Sunday, Mar 28, 2010
The credit crunch
The Times: Lord Mandelson says CBI backs ‘bully banks’
Lambert’s post-budget comments triggered the argument. He said plans to set up a “Credit Adjudicator” — a body that will intervene if companies are unhappy with banks turning down their loan applications — were “unworkable”.
“This is completely dotty. It will never see the light of day, is quite unworkable and pure political rhetoric,” Lambert said.
Mandelson reacted furiously. Lambert’s comments were “a betrayal of the thousands of viable small and medium-sized businesses that are being treated bloodily by the banks and are, in many cases, at risk of being pushed over the brink.”
Posted by devo @ 10:32 PM (487 views) Add Comment
4 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. devo said...
it would appear that mandelson has just discovered what was obvious 3 years ago -
the credit crunch will not go away
2. devo said...
i said it once before but it bears repeating now
The White Stripes - Fell in Love With a Girl
http://www.youtube.com/watch?v=EZjfhZu568k
3. Rich Kightley said...
The point here is while banks can speculate on "casino" banking or lend to other speculators and cause liquidity for hedge funds and generate bubbles and crashes, they are not easily persuaded to loan or to bet on boring old industry.
Another crash will happen. The banks are too big-yes-and to big for their boots.
They should have sent a few hundred to prison for a long time when they had the chance. But the argument was made that that action would threaten the recovery.
If we had sent a few hundred to prison, there would be no further threat to the economy from them, and the break up of the banks could have proceeded without a whisper.
As it is now, I wouldn't recommend any banks lending to industry, as another total collapse is around the corner unless we break up the banks and lock up those who act irresponsibly with other peoples money, those who give high credit-ratings to bad companies for commission and those who insure uninsurable risks for a commission.
Until we do deal with the bankers, we are moving the deck-chairs around on the Titanic.
If they were arrested, I guess there would have been as many Eton, Harrow, Oxford and Cambridge old boys in prison as there are in the Houses of Parliament.
4. Andy Goften said...
Oh yes, Mandy champion of the small guy, defender of the poor, man of the people. HA HA HA. String him up with all his lying, troughing two faced co-conspirators.