.

The Banks and the pawns that work for them are nothing more than festering parasites that feed on the system of their own making meaning us the people. I could not give a dam to all those who have proffited against others and who have now lost their jobs, may they fester in hell they have got their just desserts. What we need is our money paid to us directly then we will again enjoy the power of our own money and not some scheming money grabing parasites.

The only reason america is bankrupt, is because a few decades ago they decided to use usa to over the world, and massively increase spending. It has not worked, so what can they do now.

Thats really why its all gone belly up, and you guys want obama, or mccain to fix this lol.

Thanks for the comment Andy but by Us I meant we the people and not the US, sorry for any confusion.

The blame lies in all of our hands...

by simply allowing it, and allowing our fellow citizens to allow it and remaining silent


We are all to blame...

My opinion...

The blame lies with the entities that authorized 100% financing on houses and allowing those to buy houses on questionable credit and stated income. Exotic loans, ARM's and Interest only loans were the Satan to this financial disaster.

This was all engineered specifically for a world collapse. And yes it is true that the people did not do anything to STOP it because everyone was making money and living the American dream. Now the dream is over and the hangover is nasty. Glad I only have $1800 bucks left on my car loan, and my conservative rent payment. I have no idea how others are going to make it.

[edit on 17-9-2008 by solarstorm]

In my humble opinion, as a home builder, my take on the mess is that the congress of the USA is at fault.
The dictum was to make housing affordable to all and there are certain hard costs involved in building a house. Congress said make the loans, to everybody, don't you worry about their credit history.!! Why else do you think the U.S. Gov't. bailed out Fannie Mae and Freddie Mac? It was their fault.

When labor saw the feeding frenzy going on, and then we had to deal with a labor shortage, costs rose, thus artificially inflating the costs of goods, read; housing.
As the feeding frenzy continued, investors, rightly or wrongly got into the real-estate speculation game. These are the people that you now see being "forced out of their homes", for the most part. I can take you to a few sub-divisions that I worked and show you foreclosed houses 2 years old that have never been lived in. Not to say good, hard working people aren't losing their homes, but my 1st hand observations are that few peolple were at first losing their homes.
The problem has now gone exponential, i.e, investors have lost their investments (got in too late in the curve), people that helped to overbuild the market are now sitting with over valued property they can't unload, durable goods orders are down as a result, construction workers who, as an historical trait are not boyscouts, are unable to find other work are sitting idle, collecting unemployment benefits, thus raising the dire numbers and cutting back on expendable income spending.
It is a slipprey slope we are on and unless Congress loosens up credit again or we ride out this crunch,(I prefer the latter), we are going to have a tough row to hoe.