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Bailout already a failure! They already want more!

Discussion in 'The Lounge - Off Topic' started by panipatisk, Oct 4, 2008.

  1. panipatisk

    panipatisk New Member

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    Bailout already a failure! They already want more! Read it and weep people
     
  2. onoski

    onoski Terabyte Poster

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    Hi there it would be nice for you to introduce yourself and tell us if you're interested in IT or politics:) or vice versa.
     
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  3. BosonMichael
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    BosonMichael Yottabyte Poster

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    Really, is anyone surprised at this?

    I know one thing... come November, I won't be putting ANY of them back into office. :dry
     
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  4. Rover977

    Rover977 Byte Poster

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    Hear, hear - this is the ultimate 'money pit' - disappointed that neither candidate gave the American people a choice.
     
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  5. michael78

    michael78 Terabyte Poster

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    What annoys me in the UK is that the local councils having tens of millions of pounds in dodgy Icelandic banks when it was widely said that they weren't very secure and there system for securing any deposits was lacking to say the least. If the reports are to be believed then council tax could rise for the next 25 years to pay for the loses if they don't get it back. What annoys me even more is that they had that much money in the first place as they are always saying they need more money as they have ran out. According to a GMTV interview these accounts might be one of several that councils have in foreign banks. I would like to know just how much money the councils in the UK have and why our council tax goes through the roof when they plead poverty.
     
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  6. Fergal1982

    Fergal1982 Petabyte Poster

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    erm... you are aware that the candidates have no say in this at the moment, since neither are in power?
     
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  7. JonnyMX

    JonnyMX Petabyte Poster

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    According to a 'spokesman', local councils were encouraged to deposit 'spare' cash by central government.
    Apparently the Icelandic banks were on the list of officially recommended institutions right up to the day when it all fell over.

    I was surprised to hear that one council had deposited £50 Mill though.
    That's a lot of broken pavements.

    :blink
     
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  8. michael78

    michael78 Terabyte Poster

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    Thats what I couldn't understand is that the council had 50 million surplus cash to deposit in the first place and the spokesperson said that could be one of several accounts that the council in question held. It's more a fact that council tax rates have went through the roof when they are sitting on shed loads of cash that they could dip into to keep the rises from happening in the first place.
     
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  9. zebulebu

    zebulebu Terabyte Poster

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    If only it were that clear-cut Slypie. I think you'll find that one of the main reasons for local councils putting money in the Icelandic banks was because of their extremely generous interest rates. A few years back this wouldn't have mattered so much, but since central government funding for local authorities has been so drastically cut over the past 20 years they have had to find ways of making their money work harder - which always, always comes at a higher risk.

    its all swings and roundabouts - if local authorities still had their money in non or low-risk accounts, your rubbish wouldn't be being picked up.
     
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  10. Rover977

    Rover977 Byte Poster

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    Err no I was not aware of that - I have not watched a TV news program or read a newspaper or talked to anyone in fact for at least 6 months now .... :rolleyes::biggrin
     
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  11. michael78

    michael78 Terabyte Poster

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    It was the amount of money that they had in the first place that amazed me.
     
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  12. BosonMichael
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    BosonMichael Yottabyte Poster

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    Yeah, me too... the only reason I'm going to vote for who I'm voting for is to keep the other guy out of office (who voted for the bailout as well).
     
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  13. BosonMichael
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    BosonMichael Yottabyte Poster

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    Uhh... actually, yeah, they do have a say in it, since they're both Senators. They both voted for the bailout. :dry
     
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  14. Qs

    Qs Semi-Honorary Member Gold Member

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    The word burned comes to mind...
     
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  15. BosonMichael
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    BosonMichael Yottabyte Poster

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    Unfortunately, it is the American people who get burned.

    Well, except for the fat-cat bankers, who now don't have to face the consequences of their poor lending decisions.
     
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  16. Qs

    Qs Semi-Honorary Member Gold Member

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    Mis-understanding. I meant Fergal :p
     
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  17. BosonMichael
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    BosonMichael Yottabyte Poster

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    I know who you meant... just trying to direct the burn away from Fergal. I feel seriously betrayed by my government, and although I have no investments, I know I'll be paying for it in the form of higher taxes that I really cannot afford to pay.

    Where's the bailout for those of us who were careful with our money, didn't go recklessly into debt, didn't get an adjustable rate mortgage because we KNEW the rates would go up? Where's my reward for being responsible? Answer: the responsible ones won't get a thing.

    Looks like everything's all crashing down now... so much for, "WE GOTTA DO SOMETHING... ANYTHING!". Sometimes doing nothing is better than doing something.
     
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  18. wizard

    wizard Petabyte Poster

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    Well we've got our own £500bn bailout, where the hell are tweedle dee and tweedle dum going to get that amount of money from?

    From this guy possibly?

    [​IMG] :twisted:
     
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  19. BosonMichael
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    BosonMichael Yottabyte Poster

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    Holy crap! :ohmy Pound for dollar, that's more than the bailout over here!
     
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  20. wizard

    wizard Petabyte Poster

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    I thought it said £50bn in the articles I read at first but was shocked at really how our banking system is down the pan and we never knew how bad the situation really was until now.
     
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