The Credit Crunch

[supernothing]

Originally Posted by endless psych

I think the use of fellas might indicate to most folks the nature of the post wasn't entirely serious.

If it is serious it likely draws on Marxist esque theory regarding late capitalism.
I await the dawning of the post scarcity society...

I was being somewhat tongue in cheek, although there has been little discussion of the global economic paradigm in relation to the credit crunch.
Actually just sat my Marx exam last week so some fettering of the forces of production was undoubtedly on my mind.

Originally Posted by Addy

Ignoring my post when I said there's been 5 major crises in the last 20 years aye? They happen all the time, doesn't mean capitalism's gonna crumble by any stretch of the imagination.

Ignoring Marx's Towards a Critique of the Political Economy are we? Where he says increasing boom and bust cycles is what will lead to capitalism crumbling?

Have we not created a system where by people are compelled to make incredibly stupid bets for massive profit; often gambling with the livelihoods of millions (in abstract) for thier own and thier masters' gain?

[Addy]

Originally Posted by MarkMono

The most immediate effect on the general public is that an absolute shitload of people simply won't be granted mortgages now who would've before this.

Without a doubt, banks are already reducing their range and you now cannot get a 100% mortgage - some deposit is always required now. I'd even heard of cases in the past where you could get up to 120% mortgage - that is a loan on top of the mortgage, but that's all in the past.

Originally Posted by MarkMono

The most immediate effect on the general public is that an absolute shitload of people simply won't be granted mortgages now who would've before this.

And a shitload more who already have mortgages won't be able to afford their repayments when their fixed term ends.

[MarkMono]

I'm lucky enough that I'll have a few years leeway.

[crusher]

People say it is a credit crunch but infact Britain has a worse national debt now than at any time since the days of Harold Wilson. Brown is in place to manage the collapse of the economy and put barriers in the way of people finding the route by which those arseholes in the parliament have scammed us. Them and their rich friends in the banks and corporations.
The trick being to blame borrowers when infact it is the banks lending the money to people who cannot pay. Now the banks will not lose because not only will they have property as an asset (stolen from those who they lent the money to that couldnt pay) but they will also have the poor bastards over a barell economically. In times of an economic crunch - if you are overstretched you end up working to pay off the bank becauwse they will sell the house to recover their money and make a profit if they can - but if they cannot break even they will come back to you and get that money off you till they consider the debt paid with interest.
One thing is certain - just like the scam they pulled (John Prescott and Tony Blair) over selling ex mental hospitals to private developers (making a nice tidy sum each) this is also a massive scam - they decked the economy to cover their incompetence and criminality

That is what defines the credit crunch - the fact the bank wants its money back and you cant pay ! There is always a day of reckoning after a binge of a party - and those that got too high will have a bigger hangover - after saying all of the above - the blame for anyone being in debt has to be the person that took the loan - nobody forced them at gunpoint to say yeah I earn £60,000 a year when infact they earn 30,000 -

they were idiots that shoulda known better - but then the banks do know better and can get full disclosure of your financial status if they want it - trouble is the banks want the fairy story off you so they can sell you the dream - but reality is also owned by the banks and its nasty when they send round the bully boys to get your money off you.