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Thread: Northern Rock- My Pledge

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    Now with added sobriety Rave's Avatar
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    Northern Rock- My Pledge

    As of today every single taxpayer in this country is on the hook for about £2k in loans to Northern Rock:

    BBC NEWS | Business | Rival UK bank eyes Northern Rock

    Much of this money is guaranteeing people's savings. Now I guess I would have felt a bit sorry for people if they had lost money because they had decided to invest it in a bank run by morons- but at the end of the day, not very sorry, because they would still have had 90% of £35K, which is 90% of £35K more than I have.

    I'm 28, I will earn about £30K gross this year because I work bloody hard, and I have no savings whatsoever, because the price of housing is so grossly overinflated in this country that I need every penny I earn just to pay my rent, my bills, and to eat. If the government start giving my tax money to people with more than £35k in savings, then they're essentially robbing the poor (me) to pay the rich (them). So my pledge is this: if that happens, I will pack in my job, and pay no more tax. If that means I have to live in a tent, burning my possessions to keep warm, then I will do. If I have to eat out of bins, or go hungry, then I will. Because I've had enough of being taken advantage of by the bloody baby-boomer generation, and I'm not going to stand for it any more.

    Cut off my nose to spite my face? You bet I bloody will.

    Edit: the same applies if the government start bailing out people who can't afford to pay their mortgages anymore. I didn't buy a home because I couldn't afford to, and I'll be damned if I'm going to pay any tax if it's going to be used to bail out people who took a risky gamble by buying.

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    IBM
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    Re: Northern Rock- My Pledge

    It's a valid point.....a fairly extreme reaction, but a valid point none the less. Ever thought about immigrating?
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    G4Z
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    Re: Northern Rock- My Pledge

    I must admit, i am also sick of being taken advantage of by the baby boomer generation, the next thing will be pensions linked to earnings all paid for by us. You just watch. That will really piss me off because when I get to that age you can bet I won't get a state pension at all.

    In fact I googled it and what do you know : BBC NEWS | Business | State pension age to rise to 68
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    Seething Cauldron of Hatred TheAnimus's Avatar
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    Re: Northern Rock- My Pledge

    Erm Rave mate. The money isn't been used for that.

    Think of it as a case of two companies, operating under one name. The investment side of northern rock, which could choose to put some money into what is in effect a different company that manages mortgages.

    Its not like a wounderful life.

    The money used for the mortgage was been bought at 3M intervals via the credit money market.

    The money people invested in the bank accounts was able to get a better rate normally by going for the traditional techniques. The investment side was/is (afaik) by different people, who are un-fairly been tared with the northern rock brush. These people from all accounts have a good ballanced portfolio, that is to say not too much in one place. Even the parent company is too much in one place, so as is often the case they specifically avoid investing in anything that is directly connected to a failure.

    The money by the bank of england is for the shoring up of the mortgage business. If you look at the so called LIBOR (London Inter-Bank Offer Rate) the rate at which say Scottish Widows could borrow from LLoydsTSB (ok so often a tiny bit higher) you see where the problems stem. Banks don't trust each other any more. Now because of New Labours moronic laws the deal between the rock had to be announced. When this happened you had the northern morons taking out their savings. Bo Ho, we've lost a few hundread million, that wasn't even been used to finance our mortgage deals. What was far more desaterous is NRK wanted to borrow more money at 3M LIBOR. Who's going to lend them 50 billion now? The bank run has nothing really to do with this, its all a bunch of idoits who prove how poor education of the finance sector is in schools.

    So this money is only going to be used to 'sure up those who've 35k+' in the case the bank falls. Now don't tell me you think that its not worth 2k a head to stop the bank collapsing? All those poor families who paid a good market price, had a good credit so the PRIME lender that is NRK would do business with them.

    Also its worth noting that those with 35k+ savings might actually have earnt them. Paid tax to aquire them, and be paying CPT on the interest made?
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    Re: Northern Rock- My Pledge

    Quote Originally Posted by Rave View Post
    If the government start giving my tax money to people with more than £35k in savings, .
    Isn't that the point of taxes? It happens all the time. The only consolation is that the rich are giving even more money themselves.

