Don't listen to bankers. They did this to us last time, do they have a ulterior motive?

 

of course he fears a second downturn.

Just a glance at his outstanding notes will tell him the next wave is coming in the form of
Option-ARM's coming due in the next year or so.

 

I don't think they have as long as a year, don't forget the commercial real estate defaults caused by the consumer spending contraction due to unemployment sky rocketing, businesses being unable to roll loans over and being foreclosed on because no bank can afford to give them more credit, banks flipping foreclosed properties between their subsidiaries at fantasy prices to make it look like the housing market has picked up and that they are profitable, the FDIC funds being in the negative and all the hidden zombie banks , which are pretending they are not underwater with their 'mark to fantasy accounting', that they are keeping schtum about.....(this is without going into too much detail about the massive debts and interest payments that the US and the UK have at the moment),

>>Don't listen to bankers. They did this to us last time, do they have a ulterior motive?

The banker isn't lying, he's one of the few in the mainstream hinting at the truth.....and it isn't 'last time' , the world financial system stopped working in 2007 and they hav'nt fixed the original problems, just papered over the cracks, kicked the can down the road a bit and flim flammed the gullible with talk about 'jobless recovery' and 'green shoots', the great collapse is still under way, while the treasury is being looted.....

It's not a W shape recession, the U6 unemployment figures in the U.S. are around 17% to 20% , those are great depression numbers and it is more likely a U shaped erm ....'recession' or worse case scenario an L shape.........

 

I don't give a toss. I've only got unsecured debt and no savings! I have nothing worth taking either It's the best place to be

From what I've seen of the mortgage and insurance markets (I handle a huge chunk of their quotation data for a living), I can see a serious downturn happening again VERY soon. People have stopped buying houses and we've seen in the last quarter less than 25% the mortgage cash throughput than we did last two years ago at the same time.

The banks have no assets and sales to offset the current debts.

It's going down big time.

 

They've come out and admitted that we would have had major civil unrest and riots here if the RBS and HBOS banks had fallen over, so gawrd 'elp us if the second wave of the financial crash takes them all out.See link to story:

U.K. Faced ‘Bank Runs, Riots’ as RBS and HBOS Neared Collapse



http://www.bloomberg.com/apps/news?pid=20601109&sid=aMfETcYI2t7Y

 

Perhaps if he and all his manager collegues in all the various banks took a pay cut and reduced their multi million pound bonusus then there would not be a down turn.
Greedy fokking bastard$.