Sunday, 7 September 2008

The Credit Crunch

Is there anybody left in this country be it in the government or in the financial system who is going to help some of the poor devils who are losing their properties or help the elderly during the winter?

I fully understand that many of the people in trouble have overcommitted themselves and probably through greed of foolishness did not do their sums right but was it all their fault? The financial industry have recklessly been throwing money at people for the past decade. They have exercised no restraint whatsoever and much of the credit crunch is down to the handling of their foray into the American sub-prime market.

The government must also accept their share of the blame because they must have realised that there was a problem but sat on their hands until Northern Rock collapsed. In addition their interest rate strategy is failing and they have allowed the oil companies to milk the electorate without exercising any restraint on them.

So the upshot of all this mismanagemsnt is that once again the public have to pay the price of incompetence. It is those who cannot afford it who will suffer. I know that the government grant the elderly a fuel allowance but already it is not worth what it was at the start of the year. Inflation running at 10% may not mean too much to those MPs who have access to public money to fund Sky TV and their John Lewis purchases but to pensioners on fixed incomes it is a nightmare!

What I cannot understand is the compulsory purchases of so many properties. What can these banks and building societies gain from taking a house from a family? Surely rescue packages are better than repossession? What is the government doing about it? Where are the bright ideas? Are there no quangos, trusts, committees or councils who could direct the people in trouble into finding a better path or are they just there to protect government policy?

This is what I find so distasteful about NoLab. When the going really gets tough they never get going. Well I hope they have the answer during the winter because when it really gets cold people will begin to die so Gordon now is the time to reveal your big plan. Now is the time to show why you wanted to be Prime Minister. The stage is yours!!

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