Tuesday, Mar 25, 2008
Rubbish piece, but worth a read
Guardian: Does anybody know what went wrong?
"In the past few months things have been going steadily downhill, but the government covered it up. Now everyone knows what's happening, and there's worse to come."
Posted by inbreda @ 11:27 AM (562 views) Add Comment
5 Comments
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1. montesquieu said...
Read this in the paper yesterday. No numbers in it, just naive rubbish from an ignorant reporter who made no real attempt to explain anything. Quite what the 'comments' from people are for (demonstrating what? that they don't read?) I don't get. Truly terrible article.
2. alan said...
What the article does do is show how widely the sub-prime crisis has affected the UK. "Sub-prime" was America's "Word of the Year" in 2007. Lots of people in the UK learned the new word this year.
I wonder if the journalists will actually spot the part that Gordo had in the credit crunch and whether it will reflect badly on Labour in the forthcoming elections? Will Gordo be able to put the blame on someone else? Will the nation be fooled?
3. paul said...
The article misses the crucial point (which John Stepek mentions today) that the first bank to go under was a UK bank. Pushing the blame for the crisis in confidence at the feet of the US is a flag of convenience.
4. An Bearin Bui said...
It's fascinating to read how well people have absorbed the banking, government and BBC propaganda regarding the roots of the credit crunch: they all parrot off the explanation that the banks in the US lent too much money to people with no proof of income and the UK is now affected as well. Absolutely no mention of home-grown subprime (the reason for NR's downfall) and the lie-to-buy scams going on in the UK.
What an interesting sociological experiment to demonstrate just how gullible the public and even professionals in the industry can be. And the journalist who should be investigating the crisis is just a moron falling for the Party line too. It's Orwellian...
5. Letthemfall said...
Interesting for the views of the city folk, who presumably are pretty young and would appear to be simply repeating the party line, so to speak; viz it's all down to subprime in the USA. Does the average city worker know much more than the man in the street? Maybe not.