Banks, corporates, social media and politicians are all in cahoots together !
As a contractor I had a limited company at the time and was incredibly tempted to take one out. Anyone could see it was open to total manipulation.
All I would have to do is tap a few buttons on my banking app and I would have had £30,000 in my account the next day with no questions asked and little chance of having to pay it back. This was for a one man company with £60k income per year.
Needless to say my morals got the better of me but I know of plenty of folk who did it and have wound down their companies so don’t have to pay a penny back. Utterly shambolic.
And lo, a vision did descend upon your servant, Gwempeckadamus and he saw the taxpayer bailing out banks from their liability to the COVID loans, even yet the same taxpayers that were the source of the loans.^^1
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^1 This isn’t quite how public spending works but it’s a convenient fiction, like the stimulus/response model in biology. In reality there’s extra steps such as bonds being issued but the fact is that without taxation no one would buy the bonds.
You can’t really blame the bank on this one. They were forced to offer the loans outside of their normal application policy.
Doesn’t their stock price today show otherwise?
Dinnae flusker…it’s all Government backed so the peeps will pick up the tab…
6 comments
Banks, corporates, social media and politicians are all in cahoots together !
As a contractor I had a limited company at the time and was incredibly tempted to take one out. Anyone could see it was open to total manipulation.
All I would have to do is tap a few buttons on my banking app and I would have had £30,000 in my account the next day with no questions asked and little chance of having to pay it back. This was for a one man company with £60k income per year.
Needless to say my morals got the better of me but I know of plenty of folk who did it and have wound down their companies so don’t have to pay a penny back. Utterly shambolic.
And lo, a vision did descend upon your servant, Gwempeckadamus and he saw the taxpayer bailing out banks from their liability to the COVID loans, even yet the same taxpayers that were the source of the loans.^^1
****
^1 This isn’t quite how public spending works but it’s a convenient fiction, like the stimulus/response model in biology. In reality there’s extra steps such as bonds being issued but the fact is that without taxation no one would buy the bonds.
You can’t really blame the bank on this one. They were forced to offer the loans outside of their normal application policy.
Doesn’t their stock price today show otherwise?
Dinnae flusker…it’s all Government backed so the peeps will pick up the tab…