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Discuss Highstreet Banks

sunrise

aka ginger warlock
V.I.P.
Today Lloyds Bank here in the UK are talking about closing down the street banks that exist - presumably to save money. This is the same group that the taxpayer bailed out less than five years ago.

I personally rarely go into my bank. The only time I go in is to deposit money into my account but otherwise most banking things I do are online, it is just easier for me but I know of many people who do not like internet banking, do not trust it and think it is more trouble than it is worth so would hate the idea of loosing the banks.

Do you still use these banks? Are they still relevant?
 

Hilander

Free Spirit
Staff member
V.I.P.
I like having a bank physically there. You don't need branches at every corner but I would hate to see them all go. Sometimes I take a check for hay and you can't cash or deposit that online.
 

The_Chameleon

Grandmaster
Man, I just looked over the UK banks and they are in worse shape than I would have thought. HSBC seems to be fairing the best among the big guys. Lloyd's on the other hand looks like it could sink with the next big wave.


- Chameleon
 

sunrise

aka ginger warlock
V.I.P.
There was a question raised yesterday on the BBC News as to if the taxpayers would see any money from the Lloyds group as we bailed them out to begin with and the answer was not committed to. Banks are also getting into trouble over the whole PPI claims right now.
 

The_Chameleon

Grandmaster
I think it's disgusting. Bailing out banks with taxpayer dollars? It's like feeding your arm to the dog that chewed your leg off. The bailout money will probably just go into plumping up golden parachutes or end up being spent on lavish vacations like the guys at AIG took on the taxpayers dime. Bailouts my ass.


- Cham
 

sunrise

aka ginger warlock
V.I.P.
The bail out happened years ago Cham, this is not a new thing, what makes it worse though is the British public were not consulted about it, it just happened and we had to go along with it.
 

Hilander

Free Spirit
Staff member
V.I.P.
I hope next time if we bail out a bank the taxpayers own that bank and the people that caused the problems have to go to jail. Plus no million dollar bonuses.

I think we should just let them go bankrupted.
 

The_Chameleon

Grandmaster
In a truly free-market economy, if you can't stand on your own two feet as an institution, you crumble to the ground and something new and better adapted to the market environment rises up in your place. There should be no bail outs of banks and big corporations. Companies critical to industries that can't be allowed to die due to the impact on the local economy should have to sell majority equity to the government, thus making taxpayers majority shareholders in the company. Anything else violates the fundamental principles of free-market economics.


Government should invest in small and medium scale businesses (in the form of tax breaks, low interest loans, etc.) to promote competition within the market and establish a more balanced and resilient tax revenue portfolio. Competition laws should ensure that no company ever be allowed to get "Too big to fail". Basic principles of good economics have been ignored entirely for a remarkably long time and while we have been busy placing all our eggs in just a few very big baskets, we've also been allowing greed to rule over common sense. Sub-prime mortgages? This was a scam created by a Canadian and operated initially by a team of mostly used car salesman before it was adopted by banks in the US and taken to the next level (bundling these unstable mortgages and trading them on the open market). Next thing you know, banks and financial institutions around the world are pulling this crap which anyone with a grade 8 education should be able to figure out is ridiculous and unsustainable. Are there now proper checks and balances to prevent this sort of thing from happening again? ... NO! (And it makes me sick).


What happened in '08 is proof enough for me that the people at the top are f~cking insane greedy-ass idiots and that the worlds economy is just the China shop these brain-dead elephants are stampeding through. I fear for our future with these dumbasses in charge. How can we ever hope to avoid another crash of the same or worse magnitude as the one in '08 when really so little has changed at the top?


Anyhow, I'm on another one of my ranting kicks... I just need to go watch a movie and forget about the inevitable doom and gloom on the horizon. It's hard to do when you're a big-picture thinker by nature. Know what I mean?



- Cham
 
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sunrise

aka ginger warlock
V.I.P.
What gets me the most about the banks and the local economy is something very basic, it may sound like an odd comparison but bare with me. A pub near to me less than ten years ago used to be bustling. If you went in on a weekend night you would struggle to get a table. I have seen other examples of this where I live and so many pubs seem to be in trouble. It worries me that in these uncertain times of economic problems with very little end in sight that things are not going to improve and that things will not bounce back.

The EU demanded a massive amount of money from the UK because we had a high growth of wealth than was expected and as we have made this money we now have to pay more into the EU because we did well but countries that made less are having to pay less, we are basically paying for another country because we did well and they have done badly and there seems to be no end in sight. I am not one of these people arguing to get out of the EU, I think being in the EU is a very good thing but when the tax payer has to pay for another countries f**k up I am less likely to care about them.
 
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