Government propping up builders and potential repossession folk?

Question

Is anyone else peed off that our taxes are to pay to prop up builders and potential reposession folk who can't manage their own finances.

I bought a pokey little house 5 years ago in case a housing slump happens. I am no economist, just a working single mum trying legally to do the best for her family without taking benefits from others.

Answer 1

yes, pees me off too!

Answer 2

I can see both sides of your question and am one of those fortunate people who have paid off their mortgage. I am painfully aware that when I took the mortgage out I was taking a risk that my job would disappear  from under me, but I did not want to rent I wanted to buy to give some form of security. like many people  I knew that there was a risk of the housing market slowing down in which case if the worst came to the worst I could sell but I did not expect it to crash in the way it has ten years after my mortgage was settled. I say this to point out that many people who you say can not manage their finances have done so very well until now when the crisis caused by and wholly by the banks irresponsible lending both here and in the USA has had the effect of a spin off economic crisis, known as a trade slump. Forget the fancy names for what is happening.

Just for the record many many working class people own there own homes worth more and less than £175,000 so can we cut the class thing out please. It is out of date.

Answer 3

Lynda Lou, your answer hit the nail squarely on the head, couldn't agree with you more.

Why indeed must people who have done nothing wrong except be prudent and sensible be forced to bail out irresponsible fools who think that they must have this or that at no-matter the cost.

Because what this government is saying to all those fools is "go-on buy this, buy that and don't worry if it all goes pear shaped because we will bail you out by using sensible peoples tax's".

What this government and especially Gordy are blatantly trying to do is buy votes ahead of the next by-election, because if NuLaour lose then it's BY-BY Gordy (and good riddens to bad rubbish).

Answer 4

I agree with you. I am sick of my taxes bailing other people out. It's not our fault these people get in to debt they do have a choice.

Answer 5

I find it very disturbing.  You sound like a very smart working single mom.  It's not right that those of us who tend to our own finances should prop up builders and people who were not smart enough to borrow only money they could pay back.

Answer 6

The construction sector which the builders are is in the category of the small scale industries. Due to the credit crunch, they are experiencing  poor sales of their houses. If the government do not help the builders most of them will have to close and cut jobs and redundancy will occur.  The mortgage market also need help to stop the forclosure actions by lender which will make people homeless. The construction and the mortgage market contribute to the growth of the economy. If they collapsed inflation will get worse and the economy will go into a recession.

Answer 7

Am I the only person that beleives it is a sensible move to keep a family in their home. Most people seem to have forgotten the last slump when thousands lost their homes because of Tory policies on interest rates. The cost of what is being proposed will not be much different to the public purse than now as there will not be any need for the eviction process which must cost a packet, even if they go quietly, and if they do not there are additional costs of police. Then they will have to be rehoused, more cost. So whilst there are some who will bend the rules, I support it

Answer 8

trouble is they don't want a load of homeless middle class people., so they'll do anything to keep them sweet.

Answer 9

In my view, your taxes do not pay for such bailouts, nor much else really. Sure, the cash you earned is taken by the government, but they just manipulate the states or counties with it, in the nature of; we'll pay for that bridge repair, when you let us build a prison.

There is no sense to the accounting used to supply the markets with currency in relation to the needs of the population, it is just marks on a spreadsheet, not the money taken from the workers. And the use of that fiat currency is charged interest, which can only come from increasing the flow rate, war, or leveraging some form of asset. This causes loss of value.

Answer 10

Good for you but maybe you would be saying something different if you were a builder  

Answer 11

Totally agree and whats worse London is full of empty houses but labour ,with our taxes,has agreed with builders to build 50000 new homes.

This kind of fiddling is selfish and greedy but they consider it,s only what the next government will do.And if it,s the conservatives they are probably Wright

Answer 12

Quite a few journalists and reporters have commented on the fact that these new ideas from Gordon Brown are going to encourage certain people to buy homes they cannot afford and wait for the government to bail them out.  It certainly makes a mockery of hard working people saving a deposit and then paying a mortgage for 25 years, going without in order to ensure they have a decent home around them.  I am sick and tired of reading Idiot Brown's ideas of giving away OUR tax money to the lazy and feckless and don't lets forget those illegal immigrants who end up staying here in free houses, eating free food and getting free heating, all paid for by our taxes.  I for one am sorry the police stopped that plot where muslim terrorists were going to shoot Brown and Blair.  The world would be a better place without either one of them.

Answer 13

I would be more bothered by the cash WE???? put into saving Northern Rock

When do we get a payout ????? or is that just for the Other shareholders

Sink or swim that's what happens to small companies so why Not ALL of them

Enjoy your "Pokey Little House" it is your Castle in times like these