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Clarkson on the Credit Crunch ™

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    Clarkson on the Credit Crunch ™

    http://www.timesonline.co.uk/tol/dri...cle5292547.ece

    Uber Doomed!

    #2
    He's talking total crap. It's just a blip like every other recession. After xmas the days will start getting longer again.

    Comment


      #3
      Clearly this man is a front for Al Queda - an economic terrorist.

      Everything is just fine fine fine folks.

      Dont listen to the conspiracy theorys - get down to your Mall and spend spend spend.

      PS that said - this bit is true

      "'It’ll be a world without power or fuel, and with no fuel there’s no way the modern agricultural system can be maintained. Which means there will be no food either. You might like to stop and think about that for a while. ''

      A Famine is very probable - but you can still buy the latest game console to comfort you.
      Last edited by AlfredJPruffock; 9 December 2008, 10:42.

      Comment


        #4
        Clarkson says 'I have spoken to a couple of pretty senior bankers in the past couple of weeks'

        Erm, are we suddenly to start believing what 'pretty senior bankers' say, given the bleeding mess they've made?

        I see another, more nuanced picture; the bank I'm working at is recieving record amounts of savings deposits as people decide to forego the expensive christmas prezzies and put money away for a rainy day. At some stage, the bank has to start lending again otherwise it can't pay out the interest on all these savings accounts. It seems to me there's a rebalancing going on whereby banks will have to go back to their real job of intermediaries between surplus capital in one place and the need for liquidity in another place.
        And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

        Comment


          #5
          Originally posted by Mich the Tester View Post
          It seems to me there's a rebalancing going on whereby banks will have to go back to their real job of intermediaries between surplus capital in one place and the need for liquidity in another place.
          True. Which is why it would be madness to pass on the base rate cuts to mortgage holders, only business borrowing.

          UK banks have a collective £700 billion deficit, so instead, they should be trying to attract savers, which means keeping rates up.

          Comment


            #6
            It's funny how people always cite Y2K as an example of unnecessary panic about a non-existent problem, rather than an (almost unique) example of preparation and organisation coming together to avert a genuine problem.

            Because nothing major happened at the stroke of the Millennium, everyone thinks there was never a problem in the first place and that that must apply to depression, climate change and the end of oil as well.

            Y2K should be held up as a shining example of how we should-have-handled/should-be-preparing-for these upcoming disasters.

            Comment


              #7
              hmmm
              I'm alright Jack

              Comment


                #8
                From Robert Peston;

                Over the past decade, we borrowed and we borrowed and we borrowed: we assumed that the day when we had to pay it back would never arrive, that there would always be an
                opportunity to roll over the debt.

                Please make a note of this, Mr Brown.

                Note however that for all the political fuss about the need for banks to maintain lines
                of credit to small companies, they're the unsung heroes of our tale of monumental
                financial folly: even today, the aggregated savings of small companies exceed their
                debt.


                Hoorah for small businesses, Give ourselves a big round of applause
                And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

                Comment


                  #9
                  Clarkson is really spouting the doom there with his "End of Days" speech. Top bankers don't have a clue what is going on. And they never have IMO.
                  Cats are evil.

                  Comment


                    #10
                    Originally posted by swamp View Post
                    Top bankers don't have a clue what is going on. And they never have IMO.
                    That's the best diagnosis anyone's made up to now. Modern banking has been exposed as quackery.
                    And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

                    Comment

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