Bail out those greedy people

26-09-2008 06:08AM

Perhaps the banks should have used the French approach to financing Mortgages;

But France still believes in strict rules and regulations, Finance Minister Christine Lagarde says.

"Expect two conditions - a down payment of 20% of the value of the house plus mortgage [repayments] which will not exceed 30% of income.

Would have prevented inflated house prices and stopped sheeple flocking into debt.

http://news.bbc.co.uk/1/hi/world/europe/7635327.stm

Black Swan · 26-09-2008 07:37AM

I'll bet that John and Cindy McCain are not worried about losing their seven (7) houses.*

*Edit: That is if he can still remember how many he has and where they are located*

brianthebard · 26-09-2008 09:22AM

Sqaull20 wrote: »

Any clip or audio?

https://www.youtube.com/watch?v=F54rqDh2mWA

nice1franko · 26-09-2008 09:35AM

monkey24 wrote: »

I am sorry for that women but we are now being asked to bail out greedy f*cking people. This makes me sick. So people are free to rake in money in the free markets but when it goes wrong its other people who pick up the tab.

I had the exact same rant last night... and she said she'd a big car loan as well IIRC. The fukcin cheek of it!!

You were caught lootin' missus, suck it up!

not yet · 26-09-2008 09:42AM

I could not believe that knobend hobbs reading that crap out.......

I say fcuk that greedy greedy cnut, 5 fcuking houses!!! sweet jesus it shows what happened pover the past 10 years, 900 a mounth for a car...some people have to live on that, I'd say that cnuts motto was ''let them eat cake'' well I hope she ends up with fcuk all.

Run_to_da_hills · 26-09-2008 09:45AM

not yet wrote: »

I could not believe that knobend hobbs reading that crap out.......

I say fcuk that greedy greedy cnut, 5 fcuking houses!!! sweet jesus it shows what happened pover the past 10 years, 900 a mounth for a car...some people have to live on that, I'd say that cnuts motto was ''let them eat cake'' well I hope she ends up with fcuk all.

She will be sweeping the streets

Dudess · 26-09-2008 09:47AM

It reminds me of that famous appearance on the Late Late Show by Pádraig Flynn where he moaned about how much of a hassle his palatial lifestyle could be...

phantom_lord wrote: »

i wasn't trolling!

"poor_people_lol imo" - course you weren't!

Daithi McGee · 26-09-2008 09:56AM

Dudess wrote: »

"poor_people_lol imo" - course you weren't!

Just be a bit of poker lingo Dudess. A coloquilism if you will, used a lot on the poker board.

rich_whining_fekkers_lol

That is just how them poker fellas rollz

nice1franko · 26-09-2008 10:04AM

phantom_lord wrote: »

damn those evil greedy people trying to make money!

poor_people_lol imo

I think it's more to do with the fact that she took the gamble, lost and now wants her money back.

SimpleSam06 · 26-09-2008 10:18AM

Deleted User wrote: »

Perhaps the banks should have used the French approach to financing Mortgages;

This is why I tell people to learn French or German when they ask me whats the best way to survive the recession.

metamorphic · 26-09-2008 10:29AM

That's infuriating. People like myself who felt that the houses were over priced and haven't bought, have to look at this people who's fault it is getting a bail out?! How about giving me a "government bonus" to buy a house?

oh well you haven't gotten yourself in a sh*t load of debt, we can't help you. Clearly you haven't gotten yourself in an extreme enough situation to be helped. You silly boy, keeping a level head, making some savings and not buying an over priced property.

bah, I need to go slam a door, kick a cat, or push over an old lady...... Raahh!!!

/rant

Loose Lips · 26-09-2008 10:35AM

ven0m wrote: »

There has to in reality come a point where people have to realise "ok, we made a shedload of cash, maybe time to get some goodwill going so we can go make some more" - no-one even attempts goodwill, despite it being a reportable & recordable asset on balance sheets, instead they just want to ensure in one fell swoop they bleed you for everything & as much as possible all at once.

