Well, as it happens we have a nice house and not much of a mortgage, so no, I personally didn’t go through the door.

in other words, he’s got equity, but he didn’t ‘cash it in’…

but lots of people did.

and lots of governments did similar things with their national budget.

(‘more debt is fine, because we’ll be earning more next year, and then we can afford to service the debt’, repeat, repeat, repeat, etc. oh dear.)

and here we are.

Of course I understand what you are trying to say.

You are trying to say that people who are now in difficulty are there largely because of their own greed.

I disagree.

I think that some were greedy, but that many, if not most were conned into thinking that the economy and housing market works in a different way to the way it really does.

I also think that they/we are still being conned.

We are led to believe that economists/politicians/bankers might be best placed to run the financial system in a way that benefits us all. But I don’t think they do. I think that they run it largely for their own interests in a conspiracy of silence.

Just as most people wouldn’t question a doctor who looked after their health, so they don’t question professionals who look after their money. But they should because people who have control of your money have a conflict of interests.

Apparently he’s not going to accept the Bonus anyway.

If anyone is bothered ?

RPRT – I sympathise with your position and glad that you are not affected personally. But ’tis a good lesson for all – don’t take things for granted and take responsibility.

Retail financial services is full of charlatan’s and the best advice is the check everything very carefully indeed. Ditto, sadly, doctors. I have had two incidents recently with mis-diagnosis. One with recommendation to give my son unnecessary steroids – “it won’t do any harm”!!??? Ditto my mother – mis-diagnosed for 20 years and my mother-in-law. And as for politicians….!???

Only a fool doesn’t question…..

I’m not saying that doctors don’t get things wrong – just that they don’t have a vested interest in doing so.

Whereas in the financial sector there is often an incentive to behave inappropriately – hence the vast number of mis-selling cases now going through the system.

But my point about taking on credit isn’t that a few wrong uns were pushing a few specific deals, it’s that for a while, not only the whole of the industry, but almost all of Government, and the Opposition, and the media were urging a particular (wrong) course of action.

It’s very difficult for individuals to see past that.

Do the people of Cuba “deserve” to live under the government of Cuba?
Poor quality troll, 2/10.

@Konabunny

I was talking about democracies. If the people cared so much about bankers pay they should not have voted in a conservative government who protect the wishes of a sector of society well known for rampant cronyism, corruption and greed.

Honestly, mountain bikers are often the 4 wheel drive Audi London types. How many of you would have liked to live in a fairer and more heavily taxed country like Norway pre-2008? Not a lot…..most of you were living a dream built on the credit bubble. Some of us knew what was going to happen and the people failed to take note.

it’s that for a while, not only the whole of the industry, but almost all of Government, and the Opposition, and the media were urging a particular (wrong) course of action.

They wouldn’t dare do anything like that now

What if – say – CmD were to suggest that we should try to pay off our credit cards?
That’s great financial advice

I’m going to write to him and suggest he does just that, what could he possibly see wrong in doing that?
I’m sure he’ll include it in his next conference speech

Well it looks like nobody is actually bothered.

I reckon he should have taken it, based on the lack of response to the news of him turning it down.

.

Neal – sorry, but I think that’s because your news had been posted earlier!!

Jota – imagine if CMD said, go and use a credit card to spend and as a form of credit. Time to bash the plastic! How would that advice be classified?

mashiehood – Member

earnie – you are being very selective in your quotes, what about all the labour, conservative and lib dem quotes.

I posted a link to the whole article, what more did you want me to do – copy and paste the entire article out of the Independent ? ffs 😀

Jota – imagine if CMD said, go and use a credit card to spend and as a form of credit. Time to bash the plastic! How would that advice be classified?

As you know he pulled the ‘pay off your cards speech’
under threat of upsetting all his mates in big business and banking no doubt

Indeed he did! But the serious point, is lets hope people do not reach for the plastic given current APR’s and the cheap cost of alternative funding. Its a message that always gets bogged down in silly politics when it is made.

But don’t you think that by pulling that speech [old news, I know] that’s effectively what he’s [and the government] condoning?

‘kin madness

nealglover – Member

I reckon he should have taken it, based on the lack of response to the news of him turning it down.

Eric Daniels (Lloyds) declined his £2.3m bonus for 09. Practically nobody noticed. So next time round he said screw it.

As you know he pulled the ‘pay off your cards speech’
under threat of upsetting all his mates in big business and banking no doubt

He could afford to, safe in the knowledge that no one would actually pay a blind bit of notice to what he was saying, but that loads of old buffers around the shires would say “Quite right. What a sensible young man our Prime Minister is”

Eric Daniels (Lloyds) declined his £2.3m bonus for 09. Practically nobody noticed. So next time round he said screw it.

I don’t blame him.

People love to moan on about it, and spam every social Internet site for people to send emails to (what’s clearly not) his personal email address and complain about it.

But he turns it down and people barely notice.