Bank will stamp down on future house price booms, says deputy governor

[Stan.goodvibes]

That's bollocks. There are some old sayings that have an element of truth:

"A fool and their money are easily parted."
"There's one born every minute."

What has happened is that some idiots have believed that there was this easy way of making money, they wanted in on it, and they are about to lose out on a large scale.

Ok, bit OTT on the 'bollocks' there...

Yes yes yes *some* people were greedy, and some, like myself actually, did OK out of massively inflated house prices. BUT, I've been reading anecdotal stories about normal everyday people being advised that BTL was a 'sure thing', and then having the banks prepared to loan 125% on that sure bet.

So the question then is... do the banks have any kind of 'care of duty' when it comes to offering products and services? There are a lot of people out there who aren't greedy speculators, who simply wanted to invest for the future to ensure their retirement and leave something for the kids. They must certainly have been pursuaded somewhat by the banks happiness to loan them the money.

And this is where my ire for the bankers comes from. If anyone should be the voice of financial reason, its your bank manager. And what do we get instead? - wild speculation on toxic debt, incredibly irresponsible lending policies, an expectation that the taxpayer will pay for their lizard-brained management screwups. And now making the situation worse by the day is their reluctance to loan money to anyone, regardless of their credit history and the govt guarantees.

In a saner society they would all be lined up against a wall and shot. Then replaced with a much more competent team of trained monkeys.

[BrilloPad]

Ok, bit OTT on the 'bollocks' there...

Yes yes yes *some* people were greedy, and some, like myself actually, did OK out of massively inflated house prices. BUT, I've been reading anecdotal stories about normal everyday people being advised that BTL was a 'sure thing', and then having the banks prepared to loan 125% on that sure bet.

So the question then is... do the banks have any kind of 'care of duty' when it comes to offering products and services? There are a lot of people out there who aren't greedy speculators, who simply wanted to invest for the future to ensure their retirement and leave something for the kids. They must certainly have been pursuaded somewhat by the banks happiness to loan them the money.

And this is where my ire for the bankers comes from. If anyone should be the voice of financial reason, its your bank manager. And what do we get instead? - wild speculation on toxic debt, incredibly irresponsible lending policies, an expectation that the taxpayer will pay for their lizard-brained management screwups. And now making the situation worse by the day is their reluctance to loan money to anyone, regardless of their credit history and the govt guarantees.

In a saner society they would all be lined up against a wall and shot. Then replaced with a much more competent team of trained monkeys.

When I was a nipper when people used to save long term they did so in the stock market. Then that nice norman lamont reduced the amount of ACT - causing stock markets to be not worthwhile for retirement. So people saved in houses instead.

Proves that letting any of Lamont's ilk near the economy is a disaster.

Perhaps one day we will once again look at houses as places to live.