I mean jesus, even drug dealers understand this concept.

ven0m: It's the same old story. The rich get richer and the poor get poorer. Some people have made lots of money at the expense of poor people. Some greedy people have tried to copy them and are getting their fingers burnt.

I'm not sure your understanding of accounting is very good though. And I'm pretty sure that most drug dealers keep all their assets and liabilities off their balance sheets.

Slan

ven0m · 26-09-2008 10:43AM

Loose Lips wrote: »

ven0m: It's the same old story. The rich get richer and the poor get poorer. Some people have made lots of money at the expense of poor people. Some greedy people have tried to copy them and are getting their fingers burnt.

I'm not sure your understanding of accounting is very good though. And I'm pretty sure that most drug dealers keep all their assets and liabilities off their balance sheets.

Slan

Maybe the drug dealer point is extreme - but the fact is, goodwill of a business is considered an asset, & increased goodwill can increase the value of a business, & in turn help towards increasing profits & increasing shareholder happiness. The incessant & non-stop pursuit of 'profits no matter what, it's only a peon pissant whose gonna suffer' is what has landed us in the proverbials.

What's worse is, alot of these issues have arisen due to white collar fraudulent circumstances as well, where most of these guys will be able to buy their way out of jail, or play a political 'pass card'. It's wrong, & there's no getting around it.

The financial world CANNOT continue the way it has. It just can't. You can't just keep taking & taking & taking, & doing underhanded deal after unerhanded deal after underhanded deal & not have any consequences. Even the U.S. Congress was smart enough to say "hang on, why should the tax payer pick up the tab cos some greedy bastards gambled, & traded on the shirts off the backs of everyone else?" It might be the first time I applaud U.S. congress as the first time they've had the balls to stand up to something like WallStreet & go "eh, WTF?"

suitseir · 26-09-2008 10:53AM

Unfortunatley, we are all affected by the current crisis, even those who did not buy the five properties because the long and the short of it is, jobs are being lost on a daily basis, estimated at 45,000 since the new Taoiseach took over. Remember, the guys who really play around with our lives are the short sellers in the global market, more especially in the US. The knock on effect is global right down to the small hick town in this country of ours! Yes, people have gotten very greedy over the past 10-15 years....that is because 30 years ago they had nothing!!!!
And of course, what about the pay outs to farmers? not the ones who have to be compensated for disastrous crops this year, I am talking about the cheque in the post ones.........they do not have to lift a finger and get an anywhere from €20k to €50k annually! And as for the public sector............don't go there! They are now talking about making some in the public sector redundant...........yea, excellent idea, they will make them redudant with a big fat payout and then probably re-employ them. This country is SLOWLY going down the tubes..........and remember, someone out there is making money out of all this............watch the shares!!!!:mad:

pickarooney · 26-09-2008 10:53AM

Deleted User wrote: »

Perhaps the banks should have used the French approach to financing Mortgages;

Would have prevented inflated house prices and stopped sheeple flocking into debt.

http://news.bbc.co.uk/1/hi/world/europe/7635327.stm

And nobody would be able to afford a house, just like in France.

SimpleSam06 · 26-09-2008 11:00AM

pickarooney wrote: »

And nobody would be able to afford a house, just like in France.

Plenty of people can afford a house in France. The thing is, the rental tenant protection legislation in France and Germany is very strong, so there isn't much of an incentive to go buy your house, unlike in Ireland, where you can be literally turfed out on the street at a weeks notice on the whim of the landlord, not a position a family wants to be in.

pickarooney · 26-09-2008 11:09AM

SimpleSam06 wrote: »

Plenty of people can afford a house in France. The thing is, the rental tenant protection legislation in France and Germany is very strong, so there isn't much of an incentive to go buy your house, unlike in Ireland, where you can be literally turfed out on the street at a weeks notice on the whim of the landlord, not a position a family wants to be in.