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    Re: Northern Rock- My Pledge

    Good post TheAnimus, probably the first I have seen not stirring up an argument

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    Fried Chip Extremist alsenior's Avatar
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    Re: Northern Rock- My Pledge

    i don't pay much in tax because i'm a dirty student
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    Re: Northern Rock- My Pledge

    Quote Originally Posted by ibm View Post
    It's a valid point.....a fairly extreme reaction, but a valid point none the less. Ever thought about immigrating?
    Or moving out of london?

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    Re: Northern Rock- My Pledge

    Quote Originally Posted by capt_cornflake View Post
    Or moving out of london?
    In fairness it doesn't matter where you move to. If you live in the UK, no matter what area your in, you get a stiff shafting by the tax man. The tax office should at least kiss us before they try to take us up the sunless passage, it would at least make it a little more acceptable, well ok, not much.

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    Senior Member usxhe190's Avatar
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    Re: Northern Rock- My Pledge

    high cost of paying taxes is a very valid reason to leave the UK

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    Seething Cauldron of Hatred TheAnimus's Avatar
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    Re: Northern Rock- My Pledge

    wihout getting all daily mail
    (speaking of which, great link qwghlm.co.uk » Daily Mail-o-matic)

    There are also a veritable smorgasboard of EU migrant workers who are paying no tax, not just the cash in hand type, but also the non-domicile.

    However, this isn't resposinsible for the NRK issue!
    Last edited by TheAnimus; 19-12-2007 at 01:38 PM. Reason: forgot link
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    sneaks quietly away. schmunk's Avatar
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    Re: Northern Rock- My Pledge

    Quote Originally Posted by TheAnimus View Post
    wihout getting all daily mail
    (speaking of which, great link )

    There are also a veritable smorgasboard of EU migrant workers who are paying no tax, not just the cash in hand type, but also the non-domicile.

    However, this isn't resposinsible for the NRK issue!
    Sorry, care to explain this?

    (yes, this is a test.)

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    Seething Cauldron of Hatred TheAnimus's Avatar
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    Re: Northern Rock- My Pledge

    if you work in the city atm, there are a plethora of french people working here. Most of whom, including bonuses will be on at least 250k. The person i just asked paid £5k tax last year, barstard.
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    Re: Northern Rock- My Pledge

    Quote Originally Posted by Behemoth View Post
    In fairness it doesn't matter where you move to. If you live in the UK, no matter what area your in, you get a stiff shafting by the tax man. The tax office should at least kiss us before they try to take us up the sunless passage, it would at least make it a little more acceptable, well ok, not much.
    our tax burden is lower than most other EU countries - in Sweden it is 50%.

    alot of the stuff with supporting Northern Rock is confidence afaik - what I do know is that if Northern Rock went bust then the economy would suffer alot more

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    Re: Northern Rock- My Pledge

    Quote Originally Posted by usxhe190 View Post
    high cost of paying taxes is a very valid reason to leave the UK
    The grass is not always greener. Lived in Denmark for 2 years - my basic rate of tax was 45% and the money i earned in the higher band was taxed at 65%

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    Re: Northern Rock- My Pledge

    Rave, I can understand your reasoning, but as TheAnimus pointed out, the Bank of England’s actions are arguably an attempt in maintain confidence in the banking system (which ironically you seem to be losing). If Northern Rock was allowed to "crash and burn" then the repercussions of people withdrawing savings, thus forcing banks to recall loans (mortgages especially) could well hasten the looming recession. I do however agree with you, that the bosses of Northern Rock acted irresponsibly by implementing a short sighted/vulnerable business model, but many believe that this case is indicative of the industry-wide problem concerning subprime loans. For instance, the EU central bank has just pumped $500bn into the markets to ease the credit shortage emanating from subprime concerns. Frankly this makes the £50bn hand out to Northern Rock seem rather paltry in comparison!

    Subprimes >
    Dark side of subprime loans - The Boston Globe (2005 article)

    Credit crunch >
    BBC NEWS | Politics | UK 'to get through banks crisis' (more recent)

    EU hand out >
    BBC NEWS | Business | ECB lends $500bn to lower rates


    =TcQi=

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