Monday, Aug 02, 2010
...or why banks are not lending
Greg Pytel: "Hier leigt der Hund begraben"
Recently both Vince Cable and George Osborne made it clear that they expect banks to start lending. These are impossible expectations. Are they silly, or they have another game in mind? Make up your mind up: "the ends justify the means".
Posted by ant @ 09:42 AM (721 views) Add Comment
3 Comments
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1. Thismustbecorrect said...
I was told by a UK bank insider that the only banks actually making any money are HSBC and Barclays. They make money by not lending money, i.e just managing business cash lows, please read between the lines. All other banks in the UK are a busted flush, if they had to write down the TRUE value of there assets. Yes it just extend and pretend.
If the UK government is trying to inflate us out of trouble then we are in for a hell of a rid before an almighty crash.
2. growler said...
typos police: "liegt" even
metaphorical title translation: Here the truth lies buried
3. ant said...
@Thismustbecorrect: if what you write is right and if what's Pytel is writing is right, we are still in a deep brown stuff. The talk of double dip recession may be technically true, but it is a nonsense. We live in the confines of the financial system which is bust and cannot operate properly. It is the point that all the politicians and all the media pundits must realise: "You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time." (Abraham Lincoln, also a politician) These guys should get up off their butt and start solving the problem.