Thursday, 28 June 2012

Pressure mounts on Barclays chief

Just appalling!  How can anyone so shamelessly say they didn't know, or it was the previous government fault?

This was a tacit nod from all politicians in a laissez-faire, "market forces", debt fuelled growth model.  It all started with the 80's deregulation of a financial sector which went way beyond its basic function of providing the businesses and consumers with money in a risk-calculated manner.

"Financial innovation" led to the most unnecessary, across the political spectrum-induced crisis, and self-regulating is a laughable argument.  Hungry, ill mannered and unsupervised kids in a candy shop. You expect them to have a cake each and then brush their teeth?

This is organized crime, this should end up with much more than fines or resignations.

Small interest rates = high asset prices (and higher capital gains for landowners).  Low borrowing costs = bigger profits.  Bigger profits = bigger bonuses.  Let's rock'n'roll boys!  Now that we have our accounts bursting with cash, let the bubble burst with a bang.  We may even forgo our occasional bonus.  The taxpayer will clean up the mess.  And it's ugly.

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