Wednesday, Mar 26, 2008
Banks are so precious
Telegraph: When the going gets tough, banks yelp for nanny
Remarkable, isn't it, just how quickly champions of laissez-faire solutions can become advocates for state intervention. All it takes is for their gravy-train to break down.
Posted by holding out @ 09:22 AM (349 views) Add Comment
4 Comments
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1. Icarus said...
But the banks are doing their bit to rebuild their own balance sheets. I went to South Africa early in February, when the £ traded at 15 Rand (mid-point). I hired a car with my Visa card and I got 13.8 Rand to the £. On the same day I withdrew 3,000 Rand from an ATM and got 14.516 Rand to the £ (= £206.70) - but the charges were £9.90, bringing the total cost to £216.60. Watch out for these thieves if you're out of the country.
2. alan said...
"This (consolidation) process is already under way in London and New York. Had it occurred anywhere else, one could be sure that Wall Street and the City would be nodding their approval.
After all, job losses = cost reductions; company insolvencies = sector consolidation; falling prices = buying opportunities. Great value is often found on a rubbish tip.
"But hang on a minute," the bankers yelp, "it's happening in banking. Banking. That means us." Yes boys, I'm afraid it does".
...Randall at his best!
3. Lloyd said...
Why are failing banks not being Repossessed? If they can't make the repayments 'REPOSSESS' and declare them 'BANKRUPT' it's that simple!
4. Fed Up said...
A great article - think of all those merchant bankers chewing over this in the Torygraph today.