Thursday, Mar 20, 2008
Oh, but we did see it coming....
Interactive Investor: Why didn’t we see the credit crunch coming?
'Chuck Prince, then chief executive of Citigroup, told the FT last summer...."At some point, the disruptive event will be so significant that instead of liquidity filling in, the liquidity will go the other way. I don’t think we’re at that point." Mr Prince ignored his own warning!'
Quite...
Posted by bidin'matime @ 01:22 PM (387 views) Add Comment
4 Comments
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1. shipbuilder said...
This entire thing happened becuase of a combination of greed, naivity and mass self-delusion. Everyone, from the banks to the estate agents to the buyers to BTLers to the government genuinely believed that we had found a 'new way'. As with every hype, some stood apart from the general enthusiasm and saw it for what it was - for me at least, it will be a lesson I will take with me for the rest of my life.
2. Materialistic Weasle said...
Whats this WE s**t ? The only people who were/are in denial are the VI's
3. japanese uncle said...
Saddest part of this episode is, I bet in 20 years time, the same old story would repeat with the great harmony of charlatan chorus as usual, saying 'Things are different this time' in which a starry eyed school leaver would certainly be found in a local pub, etc. declaring, 'I have made a big decision to make a very good investment.'
12 months or maybe 48 months prior to that, a conversation like this could have happened in a board room of a mega bank,
"It's about time, isn't it John?"
"Sorry boss, I can't agree with you on this. The last one was so big, and hundreds of thousands of the very-badly-hit are still around."
"Don't worry John. They are mostly wasted by the last one, and many of them are junkies or alcoholics as a reault, with little or no social influence"
4. mark said...
why, they must be blind , deaf and stupid
everyone else saw it coming