posted on Oct, 28 2008 @ 06:53 AM
I read the report and some of the 'papers' readers comments made me laugh, like it the Bank of Englands fault we're in this mess. For those that
don't know me , I actually work for the Bank of England and its not our fault , we're trying to do something about this mess, if you all want
someone to blame, blame the Governments and high streets banks and lenders.
The Government waste a lot of money , this is what they're like , they let a soldier live in his car and don't provide a home for him but give an
imigrant family a 1.5 million pound house a £75,000 a year in benefits?
£5000 sofa for an office that no one is using.
a £3000 air filter system for a guy in an office 'who has breathing difficulty' who then complains its not upto HIS standard then goes and opens
Let the benefits system be ridden roughshod by thieves and cheats then let the OAPS die of the cold in winter.
The Highstreet banks and lenders are falling over themselves to give you money which you then have to pay back (with interest) so they make even more
than they've given you , then when you can't pay back because of your greed for the 'life of luxury' they start reposessing your stuff which is
actually their stuff, your stuff bought with their money makes it theirs.
You can't pay back because of all the lenders and banks you have taken from, your not working for yourself but for them by now.
Then when too many people can't pay the repo the stuff then try to sell it to make some money back but again its not enough to cover what they're
loaned out, ( My wife had a house repo'd a few years ago before I met her ,the house cost her £50,000 a few years ago but they auctioned it off for
£14,000?), then when they've made a loss , and they have made a hell of a loss over a few more houses like the one described earlier then they start
to have difficulties, which then leads us to where we are now.
My advice to you all is try to get out of the 'debt-slavery' and if you have to , bite the bullet , get another partime job for a few months , pay
off what you can quickly , make sacrifices , don't go out every weekend, make your own food instead of going to a restaurant, just for a few months.
pay off your debts and you'll no longer be a slave to the banks and credit card companies.
Plus I think that only the savings accounts wouldn't be affected by the 'zero' rate, the banks know that if they said that savings with 0 % gained
will not get any customers , the rate means the 'lending' rate , the banks can give money to someone else but not charge any interest, so they give
you £1000 you give them £1000 (not £1000 plus £250 interest for example) , it would be a good idea to kick start the economy again, the main cause
of the downfall was actually the lack of trust , you wouldn't give money to someone ( for example) looked like a tramp but said he was rich would
The banks and companies had that trouble said they were 'doing well' but in fact were failing ( head in sand syndrome). the banks loaned to these
companies , then the other baks and companies went tits up and the lenders couldn't get their money back, the other lenders thought this was the
case for every other bank and the whole economy stopped lending incase they weren't going to get their money back which is why all the trouble
started. that and the total disregard for saving instead they spent and spent and spent. Thats why some old folk have got a bit of money 'under the
matress' , they've saved incase something goes wrong. The banks and lenders should've saved instead of getting greedy and playing the 'hope i get
my money back and more' card.
Most of the people today 'live for today' and don't worry about saving for the future. I haven't got any savings but I have decided to pay off my
loans and be debt free by the middle of next year.
Here's a clue for you, most credit card companies want you to pay the 'minimum' amount so they can charge you more for longer , your £2000 maxed
out credit card (apr 16.9%) costs you £55 @ a month min, its will cost you about £10,000 and take you ( or so I heard - can't remember where I
read that) about 7 years to pay that off at that amount if not longer, if they drop the rate from the 2% to a new 1% minimum payment amount it will
take you 15 years and cost upto £28,000 , so now then? what do you want for your future?.
[edit on 28/10/08 by DataWraith]