How the unions scuppered the US bail-out

[2008-12-23 17:05:19]

JohnnyBimmer says

RE: How the unions scuppered the US bail-out

Indeedy the man in the street always gets left with the buck. Execs were either aware or too scared to admit they didn't know what the hell they were actually doing. But selling 100% plus mortgages and high risk financial or insurance derivitives in America and Britain was perfectly fine as allowed by auditors, regulators, internal accountants and the politicians themselves. And many consumers bought houses and cars they couldn't truthfully afford to repay. But to-date we the man in the street is not involved. The crap should hit the fan within those circles. Where I'm with you Wittenfrog is that buck isn't passed onto the rest of us who have enough issues dealing with recession thank you very much. But it looks like banks are passing the buck onto the man in the street. And most disturbingly of all the politicians who supposedly oversaw this entire industry are now spending like Emelda Marcos to bail the banks (and Car Co's) out and passing not 1 buck but 2 bucks onto us to repay their credit card for them!! Brown poured ?30bn into Northern Rock who are now throwing more people out of homes faster than any other UK bank to repay him. And Brown poured ?8bn into Bradfor & Bingley to 'smooth' a Spanish bank, Santandare, for the takeover. Sandandare are today looking up sh*t creek. If they go bust Brown will look a right monkey (if you haven't worked it out already)

15 December 2008 15:45

Source: CAR Magazine
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