Tuesday, April 15, 2008

Comedy piece in the FT

For Gord's sake, why won’t banks lend to each other?

Gordon says to bankers: "As I see it, we’re in the same leaking boat. People accuse you of having fuelled the financial crisis by overplaying your hand during the good times and now they’re losing confidence in your ability to sort it out. Well, join the club. Where you have investors, I have voters. There’s a limit to how long I can bang on to the press about how I ‘remain vigilant’ and am ‘never complacent’, before somebody points out I could do that without leaving my bedroom. Why should I have a quiet word with the Bank of England about kick-starting the mortgage-backed securities market, or lean on the Financial Services Authority to go easy on regulation, if all you’re going to do is hoard the surpluses from interest rate cuts or use them to reward shareholders?"

Posted by drewster @ 12:39 AM (449 views)
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2 thoughts on “Comedy piece in the FT

  • Has nobody considered that the reason they won’t lend to each other might be that none of them have any money?

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  • Or another thought, they could pay us a decent interest rate for SAVINGS for pete’s….or stop charging 16.9% interest on a credit card bill, or £29 for a one day late payment once in a lifetime! Their profits are ASTRONOMICAL and at the expense of us all. DITTO the oil industry, DITTO Tesco’s and the lot. It’s the few profitting at the expense of the many. Time — overtime — for this self-satisfied greed to stop. And they’ll soon find it true. There are riots starting in the world. They will come here no doubt when enough people are in the street, hungry, and jobless because of the robber barons and complicit cooperation of irresponsible governments. Then their happy little kindgoms will collapse. [See story on hunger posted yesterday.]

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