sue allen:I love the way the government are congratulating themselves on how well GB is doing and he's getting us all out of the mess we're in. As if we're all stupid enough to forget he was the one who presided over it all. They were quite scathing about how long it took him to do anything on this mornings money programme.
I know how you feel, Sue, but I think the real culprits may get away with it again if we just focus on whoever is in power.
You can blame politicians, but the economic problems are the same the world over. We've had Labour in power here for the last decade, while in the US they've had the dumbest right wing lunatic as president (doesn't he even make Reagan seem rational and likeable?). Both economies are in the same place, and without a paddle, regardless of the leadership.
All this blaming the politicians lets the bankers get away with it - again! The centres of money in the world have more control over our future than our governments. Roughly every 17 years (1974, 1991, 2008), they end up flushing the world's economies down the toilet through bad lending, mainly on property. Each time it gets worse.
I guarantee you that in 12 years time bankers will again start saying 'property never goes down in price' and start hurling money at anything that has a roof, door and windows, causing another speculative boom and bust.
I dare say we'll get the money, or a good portion, back that the government has put into the banks this week. Possibly make a profit.
But that's not what'll affect us. Right now, many people are paying off huge mortgages they took out when house prices were ridiculously overinflated. The houses have gone down in value, but the mortgage payments to the banks are the same. And there's less money/work around to pay it with. Same as in 1991. That's what'll hurt.
I'm also sad for young people starting out. It seems everyone has to have a degree at the moment, and they have to pay for it through the nose. In a year's time, that person in McDonald's wishing you a nice day will have a degree in underwater basket weaving and a twelve grand debt. Another victim of the collapse of the graduate employment market. And he/she will be earning minimum wage!
There's got to be a better way than this.....
Chris Seary
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