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eric pebble

Hsbc Boss Stephen Green Warns The Crisis Is 'far From Over'

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Guest BoomBoomCrash

Translation 'the crisis will not be over until we are making record profits again.'

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Translation 'the crisis will not be over until we are making record profits again.'

More like 'the crisis will not be over until state support for the banking sector can be withdrawn without complete economic collapse overnight'. Orville ain't a real duck.

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But all the bulls like Hamish et all said it was all over and we were wrong? I am confuzzled (or right all along B) )

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Orville ain't a real duck.

Please, say that isn't true.

The economy is nearly back to where we were before the credit boom began. House prices down 25%. GDP down 5%. A little way to go maybe.

I don't think we are going to go that much further down, but what the general sheeple haven't realised yet is that we aren't heading back up again. We went up before because of easy credit. It isn't coming back and the sooner people realsie, the sooner they will stop living in a fantasy re-awaiting a consumer led / house price boom.

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HSBC chairman Stephen Green today declared that the financial and economic crisis is a long way from being over as regulators warned that the overhaul of the banking system could result in lower profits.

Yes, I mean if we force the banks to only lend to people with a decent chance of paying it back, and (heaven forbid) take responsibility for any losses due to bad loans, then they might make lower profits.

How could we be so cruel???

Next thing, they'll be getting banks to use statistics to differentiate genuine skill in trading from dumb luck before awarding bonuses.. enforcing maximum working hours and drug/alcohol testing for people handling other people's pensions.. and making CEO bonus targets slightly harder than fogging a mirror 1 out of 3 attempts..

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Please, say that isn't true.

The economy is nearly back to where we were before the credit boom began. House prices down 25%. GDP down 5%. A little way to go maybe.

I don't think we are going to go that much further down, but what the general sheeple haven't realised yet is that we aren't heading back up again. We went up before because of easy credit. It isn't coming back and the sooner people realsie, the sooner they will stop living in a fantasy re-awaiting a consumer led / house price boom.

Before the credit bubble houses were 1/3 of recent peak prices.

Before the credit bubble a large proportion of the population had significant savings and pension entitlements, stronger job security and less competition for those jobs and many more functional industries still operating - a lot of which have since been washed aside.

Before the credit bubble you didn't need an expensive tertiary degree to get a crappy telesales job.

Before the credit bubble there was some semblance of a trade balance.

Before the credit bubble poeple had less than half their current debt/liabilities.

I can't imagine a situation that could be much more removed from one that existed only a little more than a decade ago.

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Before the credit bubble houses were 1/3 of recent peak prices.

Before the credit bubble a large proportion of the population had significant savings and pension entitlements, stronger job security and less competition for those jobs and many more functional industries still operating - a lot of which have since been washed aside.

Before the credit bubble you didn't need an expensive tertiary degree to get a crappy telesales job.

Before the credit bubble there was some semblance of a trade balance.

Before the credit bubble poeple had less than half their current debt/liabilities.

I can't imagine a situation that could be much more removed from one that existed only a little more than a decade ago.

good post. +1

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