True, but the flipside is that it's extremely difficult to even rent a flat in France, as the minimum conditions to be accepted for a lease are prohibitive. A 40-year-old with a permanent job will still be required to provide a guarantor and earn at least three times the rental price of the property, after tax, and salaries are pretty low.

There are plenty of incentives to go buy a house, such as owning your own property and not paying rent into your nineties and having something to pass on to your offspring.

ven0m · 26-09-2008 11:12AM

suitseir wrote: »

Unfortunatley, we are all affected by the current crisis, even those who did not buy the five properties because the long and the short of it is, jobs are being lost on a daily basis, estimated at 45,000 since the new Taoiseach took over. Remember, the guys who really play around with our lives are the short sellers in the global market, more especially in the US. The knock on effect is global right down to the small hick town in this country of ours! Yes, people have gotten very greedy over the past 10-15 years....that is because 30 years ago they had nothing!!!!
And of course, what about the pay outs to farmers? not the ones who have to be compensated for disastrous crops this year, I am talking about the cheque in the post ones.........they do not have to lift a finger and get an anywhere from €20k to €50k annually! And as for the public sector............don't go there! They are now talking about making some in the public sector redundant...........yea, excellent idea, they will make them redudant with a big fat payout and then probably re-employ them. This country is SLOWLY going down the tubes..........and remember, someone out there is making money out of all this............watch the shares!!!!:mad:

No, short selling was a TINY part of the problem. The real problem was unregulated/unmonitored trading in futures markets & in subprime markets, where loses were not being tracked or questioned, as earlier trading in these areas was so bloody lucrative it turned into 'ask no questions, tell no lies', which then became institutionalised within the traders modus operandi, as their bosses were too busy back slapping over how much more money they were able to ake & their ridiculously large bonuses. It eventually became considered a 'cash cow' & any real reporting/monitoring stopped as cigars, expensive brandy & back slapping continued amongst the top tiered fat cats.

Factor in banks knowing they were selling loan products to people that would over extend them or place them in the ****s if it went tits up knowing that if people defaulted, they'd still be covered by having assets they can reclaim. And then account for the builders who over extended themselves in credit terms, as themselves, the legal profession, estate agencies & banks all happily clibed into bed to 'cash-in' on people they all knew were always on the cusp of financial jeopardy by giving loans like 102% mortgages to people who could make repayments based on THEN rates of inflation/interest/CoL etc, all because they wanted a quick buck.

That's what caused the current ****storm.

Duckjob · 26-09-2008 11:16AM

monkey24 wrote: »

I was just watching prime time where Eddie Hobbs read out a tear jerking letter from a women who is having a really hard time because she has five residential properties and is now finding things hard. He then went on to say the government have to do something.

Seriously, is this what it has f*cking come to. I am sorry for that women but we are now being asked to bail out greedy f*cking people. This makes me sick. So people are free to rake in money in the free markets but when it goes wrong its other people who pick up the tab.

That women should pay for her mistakes, that is how free markets work. Bailing out banks to keep the world afloat is one thing, bailing out greedy people who speculated on property is quite another.

Everyday I read about this country it usually turns my stomach ...

/rant

I don't feel sorry for her at all. It's her greed and the greed of others like her that helped bring the country to the catestrophic position we are at today.

Jet Black · 26-09-2008 11:17AM

DublinDilbert wrote: »

Did I hear that she is paying €900/month on a car?

Is that how much a range rover costs? :eek:

I don't think eddie was feeling too sorry for her....

Thats crazy.
My car cost €900!! WTF? Have it three years and never gave me a problem.

ven0m · 26-09-2008 11:22AM

Also, don't forget - we hve our own 'sub-prime-type' timebomb here waiting to expode.

Banks sold 100% plus mortgages to people, & there are alot who cannot afford to repay their mortgages with high inflation & costs of living, & salaries not increasing commensurately, where their houses are now valued way below purchase price, in negative equity, the banks cannot even afford to reclaim houses from mortgage defaulters, & even if they did - will have houses they cannot sell, as they'd have bad debts from them incurring HUGE tax liabilities which would cost them even more money, which they would be totally unable to service.

