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Now that the PPI scam (as in the bureaucratic scam) is coming to an end I was wondering what those bureaucrats would next invent to keep the 'mis-selling / concentrate benefits-distribute costs' ball rolling, and now we know.
Whatever happened to 'personal responsibility'?
Male Talkers
5 hours ago
8 comments:
Oh pish! Just wait for the help to buy mis-selling scandal, when the govt i.e. the taxpayer has to bail out all the people who overpaid for new builds under help to buy get bailed out...
.......and the "no one told me that interest rates could go up this much" mis-selling scandal in the future as rates normalise and people can't afford their mortgage payments and other debt.
I was queuing the other day in my local food store and glanced at the newspapers - the tabloids were all fulminating in their headlines about "selfish, greedy bankers" resisting calls to give mandatory compensation to customers who fall for fraud scams. I suppose there are some circumstances where compensation would seem appropriate (if the bank's secure systems are hacked, for instance), but I can't find it within me to believe that losses occurring because of gullibility, stupidity or greed should be compensated.
And that view is despite finding (after my dad died) that as dementia slowly took hold he'd been taken to the cleaners by a boiler room scam. I'm not a violent man, but give me an empty room, one or two of the scammers and a baseball bat, and my "compensation" would be most satisfying.
Lola's right. "Personal responsibility". Politicians justify their existence by nullifying the need for it.
"Whatever happened to 'personal responsibility'?"
Disappeared under a wave of surplus lawyers and "no foal, no fee" deals.
"....it matters not whether you won or lost, but how you played your claim."
Would be ideal if 'personal responsibility' extended to highly educated and rewarded bank CEOs who oversee the serial fleecing of the 'financially unwashed public' (customers)...say, in the form of criminal responsibility and/or personal liability for their scams.
Am I the only person who thinks that the UK government used the PPI miss-selling 'scandal' as a way to do a helicopter drop of money into the economy after the Crash without looking like they were printing money and giving it to people?
S, no you are not, many a commentator has said exactly that.
S. MW. No, you aren't. And it gets better. 'They' told 'us' to sell it in the first place. Well Blair and Tiner - and I can prove it.
P156. Indeed. But you need to include in that Central bankers as well. Indeed they and their political masters encouraged banks to expand their balance sheets.
Under competitive capitalism banks - which would not permit the current banking settlement - can no more 'fleece' a customer and continue to get away with than any other business. Banking needs massive reform and governments and their bureaucratic satraps don't want that as it destroys their power and fat entitlements.
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