P38s oop north.

plumbfisher · Oct 17, 2013

Datatek said:
That is absolutely true However it was I think an earlier government that abolished the Truck laws that allowed an emplyee to demand to be paid in cash for his/her labour, this gave the banks a captive market to exploit since it became nigh on impossible to exist without a bank account.

I don't know how significant that was. Personal banking is apparently not that profitable. (or so they say!) What I was referring to was the de-regulation which allowed 'retail banks', the familiar names on the high street, to also do 'investment' banking (speculating on share prices, short selling, hedge funds etc.) Look what then happened to RBS for example. That has cost us all a lot, in many untold ways. But worse than that is the materialist greed that became acceptable at all levels of society. That had the effect of a change in morality - in 'hearts and minds' - which has resulted in things being how they are today.

Datatek · Oct 17, 2013

plumbfisher said:
I don't know how significant that was. Personal banking is apparently not that profitable. (or so they say!) What I was referring to was the de-regulation which allowed 'retail banks', the familiar names on the high street, to also do 'investment' banking (speculating on share prices, short selling, hedge funds etc.) Look what then happened to RBS for example. That has cost us all a lot, in many untold ways. But worse than that is the materialist greed that became acceptable at all levels of society. That had the effect of a change in morality - in 'hearts and minds' - which has resulted in things being how they are today.

I agree that allowing the banks to go into so called investment banking was the prime cause of the problem, remember the so called Chinese walls separating the two halves?
However, giving the banks a captive customer base gave them lots of money to play with.
Personal banking is very profitable, 19.6% interest on credit cards, even more on some overdrafts, 0.1% on savings accounts when they are earning 5% or more on your cash, you work it out.

Even worse in France where the bastards want to charge 8 a month for the account and 35 for a debit card

I negotiated a much better rate

P38s oop north.

plumbfisher

Active Member

Datatek

Well-Known Member

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