Wait & see. This is a bubble that is just waiting to burst & then you'll see how exposed the top 5 banks/mortgage lenders in this state are.

SimpleSam06 · 26-09-2008 11:40AM

pickarooney wrote: »

True, but the flipside is that it's extremely difficult to even rent a flat in France,

Heh, so by your reckoning, France must have the highest homeless population on earth, since you can't buy or rent? I think you may be somewhat confused, there.

pickarooney wrote: »

as the minimum conditions to be accepted for a lease are prohibitive. A 40-year-old with a permanent job will still be required to provide a guarantor and earn at least three times the rental price of the property, after tax, and salaries are pretty low.

I dunno, they look pretty reasonable to me. Where are you getting your information from, because it sounds like you are making it up.

pickarooney wrote: »

There are plenty of incentives to go buy a house, such as owning your own property and not paying rent into your nineties and having something to pass on to your offspring.

Plenty of incentives but very little pressure. Not a bad system.

Cormic · 26-09-2008 11:52AM

I am actualy shocked at EH. How can he defend this woman and her predicament. If she had one house and a normal car and was going under then I would be full of sympathy but she seems to represent the greed in this country for the last number of years.

I did notice that she states that her husband is not interested in helping her out with her little property empire. Maybe he has realised what EH did not. She has brought this on herself.

ven0m · 26-09-2008 12:19PM

Cormic wrote: »

I am actualy shocked at EH. How can he defend this woman and her predicament. If she had one house and a normal car and was going under then I would be full of sympathy but she seems to represent the greed in this country for the last number of years.

I did notice that she states that her husband is not interested in helping her out with her little property empire. Maybe he has realised what EH did not. She has brought this on herself.

EH can defend cos he's just like her with his own 'dodgy' property investment schemes. The sooner people see thru EH & his own brand of perfumed b.s. the better. EH couldn't give a monkeys about 'economic fairness & prosperity' - only what he can line his own pockets with. His whole spiel the last few years
has earned him a pretty nice wad of cash, which people forget. Sure - tell people what they wanna hear, & make a buttload of cash from it. it's the oldest racket in the book.

brianthebard · 26-09-2008 12:20PM

Time for a revolution tbh.

http://images.mirror.co.uk/upl/m3/feb2008/3/5/316112E9-F9C7-81F1-AB5752478AB353F5.jpg

ven0m · 26-09-2008 12:35PM

brianthebard wrote: »

Time for a revolution tbh.

http://images.mirror.co.uk/upl/m3/feb2008/3/5/316112E9-F9C7-81F1-AB5752478AB353F5.jpg

Solves nothing. Ask Che Guevarra.

brianthebard · 26-09-2008 12:36PM

ven0m wrote: »

Solves nothing. Ask Che Guevarra.

How do you mean? Cuba's still ticking over, unified socialist South America is becoming more real every year, Che Guevara would see this as a good thing.

ven0m · 26-09-2008 12:38PM

brianthebard wrote: »

How do you mean? Cuba's still ticking over, unified socialist South America is becoming more real every year, Che Guevara would see this as a good thing.

Cuba is a mess, & Cuba's situation is far from what Che would have held as ideal. The only thing working in Cuba he would be proud of is it's medical system, since he was a Dr.

Anyways, I was way off point - sorry mods :-(

26-09-2008 12:42PM

I used to work in a company that dealt with the average joe who invested in houses. Most of them havent a clue. Serves them right.

brianthebard · 26-09-2008 12:43PM

ven0m wrote: »

Cuba is a mess, & Cuba's situation is far from what Che would have held as ideal. The only thing working in Cuba he would be proud of is it's medical system, since he was a Dr.

So they are doing better than us? Result imo.

Bail out those greedy people

Comments