Wednesday, November 5, 2008

Anyone surprised by this?

Jobs in peril as the relationship between banks and companies worsens, says CBI

The Federation of Small Businesses said yesterday that there had been no improvement whatsover in bank lending since political pressure on the banks to maintain lending, led by the Prime Minister and the Chancellor, began to build last month.

Posted by gardeniadotnet @ 06:56 AM (684 views)
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4 thoughts on “Anyone surprised by this?

  • gardeniadotnet says:

    I think this post from maihem yesterday deserves a wider audience…

    51. Maihem said…

    bellweather. It is not envy. It is anger at immoral removal of wealth. If somebody takes your food from your house you are not jealous of them but angry. Even if it were not technically illegal to take the food from your home you would still be angry rather than jealous – simply because it is fundamentally immoral.

    Similarly, requiring me to work hard to pay off the loans of the reckless rather than my own is immoral removal of wealth and for that I am angry.
    Tuesday, November 4, 2008 06:14PM

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  • gardeniadotnet says:

    The vast majority of people of my generation (I’m 45) have played the ‘game’ created by Western society like good citizens, overseen approvingly by the governments and the banks.

    Now suddenly,and without any overt warning, they have changed the rules, ie stopped lending, leaving the public at large with a BIG problem.

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  • yup it must be getting serious, just heard from a family member who has a medium sized business (design and assembly in UK but operating globally) “xxx is fed up with the market situation, making business impossible”

    also maihem to bellweather – spot on – but it goes much deeper of course.

    By not creating the interest as well as the debt the interest gets extracted from our collective wealth which reduces the amount of money in circulation – which stiffles economic growth until someone borrows more money ensuring more extraction and even more debt

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  • Vince Cable – deputy leader of the Liberal Democrats
    Here is a question Mr Cable’s posed to Gordon Brown, then Chancellor, during Treasury Questions back in November 2003: “The growth of the British economy is sustained by consumer spending pinned against record levels of personal debt, which is secured, if at all, against house prices that the Bank of England describes as well above equilibrium level. What action will the Chancellor take on the problem of consumer debt?”
    Mr Brown did not answer how he would solve the problem, merely replying that: “We have been right about the prospects for growth in the British economy, and the hon. Gentleman (Mr. Cable) has been wrong.”


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