Why this Blog?

A place where I can lament the changing times; for eccentric comments on current affairs and for unfashionable views, expressed I hope, in cogent style; also occasional cris de coeur largely concerned, I regret to say, with myself.


I welcome your comments, so do please write. Please note however that all comments are moderated prior to publication. Whilst I fully appreciate that life can be frustrating, nevertheless, abuse, SMS language and illiteracy will not be tolerated!

Saturday 20 September 2008

Financial Chaos

It has been said that amongst the many types of "rocket scientist" employed, at least until very recently by the banks, were chaos mathematicians. It has also been said that a bank manager is one who will lend you an umbrella when the sun is shining.

Well, I might add, so it has come to pass. There are now politicians (all of whom of course are not responsible) who are saying things such as "These 'rocket scientists' came up with products and procedures that few can understand." As far as it goes I am sure that this is true.

Were it not for the fact of the misery and suffering that these financial crises cause, I would be cheering to the rafters at the discomfiture of the banks - all greedy bastards every one of them. I am not in the slightest a "man of the left" but just because this is the case, it does not mean that I think that there should be a financial environment in which the occupants can operate in a moral vacuum and without a scintilla of responsibility. Moral bankruptcy in fact.

My own bank is said to be the largest retail bank in France. I read recently that its profits had declined by 94% over the past year. It seems that I am personally expected to make good this decline in profitability judging by the charges it has exacted from me for an overdraft that at its largest was less than €500. These charges would make Shylock blush. Bastards - voleurs.

How I wish they could all go to the wall - but sadly it cannot be allowed to happen, which effectively means that national governments have retroactively to sanction the banks' greed and irresponsibility.

As a man who is not of the left, I loathe Government interference; how sad that it is necessary because of the culture of greed in the banking and financial services sectors! And sadder still that the taxpayer, already bled white by these parasites has to foot the bill - again.

As you know I often quote from the International Herald Tribune, an associate title of the New York Times/Boston Globe group. The IHT has produced an interesting piece suggesting that President Bush must share the blame for the current crisis. The NYT (and therefore the IHT) tends to a slightly Democratic view, but this piece is actually fairly balanced; recommended.

Until the next time (probably from a cardboard box)

No comments: