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GOvernment bailouts, bonuses and riots are starting.

by Star69
11 replies
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French workers are holding a 3M manager hostage and burning tires in the streets. Will this spread to the rest of the world or will we continue to quietly take it in the backside?

French workers burn tires, hold 3M manager hostage
  • Profile picture of the author valerieSONORA
    The French are pro active. Most Americans are apathetic. I'm sure it won't spread here. Too much apathy.
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    • Profile picture of the author myob
      Happens every day here in the 'hood. Looks like the French are finally joining in.
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  • Profile picture of the author Thomas
    There was an attack on the home of the former chief executive of the Royal Bank of Scotland in the UK last night. Consisting of smashed windows, it wasn't quite up to French-standards of civil disobedience, but the people responsible released a statement to the media saying, "This is just the beginning".

    See:

    Warning of further attacks as banker's home vandalised - The Irish Times - Wed, Mar 25, 2009
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  • Profile picture of the author Teresa Coppes
    I used to work at 3M before I quit to work at home. I bet that is the talk of the facility where I live. Hoping for a safe return of the man held hostage.
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  • Profile picture of the author gee1
    You know I'm a very optimistic person usually but the growing worldwide public hostility is starting to concern me. I want to plan ahead but sometimes I feel that the future will very much surprise most of us.
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  • Profile picture of the author Star69
    I have a feeling they believe the hostage has a lot to do with their losing their jobs at that plant.

    Nice to see that people aren't letting these rich *******s get away with swiping all the money. That former Royal Bank Of Scotland guy should've had his home torched, too. (No worry. He would've just moved to his country home...)

    I say it's high time we start twisting the screws.
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  • Profile picture of the author Dave Patterson
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    Professional Googler
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  • Profile picture of the author derekwong28
    Originally Posted by ProductCreator View Post

    I love how the sheeple blame the bankers but absolve themselves of all responsibility. Nobody held a gun to your head and forced you to get a credit card, a mortgage on 5x your salary and to consume a ton of other cr*p that you don't need.

    As for riots, the G20 in London will be interesting to watch. I don't live far away either but I'll be staying well away. I think the anarchists will be out in full force. It will make 10 years ago look like a dinner party.

    This is not the whole truth. From 1997-2003, our house prices here in Hong Kong crashed by 70% yet our banking system remained completely intact despite massive attacks by hedge funds and other speculators.

    The reason? Everybody knew that there is a mother of all bubbles (in 1997, Hong Kong property were the most expensive in the world, it is still incredibly expensive). The government requried the banks to take a 30% or more deposit on property purchases. Morover, it took steps earlied to rein in the bubble. Mortgages were not packaged into bonds and repackaged and there were no CD's involved. Therefore, banks in Hong Kong were well prepared for the violent bursting of the property bubble.

    Contrast this with the U.S. Just a mere 20% fall in house prices led to all this mess. What the bankers did was complete madness that was based purely on personal greed. If you had a system like what we had in Hong Kong, this horrible mess would not have occurred however large your bubble.
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    Do not get between a wombat and a chocolate biscuit; you will regret it dearly!

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  • Profile picture of the author derekwong28
    I completely agree that property bubbles are always bad. It drives up the costs of rents and everything else. But it is also driven by fear, that is fear of not ever being able to afford a property, or to trade up. I would consider these people to be quite innocent.

    Whereas the really guilty parties are the speculators, developers, mortage agents, banks and finance companies who stroke the bubble.
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    Do not get between a wombat and a chocolate biscuit; you will regret it dearly!

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