Is your credit crunched?

Who Cares

I am not a political animal, but it is hard to ignore the media at the moment. There is the American election and the economy both here in the UK and there, and apparently all across the world.

So I feel I would like to put my pennyworth in.

First of all the American election, now I am not saying it isn’t important, but when will it end? There has been more than enough publicity to sate anyone’s’ appetite.

I am almost positive that the American people have reached a decision as to which candidate they want to vote for. But the media continues to grind out the same old same old.

And to be honest I am really fed up with it. Aren’t you?

Then there is the economy. The problems we are experiencing now is due to only one cause-GREED.

The bankers lent money to people who couldn’t afford to repay it, because they are in a win-win situation, if the lenders couldn’t repay the loans then the banks would repossess their houses and resell them, providing the loan again-GREED.

The stock markets were putting rumours about that certain banks and companies were in trouble (short selling), in order to reduce the price of shares, they “borrow” the stock from a broker sell it at a high price, then wait for the stock price to drop, buy back the stock at a reduction, then “return” or “cover” the stock to the broker. Pocketing the difference with little risk to themselves-GREED.

Now the banks are scared to lend money to each other, hence the credit crunch.

A lot of people have made enormous amounts of money-GREED. And will walk away free and clear, while hundreds of thousands of ordinary folk will lose everything.

I am against the “bailout” packages, I believe that the bankers, dealers and governments caused the collapse and they should be the ones to pay for it, not us.

Will the governments cover the mortgage debts of borrowers, no, will they provide the thousands of people being made unemployed with decent jobs, no, will they even help people who cannot afford to both keep warm or eat, no.

The excuse is that the “economy” must be protected for the good of the country, fine just don’t expect us to protect it. We aren’t responsible for the mess, so why the hell should we pay for it, anyone with shares in these companies has lost the lot, and anyone with a pension with these companies has a meagre retirement to look forward to. Will the governments help those people, no. But the bail out will happen.

Bank of england bails out british banks

Because the members of the governments have index-linked pensions, they don’t have to worry. We do. Just look at Ian Blair who has resigned. He will walk away with something like £600,000 plus an index-linked pension of £100,000 plus per annum. WHY?. If you resigned from your job you will get unused holiday pay, if you are lucky.

Mayor rejects Blair row criticism.

I don’t know what the answer is, perhaps it is better to let nature take its course, and let the struggling banks fall, if the governments guarantee the savers’ money, then I think they should.

If tighter controls had been in place to begin with we would not be in this position.

God; I hate politics.

Angus Dei