Archive for October, 2008

Storm in a teacup or worst financial crisis since 1929?

Thursday, October 2nd, 2008
Failed financial institutions. Click for more info.

Anyone who follows the news can’t have missed the current economic gloom:-

The US Senate just agreed George Bush’s $700 BILLION bailout for failed Wall Street financial institutions – though Congress actually rejected the plan on Monday. Similar rescue plans are afoot all over the planet. But should the taxpayer be bailing out the fat cats – giving them a so-called golden parachute made out of our hard earned cash? Or is that the price we have to pay? Will it work anyway? Trouble is it seems the banks no longer trust each other, so why should we trust them?

I think we should be talking less about bail and more about jail for those responsible for this monumental cock-up. But who is to blame? George Bush? Gordon Brown? Greedy bastards in Wall Street & London’s “Square Mile”? Or perhaps our “leaders” are correct and we should blame the “great unwashed”, for borrowing more than they can afford to pay back? Fortunately, I can’t borrow any money even if I wanted to because UK banks don’t lend to geese.

Anyway, what are good quiet little geese like me supposed to do next? Sit tight, with our heads in the sand and our wings up our big, white, feathery bottoms, hoping for the best? Or perhaps should we pawn everything we own, spend our last few quid on a handful of gold Krugerrands and head for the hills?

And if all this isn’t depressing enough then check this out:-

Honk! Honk!