Monday, 6 October 2008

The Credit Crunch

Well who do we believe? What is going on? I believe that Sir Michael Parkinson was correct on Saturday night when he opined that the financiers have treated the western economy as if they were in a betting shop! These fools have gambled trillions away but then my question is who has been regulating them?

Where have the governmental regulatory bodies disappeared? We all know what happened after Nick Leason brought down Behrings but has greed superceded common sense. We have still not introduced a system where those who are responsible for this disgrace will lose their houses, their yachts or their status. Nobody will name and shame them. This is down to the government. A Labour government would hound them down but a NoLab government props them up.

I cannot believe our financial regulatory services could not predict that we had overstretched ourselves. It is a joke but not a very funny joke. Somebody, somewhere has totally outfoxed every western government and that is a real problem.

Are we all not sick of the statement that our government is ready to do 'everything that is necessary' to keep us all safe? It is the same as 'I am getting on with the job'. They have not a clue and that is really scary.

Personally my savings hopefully will not be affected because I am not that rich but if I had a million I would really be worried. This 'government' whether it be led by Blair or Brown have capitulated to the money markets. I would really like to know what Alistair Darling is going to do and I don't want to hear that he is going to do 'everything that is necessary'.


No comments: