Saturday, August 9, 2008
And what are they going to do about it?
FSA warns of economic downturn
The Financial Services Authority has warned the industry to brace itself for the possibility of a downturn similar to the 1990s recession, chief executive Hector Sants said on Saturday.
Posted by peter_2008 @ 05:45 PM (954 views)
8 thoughts on “And what are they going to do about it?”
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Eternal Sceptic says:
I suspect the 90’s downturn will be as a little ripple on a pond compared to the force 10 over the horizon.
Fjcruiser says:
Since the FSA did not see any problems in the northern rock so called “model”, it is quite ironic to hear these fools warning about the impending disaster. As Warren Buffet so rightly said, the “idiots” are in full swing from the government right through to the FSA.
John says:
yep iv seen 2
John says:
this more bad than any before I seen 2 before ?
nooneo says:
Where were this bunch of arnolds when a million unemployed people were self certifying their homes or btl’s?
Probably in some swanky bar near Canary wharf, quaffing champagne and patting themselves on the back, telling themselves how well they were doing making sure noo-one was being naughty in the property boom.
Northern Crock won’t be the last bank to get into trouble.
I also suspect, like Eternal Sceptic, that the **it hasn’t even got to the fan yet…..
Renting2 says:
“We’d expect people to plan on that type of assumption and we’ve been working with individual institutions to ensure we are comfortable with their longer term plans,” said Sant. “We deem the longer term plan to be that sort of time horizon.”
He was obviously on the Krusty bandwagon until recently, then he probably found this site ……………. .
Stevie Dee says:
Guys, there will be riots, etc.. but don’t be pessimistic.. landlording will be considered a taboo.. like paedophelia.. and well, if you are in finance as well, i would recommend you leave the country and family too. I spoke with a BTLer about a certain matter, won’t entertain the matter of “Property”, as I believe it to be unethical. Reading what Churchill said in 1909 has merely re-enforced my views.
peter_2008 says:
See BBC interview with Sants. http://news.bbc.co.uk/1/hi/business/7550157.stm. Am I the only person felt extreme uncomfortable when Sants kept smiling when he said “No, I don’t think it had occurred to me…”