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Home Help? PM's Credit Crunch Meeting


Mary
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Gordon Brown is calling the heads of the country's biggest banks and mortgage lenders to special talks in Downing Street.

 

Top of the agenda will be the worsening housing market and how to help homeowners to survive the credit crunch.

 

The Prime Minister has called them in for breakfast talks on Tuesday before he departs for a visit to the US, where the global financial turmoil will be high on the agenda.

 

And the country's biggest lenders will later face a crunch summit with Chancellor Alistair Darling in an attempt to find ways to help ease the situation.

 

The Bank of England cut the base rate last week for the third time since December, but experts have predicted the cost of borrowing will continue to rise.

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It is the banks who have got us into this mess ( and US one's at that) by by giving money away irresponsibly.

 

It used to be hard to get a mortgage when I was a nipper and you had to save hard and have something in your piggy bank to put down as a deposit.

 

However they have been giving them away 100% at five times your salary - not exactly responsible is it - not a rocky foundation?

 

It's all a financial risk so they must take their share of responsibility.

 

As for the BOE well they print money and 'Promise to pay..' At the end of the day it's a promise and if people get scared and panic well you are seeing what can happen. The BOE has to play it's part and be independent, wise and steadfast.

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I see Geoff, it's all the fault of America and the banks and Gordon wasn't really in charge of the country's finances for 10 years. It all comes clear now, if you've borrowed beyond your means it's not your fault so you have nothing to worry about. Ask Geoff - he knows. :roll::roll:

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"This is a diabolical stealth move to use the global financial system as a way to merge the finances of our two countries with no public understanding of what is really happening. According to the 3/31/08 Financial Times, British Prime Minister Gordon Brown and U.S. president George Bush have agreed to ?step up cooperation over the crisis in financial markets by setting up a UK-US working group that will develop proposals to monitor and regulate the banking system.?

 

Thus far the new working group will be comprised of senior treasury and regulatory figures from London and Washington. It is reported they are working on a system of ?individually tailored international supervision for leading banks and financial institutions involved with cross-border activity?.

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To be fair, Geoff has a point - we've had a frenzy of irresponsible lending over the past ten years, producing exagerated housing demand, producing in turn over-inflated house prices. :roll: However, Gordon was content to ride on the back of this consumer boom, and even claim credit for his "prudent management of the economy"; so now that "economy" has turned and bit him, I think he should continue to take credit for current outcomes. :roll: Irresponsible bankers have lost ?trillions in lost loans, and these aficionados of capitalism, are being bailed out by the BOE and the Federal Reserve (taxpayers ultimately). :o Seems they're in a win win situation. :x

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Originally posted by Watercolour:

'if you've borrowed beyond your means it's not your fault so you have nothing to worry about' no you are responsible as well.

Errrmmm I was being a tad sarcastic there. Sorry if it went over your head. :roll::roll:
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Originally posted by demelzadoe:

"This is a diabolical stealth move to use the global financial system as a way to merge the finances of our two countries with no public understanding of what is really happening. According to the 3/31/08 Financial Times, British Prime Minister Gordon Brown and U.S. president George Bush have agreed to ?step up cooperation over the crisis in financial markets by setting up a UK-US working group that will develop proposals to monitor and regulate the banking system.?

 

Thus far the new working group will be comprised of senior treasury and regulatory figures from London and Washington. It is reported they are working on a system of ?individually tailored international supervision for leading banks and financial institutions involved with cross-border activity?.

Sorry but you obviously don't realise that this country is no longer able to make decisions of that magnitude without the permission of Brussels. :roll::roll::roll:
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Originally posted by Watercolour:

Yes he has fiscal levers at the macro level and use them he did but I believe that banks are responsible for the micro economics that is at the core of the problem.

 

Poor decisions by poor Rock and USA managers bleeding the mortgage owner 100% 5 times what they can afford. :wink::wink:

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