Sunday, Nov 22, 2009
Extend and pretend
Observer: Property market hasn't collapsed because banks can't face the truth
Lenders are still extending credit to commercial developers because they simply can't afford to crystallise their losses
Posted by mken @ 04:12 AM (984 views) Add Comment
4 Comments
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1. enuii said...
'The new slogan at the banks is "extend and pretend." In other words, they want to allow companies to keep going if humanly possible, so long as they are servicing their debt, while pretending that everything will be fine.'
Just swap companies for 'homeowners', it's so familiar it's getting boring!
2. Ndg said...
Roll-up, roll-up, hairy woman-man (with breasts) eats demon stenchy teticles on live tv. Rinse and repeat.
3. icarus said...
"Extend and pretend" aka delay and pray.
Banks have unrealised losses, Grant Bovey has unrealised profits. Any scope for a merger there?
4. will said...
But for how long?