Thursday, September 18, 2008
Home, Body, Arse and Soul
Yep, you've guessed it, the banks will no longer accept these as security on a mortgage. The current meltdown in the stock markets and major financial institutions heading down the Thames estuary have put paid to such silly notions. Ah, but banks would lend out billions to people who wanted their basic human need of shelter satisfied.
So what happened?
Banks and finance institutions wanted more, there was no stopping the greed - they formed a cartel along with estate agents and property developers to hyper inflate the cost of accommodation. These buggers literally made homes unaffordable; who steps in to help out the people in need of shelter, the banks - doling out loans that well beyond the means of most repaying. In effect, they created credit and by so doing printed money. In return for these exorbitant / wage slave loans, the banks wanted your home, body, arse and soul. Now, you must bear in mind that fingers were crossed behind their backs. The housing market boomed, houses and homes turned to property. The market became even more predatory, houses and flat were no longer been sold as homes but buy to let properties = the free market became oh so fuck off.
Something had to give, in the US people were having to do two to three jobs to keep up with the payments - most borrowers must have thought "fuck this, I can't cope...I'm off to live with the cockroaches" Bingo, all of a sudden the sub-prime market was coined, nasty wretches who did not honour their debts. No mention that most of these nasty wretches had sold themselves into wage slavery for their rest of their lives. One thing led to another. The home, body, arse and soul securities no longer had any value, there was no gold standard; the money that the banks had printed had become as useless as the Reichsmark in mid-twenties Weimar Germany.
The rest is history.
So what happened?
Banks and finance institutions wanted more, there was no stopping the greed - they formed a cartel along with estate agents and property developers to hyper inflate the cost of accommodation. These buggers literally made homes unaffordable; who steps in to help out the people in need of shelter, the banks - doling out loans that well beyond the means of most repaying. In effect, they created credit and by so doing printed money. In return for these exorbitant / wage slave loans, the banks wanted your home, body, arse and soul. Now, you must bear in mind that fingers were crossed behind their backs. The housing market boomed, houses and homes turned to property. The market became even more predatory, houses and flat were no longer been sold as homes but buy to let properties = the free market became oh so fuck off.
Something had to give, in the US people were having to do two to three jobs to keep up with the payments - most borrowers must have thought "fuck this, I can't cope...I'm off to live with the cockroaches" Bingo, all of a sudden the sub-prime market was coined, nasty wretches who did not honour their debts. No mention that most of these nasty wretches had sold themselves into wage slavery for their rest of their lives. One thing led to another. The home, body, arse and soul securities no longer had any value, there was no gold standard; the money that the banks had printed had become as useless as the Reichsmark in mid-twenties Weimar Germany.
The rest is history.
Labels: banking, capitalism, credit, credit crunch, finance, repossessions
