Sunday, Mar 23, 2008
how ‘lunatic’ risk-taking got us into this mess – and why the guilty will get away with it
The Times: Credit crunch: Risk-taking
Great article. The paper edition includes the 100 year debt graph that I have posted many times. The author concludes that individuals must take it on the chin and the bankers will get away with the fraud. Only in the next crisis whenever that happens can things be any different.
Posted by sold 2 rent 1 @ 07:26 PM (638 views) Add Comment
7 Comments
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1. sold 2 rent 1 said...
2 reasons why individuals will not take it on the chin.
1. The economic pain that the individual will suffer over the next 4 years will make the 1930s look like a picnic.
2. The internet is allowing individuals to organise themselves so that they will demand change NOW.
Individuals are beginning to understand the banking fraud. We have yet to fully understand the political/corporate/media fraud.
And yes I am talking about 9/11 and 7/7. Only once all these other levels of fraud are understood by the masses will there be any change.
2. japanese uncle said...
s2r
Indeed. At the moment, the 'rogue' traders who shorted HBOS shares are reportedly under investigations. But what has become of the 'rougue' traders who shorted United Airlines and American Airlines milking hunderds of millions of dollars, just a couple of days before 911? The implication is much more serious than the HBOS case, as thousands of human lives were lost. Those who shorted those airlines must at least be sent to Guantanamo Bay for 'scrutiny', as they might well do the same thing again if left untouched. I really don't care if they are tortuned to death in the course of the interrogation in the name of the public safety, as the gravity of the crime was beyond the normal scale.
3. Icarus said...
A rambling article with the same, dreary message that's appearing everywhere - 'The banks have been very, very naughty but we cannot allow them to fail'. Why not? When they're propped up they just go back to their old tricks - turning profits in socially unproductive ways (e.g. using cheap Central Bank funds to invest in higher yielding assets elsewhere).
4. renting2 said...
People have in the past taken it on the chin because it was the invisible man that kept hitting them. It will take a definable and visible target for the masses to identify before anything changes.
5. mark wadsworth said...
It's a conspiracy, man!
No, seriously, where's that 100 debt graph?
6. Maihem said...
I would be happy for a recession if the government gave incentives to reduce working hours by 1/4 instead of laying off 1/4 of the workforce. an extra day and a half off per week for a 25% pay cut - same career prospects, same quality of work. Yes please.
7. sold 2 rent 1 said...