UK Economy

[Iron]

Whilst I agree people borrowed beyond their means, the only reason that they did this was because banks were falling over themselves to offer 100% +morgages with no downpayments necessary.

One of the cornerstones of civilisation is personal responsibility. No-one forced people to take those loans, and they alone are responsible for their decision to do so.

Basically your saying its ok for private banks to lend incomprehensibly large sums to companies to finance m&a activity on a grand scale, skim off the comissions when the bull marktes in full cry and then when everything crashes, its the tax payer who bails out these reckless bank sized bets.

I'm not sure we should have bailed out the banks.

In doing so, we and the Americans may have staved off a financial meltdown, but arguably we've sown the seeds of an even bigger one.

There's a school of thought that the only real difference between Greece and the USA is that the USA can print money. But you can't go on printing money forever...

Jeff

[superfrank]

That may be true in general terms, although many immigrants are going into nice jobs too - see http://www.telegraph.co.uk/finance/jobs ... tures.html

Jeff

I assume that is a joke?!

[superfrank]

Fuel sales fall by a BILLION litres (which is a £637m hole in the Treasury's tank)
http://www.dailymail.co.uk/news/article ... -tank.html

Service stations in the UK sold 835 million fewer litres of petrol and 247 million fewer litres of diesel in January to March 2011 compared to the same period three years earlier.

The 15 per cent dip in petrol sales and the 6 per cent fall in diesel sales were caused by higher fuel costs and consumers tightening their belts.

That is a massive drop. I suspect GDP is now being fiddled, alongside CPI.

[Iron]

1. Health professionals (doctors) - 22pc

3. Health associate professionals (nurses) - 16pc

4. IT and communication technology professionals - 16pc

5. Research professionals (scientists) - 16pc

I'd call those 'nice jobs'!

Jeff

That may be true in general terms, although many immigrants are going into nice jobs too - see http://www.telegraph.co.uk/finance/jobs ... tures.html

Jeff

I assume that a joke?!

[Iron]

Diesel was about 110 in January 2010. It's now 137 (http://www.whatgas.com/petrol-prices/diesel-prices.html).

Not only is this a burden for motorists and a problem for the haulage industry, it may impact upon general inflation, given that most of what you buy gets from factory to shop by van or lorry...

Jeff

The 15 per cent dip in petrol sales and the 6 per cent fall in diesel sales were caused by higher fuel costs and consumers tightening their belts.

[mulberryhawk]

As far as i can see the personal responsibilities taken on by the majority of households in this country are being met. The default rate is very low due to the integrity of people who have taken out large morgages and are meeting their repayments and paying down their household debt. Obviously the incredibly low interest rates are helping them to do this but nevertheless these obligations are being met.

What about the responsibilites of corporations not to offer loans to people who shouldent qualify for loans. Or the responsibilities of corporations to manage risk, especially pertinent considering these institutions were "banks".

Lets call a spade a spade, Banks like most people are interested in profit, they saw opportunities to maximise and multiply that profit. They Overdid it and now who picks up the cheque..... The people who borrowed their morgages at 100%+, who are still meeting their responsibilities whilst paying for the banks reckless practices by taking the age of austerity squarely on the chin.

[superfrank]

1. Health professionals (doctors) - 22pc

3. Health associate professionals (nurses) - 16pc

4. IT and communication technology professionals - 16pc

5. Research professionals (scientists) - 16pc

I'd call those 'nice jobs'!

Jeff

Statistics don't tell the whole story, and it's not good news anyway.

e.g.

My brother is a nurse and he says there are loads of nurses from Africa and Thailand etc. stuck on the bottom rung of nursing (because they are rubbish) which is preventing the new intake of trained British nurses getting jobs.

We don't need foreign doctors. 'only here for the money and their training is sub-standard (generally).

IT workers from India driving down wages and taking jobs and preventing the newly qualified getting work.

[Iron]

As far as i can see the personal responsibilities taken on by the majority of households in this country are being met.

For now, perhaps, but let's see what happens when interest rates rise...

And let's not forget the part paid by the Labour government in creating this mess through over-spending (the Millenium Dome and the Iraq War being 2 obvious examples of things that cost lots of money and delivered naff all benefit to the British people).

Jeff

[Iron]

And the BBC doesn't help matters by not tackling the issue of immigration head-on: http://www.telegraph.co.uk/comment/colu ... untry.html

Jeff

Statistics don't tell the whole story, and it's not good news anyway.

[superfrank]

Why the hell did we ever accept immigrants from Somalia?!!

They are fish out of water here and should have gone to the nearest safe country in Africa.

[Iron]

Quite - it's a country whose main industry appears to be piracy!

I worry about the effect of immigration on national identity. When I studied GCSE History 20 years ago, everyone in my class had a grandfather or great grandfather who'd fought in World War II. But in modern Britain, the glue that binds us together as a society and creates a shared sense of national identity is becoming increasingly weak IMHO...

Jeff

Why the hell did we ever accept immigrants from Somalia?!!

They are fish out of water here and should have gone to the nearest safe country in Africa.

[Galilee66]

Jeff, My friend,

I will put this as delicately as I am able - your last few posts are starting to worry me. This sort of comment is redolent of the 1930's and I suspect will end up in tears if they become the substitute for reasoned argument about the economy in a global setting.

Galilee66

[Iron]

On the contrary, one of the things that marked the 1930s was appeasement. It's important to take an unfliching look at our current situation, and consider necessary (if unpalatable) solutions.

The West has been sleepwalking for far too long. It's time to wake up and take drastic action. Ironically, not doing so may lead to the sort of situation you and I both wish to see avoided...

Jeff

Jeff, My friend,

I will put this as delicately as I am able - your last few posts are starting to worry me. This sort of comment is redolent of the 1930's and I suspect will end up in tears if they become the substitute for reasoned argument about the economy in a global setting.

Galilee66

[superfrank]

On the contrary, one of the things that marked the 1930s was appeasement. It's important to take an unfliching look at our current situation, and consider necessary (if unpalatable) solutions.

The West has been sleepwalking for far too long. It's time to wake up and take drastic action. Ironically, not doing so may lead to the sort of situation you and I both wish to see avoided...

Jeff

+1. Good comment.

[Iron]

Thanks Frank! It's good to be appreciated!

Jeff

+1. Good comment.