Friday, Oct 17, 2008
Britian in the red
BBC Panorama live special: Britian in the Red
For the HPC fraternity out last night celebrating with large amounts of disposable income, thanks to not
been mugged into buying an over-priced house with a comedy mortgage, here's chace to watch "look what
you could have won".
Posted by doomwatch @ 11:39 AM (1107 views) Add Comment
17 Comments
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1. matt_the_hat said...
I must be honest looks like my wallet - no cash all recipts
2. matt_the_hat said...
BBC won't let anyone stream this from abroad - possibly could reduce foreign direct investment.
3. Utterlee said...
"BBC won't let anyone stream this from abroad - possibly could reduce foreign direct investment."
Don't be silly. The BBC don't stream any domestic service abroad because they don't pay a TV Licence. It'd be a rum do if the people of Britain were subsidising advertless tv for the entire globe.
4. titaniccaptain said...
Watching this made me so angry.........hard working people and their families being destroyed by this
5. maddison said...
What p****d me off was the ex banker who said that the FSA were not up to the job of understanding Barclays balance sheet and implied they were thick. It is pretty obvious now that neither were the bankers themselves able to understand their own balance sheets! Did it not occur to them that if something is incredibly difficult to understand then perhaps it was a bit risky and not to be trusted. I know the FSA had serious short comings but that was partly a funding issue and you can blame the govt for that
6. doomwatch said...
maddison, the FSA is not funded by the government. It's funded by the "banks".
7. maddison said...
I realise that but really the Govt set up the regulator so it should have ensured it was funded properly
8. crash bandicoot said...
I was surprised to see that there were still emails coming in along the theme of "if you keep talking like this you'll talk yourself into recession" and "we just need to keep spending to avoid a recession". Fools.
9. matt_the_hat said...
3. Utterlee
Who pays for the BBC world service then
10. mark said...
expats did when they paid high taxes in the UK..lol
we should abolish the state licence fee for a tv
11. Jimjones said...
This made me very angy in a different way I expect. It was utterly awfull reporting.
They used examples of people in the construction industry to illustrate how much of a recession we're in.. Well we're not in one yet.. The building industry has gone down the pan because the property market has died - not because of a general recession (which may of course be following).. But to watch this rubbish you'd think that we'd already hit bottom - it was sensationalist rubbish....
Trying to tie the property crash into the banking problems into a future recession then label them all the same thing.. While one might of been the catalyst for the other it's not the same thing..
They asked the question "who is to blame" then showed a picture of Tony Blair, and while he may have been complacit in the proceedings, the program failed to point out the reality which is that the british public is to blame for overinflation of the housing market. It was them who took out large mortgages they couldn't afford to pay, it was them who tried to turns houses into investments, it was them who lied to get loans, it was them who didn't save and got more and more credit, it was them who all felt rich because their houses had gone up from 30k to 300k... The program didn't even suggest that housing market was out of control - it just seemed to bemoan the fact that prices had dropped, as though if they hadn't everything would be fine.. The crash isn't the issue.. it's the bubble before the crash which is where they should be investigating.
The interview with the banker didn't ask the obvious question - if they knew the FSA should have picked up on things, why didn't they? Ultimately you can't purely blame regulators for poor managment - you can blame them for not stepping in quickly enough, but it was the banks who have misbehaved.. Would you blame the police if someone burgled you - or would you blame the burglar...
The presenters were desparate to pin it on someone, and when the guests made comments ("it's a worldwide phenomina") they were quickly hushed up..
12. mken said...
BBC World Service is paid for by the foreign office
13. Ianbe said...
I loved the subtle background music that was inserted a few times:
"Everybody's gotta learn sometime".
Perfect.
14. quiet guy said...
I'm with titaniccaptain on this. It is so depressing and irritating to see people like the owner of the brick manufacturer going down when you think of the renumeration of people like Applegarth.
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