Saturday, July 18, 2009
The age of the orcs is over
Return of the banks’ golden age is an illusion
Amid the inane clamour of EAs and the like falls the sense of John Authers
Posted by letthemfall @ 12:35 PM (1213 views)
3 thoughts on “The age of the orcs is over”
Add a comment
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
last_days_of_disco says:
I think the remark for the banks is ominous:
1. They must either shrink until they are not “too big to fail”, OR
2. Accept being much more closely regulated by the government
The weird thing is that the socialisation of the problem has numbed the population to what has really happened and perversely allowed the banks to get away with it for a while longer. The article points out that as the consequences of their actions begin to hit home with the mass of the population, they will be brought to book. Well, I think there are a lot of people out there who would have never been anti-Goldman who are now becoming much more activated.
I think they will choose the later as they are confident that they can corrupt the government even further, although, you nver know, their over-confidence may get them in the end.
Drewster says:
Collective hysteria/madness tends to continue for far longer than expected. In 1996 Alan Greenspan denounced the dot-com boom as “irrational exuberance”. However the burst wasn’t til 2000. The housing bubble seemed too far gone in 2003, yet the madness continued a lot longer. It’s entirely possible that QE and bailouts continue far longer than we expect. (Unless we see an Iceland / Argentina style overnight collapse)
mander says:
If this is the end of easy meoney then houses will only achieve 20-30% of the asking price.