Taxi Driver Online

We are all doomed.

http://crisisofcredit.com/

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IDFIMH

OH Deep Joy!

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Life? Don't talk to me about life!
http://www.youtube.com/watch?v=wjm2eslm6hI

If only it wasn't true though.

Exactly, the best thing about it is the rich ones who made the money are long gone with a bag full of cash while the working class are left to pick up the mess thats been left.

I reckon it's going to take us well over 4 years to get out of this mess, next year and the year after are going to be the bad ones.

Well I'm just glad my pleasures don't cost a fortune

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Note to self: Just because it pops into my head does NOT mean it should come out of my mouth!!

It all looks like once again the rules got bent so some could profit and others pick up the tab.

I once was asked this

If you owe the bank 1000 pound and can't pay it back, and another guy owes 1,000,000 and can't pay it back, who has a problem?


The answer is you and the bank, because the guy owing a million won't get chased for it, where you owing a grand will, and the bank loses out all round.

basically its pyramid selling, except the item being sold is cash

Mr Wantaloan pays £1.50 for a £1

Mr Middleman lends it to him at £1.50 per £1 and pays £1.25 for his

Mr Rightatthetop sells it to Mr Middleman at £1.25 and buys off the Mr Goverment at £1.05

everything is fine till Mr Wantaloan defaults, then Mr Middleman defaults and so does Mr Rightatthetop, leaving Mr Goverment 2 options.

sell the nations gold reserves (the only true worth of any goverment) or print more cash...

mmm, lets see, whats gordie gonna do?...

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Of all the things ive lost, i miss my mind the most

That's just totally confused me now and I understood before I read this

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Note to self: Just because it pops into my head does NOT mean it should come out of my mouth!!

the goverment lends out (through the bank of england) at (say) 0.5% interest

the banks lend THAT out at (say) 5% interest

the borrower is paying everyones wages (at the bank, also at the bank of england, also at the goverment) out of his interest payments

when the end-user/borrower defaults the whole pyramid collapses

just like pyramid selling and not unlike a long-firm investment fraud (like the guy in the states)

get 200 folk to invest a million each, and promise double the interest they could get anywhere else, EXCEPT they are getting paid out of the pot, not any great income by earning from (say stocks/shares), this looks great, everyone puts MORE money in, and so on, but obviously, sooner or later, whats going out, exceeds what coming in.....ooops

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Of all the things ive lost, i miss my mind the most

Spot on assessment.

LOL that brings back memories of what a businessman said to me a few years ago, he said if you owe the bank £10,000 and can't pay it back you have a problem, he then said if you owe the bank £1,000,000 and can't pay it back the bank have a problem. I rolled laughing but when I calmed down and thought about it he was right.

I know somebody who owes considerably more than 1,000,000 to the bank and he hasn't got a care in world it's all theirs to worry about as he said 'what can they do'. It's annoying though cos we're probably subsidising the bank that's subsidising his live style

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Note to self: Just because it pops into my head does NOT mean it should come out of my mouth!!

You've got to hand it to them for having the swingers to get that much on the chuckie and then default on it.

The smoking gun was the £1.3 trillion personal debt.

That was aways going to have to be paid back some time. Any serious attempt to do so was always going to impact heavily on the economy. Sucking out spending power always does.

Vince Cable wasn't the only one to understand this. Cabbies, who are quickly sensitive to changes in spending practice, were always aware of this.

Just a pity that those paid lots to be aware weren't.

Perhaps the real problem began when traditional banks stopped being takers of deposits, selling those deposits out as loans and taking a margin to fund their enterprise, and instead began buying and selling money on the world money markets. The move into gambling on futures, aka nick leeson ( a lesson not learned) and other financial risk ventures, spelt the end.

We're all suffering because these "criminals" brought the house of cards down.

Now, why did sharp Fred get a £16 million pension pot?

Kinda let's us all know where we stand doesn't it?

I actually enjoyed that post......first time for everything I suppose

CC

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin