Saturday, Mar 03, 2007
What a future...what future?
Firstrung: Gordon Brown mortgaging Britain's future - Cable
"Despite Gordon Brown's claim to have abolished cycles of boom and bust, he is likely to be as effective as King Canute in stopping the ebb and flow of the tides. "The combined legacy of Blair and Brown has been to preside over the mortgaging of Britain's economic future - both in the public and private sectors. Our task is to show how financial discipline can be restored in a way which also rebuilds people's faith in fairness and equality of opportunity."
Posted by converted lurker @ 03:09 PM (159 views) Add Comment
4 Comments
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1. enuii said...
It's worth adding this in from the same article:-
"It isn't just families whose future is being mortgaged. Dozens of healthy companies are being devoured by sharp toothed corporate predators misleadingly described as 'private equity'. They know little about the underlying businesses they acquire, strip out the assets and other easy pickings, and move on leaving their prey saddled with debt."
In the 70's they were known as asset strippers, only this time they don't just strip off the assets they mortgage whats left off to the banks.
Engineering companies were the clasics in the '70's & 80's, many companies that had survived through thick and thin under 'family' ownership were targetted by the likes of Hanson and Weinstock, stripped down, run down and either shut or sold off to their foreign competitors.
Some may say that they were great Capitalists, but alas they were only interested in their own interests and not those of the workforces and communities they devastated with their legacy. It's thanks to them and their modern day counterparts that we now have a hollow economy where the only 'quick buck' to make is percieved to be property which we all know is funded by the next generations borrowing.
2. converted lurker said...
Very well summed up enuii
3. Bearback said...
I dont like these private Equity firms, but if they have asset stripped them and saddled them with massive debts then how can they then sell them? Who'd want to buy them?
4. mrmickey said...
Great capitalists create wealth they don't destroy it these people are not capitalists.