Heard on the radio the other day the Portland aluminium smelter is closing.
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Heard on the radio the other day the Portland aluminium smelter is closing.
Quote:
Originally Posted by Tombie
Which will cause massive issues if there is a real estate collapse as many are predicting,although i doubt it will happen.
A level out or dip,but not a collapse.
Banks?,...well I worked for one for 40 yrs, so I guess I might have a different opinion than some.
Lending?,...Greater percentage,..FOR SURE,....bought about by competition, by lots of people. When I started work, ya had to have 25% deposit for new cars & 33% for used cars,....If ya tried to work by those rules today, ya'd never write a deal.
Housing loans?...same thing, people are getting $4/500K loans for a house/unit whatever,...without ever saving a dollar in their life,...ridiculous?...well I don't agree with it, but mate, changing times, changing conditions,...a lot of things have changed over the years.
Sure a lot of people have a go at the Banks,...having been on the "other side" of some of these criticisms,.....there are always "two sides".
One thing Banks do get bad press for is so called "putting people off their land (farm)". Let me tell you, that is the ABSOLUTE LAST thing a Bank would want to do,...bad vibes, bad press, etc etc,...so they don't do it unless they absolutely have to,....been there & done that too.
And Political Parties (Both),....views on Banks?....During the GFC, Our "4 Pillars" were espoused as being "strong, honest, different than U.S. Banks, We're lucky to have them, ra ra ra". But now, for some reason, our 4 Pillars are not worth talking about, only to be criticised,....a little different to the attitude of a few years ago,....I wonder why?...There are some hypocritical people out there.
And, something else no-one ever mentions,...well there's always talk about Banks screwing people,...well let me tell you that there's always people, ALWAYS customers, BIG & small trying to screw the bank,.....but strangely, ya don't read about it do you?! Like I said, there's always two sides.
One of the najor reason for defaults is that borrowers do not disclose their true position when going for a loan, & with current privacy laws it is much more difficult to find out about "secret" stuff,....but of course invariably the stuff they don't tell you about,..defaults, other loans, commitments etc, can hugely impact upon the performance of the contract you are about to write......seen that too,...but ya don't read about that either!
Pickles.
Putting people out of their houses and off there properties in hard times, puts a lot of property on the market which is the main cause of a crach. Banks should keep their Mortgagers in their properties, paying whatever they can afford until the situation improves.
Chucking people out is so incredibly stupid. I can't imagine why they do it. Then when the Banks get into strife the rest of us have to bail them out, as if we couldn't survive without them.
The greedy usurious bludgers are their own worst enemy.
Mate, that is the most stupid, uneducated thread I've ever seen, You obviously don't know what you're talking about.Quote:
Originally Posted by cuppabillytea
I've just tried to explain something,that I didn't have to, and you go on about "chucking people out"...what a joke.
Like I said, I worked for a bank for 40 years, admittedly not in the housing sector, but the scenarios are the same,....I can tell you mate, we gave EVERYONE a fair go, and if someone came to us, we ALWAYS tried to help 'em....but sometimes, whether you want to believe or not, with your obvious better knowledge than mine, it is simply not possible.
Pickles.
Pickles perhaps you could explain to this spoor stupid uneducated bloke where lies the logic in flooding the market with assets, such as happened in the U.S., whipping billions off their value? What would happen if the Mortgagers were left in their properties, paying what they could until their situation improved? Surly that would keep the market more buoyant and although their assets would lose some value they wouldn't be made worthless and put to waste.
Well , I love my bank.
They have done so much to make my future (and my wife's) very liveable and I've had the great pleasure to work with two of the nicest , ethical and knowledgeable persons as our financial advisors and they continue to deliver this service to us.
I cannot speak highly enough of the service and professionalism shown towards us over the last 20yrs.
If you are having problems with your bank I suggest you take a good hard look at yourself first.
I have no problem with my bank either. They serve us well too. but we are dealing directly with the people who work for banks not the huge financial institutions which determine the policies and tactics that really can make or break whole Countries. When they get it wrong they can cause utter devastation and they can do it with impunity.Quote:
Originally Posted by ramblingboy42
Anyway thats off track......we're talking saving manufacturing.
Is the Portland Smelter closing? It's not that old is it?
I just caught a snippet on the radio news.Quote:
Originally Posted by ramblingboy42
Anyone know the details?
I also heard on the today it's about $30-$60 per tonne cheaper to recycle aluminium than it is to produce it.