Sunday, August 3, 2008

Millions of people are worse off than a year ago due to the global credit crunch.

Credit crunch a year on: the losers

Those feeling the pain range from anxious homeowners on both sides of the Atlantic to harried stock market investors and worried employees of companies caught in the headlights of a slowing economy. The effects have not just been felt in people's pockets. For bank bosses, regulators and politicians, the damage inflicted has been to their reputation for competence rather than financial security. So who has lost most from the worst financial crisis in a generation?

Posted by stevie dee @ 08:01 PM (1469 views)
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8 thoughts on “Millions of people are worse off than a year ago due to the global credit crunch.

  • “But there is still a lot of anger here about why it only seemed to be Northern Rock in the spotlight. Why was Northern Rock hung out to dry?”

    Ooh let me think …

    1. Extreme reluctantance to allow any independent inspection of their books during the tender process
    2. Dodgy CDO-processing offshoots like “Granite”
    3. Found to be awash with near-repossession homeowners on ‘payment holidays’

    NORTHERN CROCK. It is revisionist and divisive for the BBC to try to portray it otherwise.

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  • …a bit rich coming from the BBC who were the first to ‘break’ the story about NR, and caused the first run on a bank in the UK for 140 years. Infact, if my memory serves me well, the then BBC economics editor, Robert Peston, created a flurry of adverts saying how clever he was.

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  • Once again systematic bias at the BBC.

    The three non-government groups which we are supposed to feel empathy for are those that chose to speculate – banks, homeowners, and share investors.

    No mention is made of those who are losing through no fault of their own – savers, taxpayers and workers. We who are losing the most from government attempts to bail out the greedy. Oh, no, we don’t matter do we?

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  • “The three non-government groups which we are supposed to feel empathy for are those that chose to speculate – banks, homeowners, and share investors.”

    And policymakers of all people! This type of state media propaganda beggars belief.

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  • Well on the subject of propoganda and the BBC, the Breakfast show this morning (and they said the same thing last week) reporting from Beijing where instead of saying ‘smog’ they said ‘fog’ – over, and over, and over. Even when referring to the closing of factories, cloud seeding etc., she wasn’t allowed to say smog, and dear God it looked aweful over there. Appreciate the Chinese may also be making them sensor it but still bad none the less.

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  • Well on the subject of propoganda and the BBC, the Breakfast show this morning (and they said the same thing last week) reporting from Beijing where instead of saying ‘smog’ they said ‘fog’ – over, and over, and over. Even when referring to the closing of factories, cloud seeding etc., she wasn’t allowed to say smog, and dear God it looked aweful over there. Appreciate the Chinese may also be making them sensor it but still bad none the less.

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  • “US homeowners, arguably, have had to endure the most misery over the past year.”

    But it may be our turn soon.

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  • It is far too early to say who has lost the most. When the debris is being stitched back together again will be the time to determine who lost the most. However it may well be a very different world by then and conceivably survival may make the question totally irrelevant.

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