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On 27/09/11 08:38, Henry Bremridge wrote:
While politicians are partly to blame it was the financial institutions that lobbied for deregulation and presumably told them it would all be OK. And who could they turn to for advice... the players! Its like going to the Tea Party for advice on science education! And these same 'advisors' (who effectively own papers like the times) are still pushing the same flawed agenda only now it seems to be a case of 'not on my watch' for the big depression that has to come now the ponzi scheme is (seen to be) bust. They will make a lot of money out of the taxpayer before it goes down but when you consider how big greece's debt is for 3% of european economic activity and look at how much the average taxpayer in this country earns its a wonder we're not all deaf from overconfident whistling from the city.On Tue, Sep 27, 2011 at 08:00:53AM +0100, tom wrote:very small enterprise - I wont call it SOHO as that, as anyone who has tried to expand a SOHO into an SME will realise that it is in fact a black hole and will take an infinite time to do anything with. As they say round here 'You don’t want to start from ere!'.TaMaking things 'easy' never solves the problem it just paints it into a corner an makes it a lot harder to solve later.Making things easy got us into this financial messNo - that was lying about leverage etc to the politicians. I'm assuming here that someone in the global city knew something about what they were doing and just wanted the short term profit but I could be wrong.Politicians not wanting to upset the apple cart No one prepared to say "you can't have everything today" Then "salesmen" taking advantage of the greedy and the mis-sold just escalated the whole thing. What was it volcker said "the biggest innovation in the [financial] industry over the past 20 years had been the cash machine." http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6949387.ece And I have read the following twice and still not sure if it is a joke or not http://www.theregister.co.uk/2011/09/20/rogue_trader_howto/
Tom te tom te tom -- The Mailing List for the Devon & Cornwall LUG http://mailman.dclug.org.uk/listinfo/list FAQ: http://www.dcglug.org.uk/listfaq