Financial Crisis

[biffvernon]

Come on folks! Stop running round like a bunch of headless chickens pointing the finger of blame at the guy in charge of one corner of the doomed system.

We all knew that a financial system dependant on continued growth in a finite world, and particularly dependant on continued growth in the exploitation of a finite fuel source, was going to have a problem. We called the moment to jump off the band-wagon with varying degrees of accuracy. I sold what small stockholding I had just after Katrina, thinking that it might be a trigger. I was wrong, two years too soon, but looking back sold out at not too far off the best moment.

I think the level of debate on PoweerSwitch ought to be able to rise above namecalling of the PM.

[JohnB]

Think of it as 'residual income' for work performed earlier in life. Like being a writer or a musician.

Ah, but I'm on a mission to find a new way of life that not only protects me from the worst effects of what's to come, but that I hope will be a help and inspiration to others too. I'm financing this using my own limited resources, and a modest income from interest for a while until I can make things happen isn't a lot to ask .

Of course there are many who are earning residual income for work performed by their ancestors rather than themselves. That's another issue.

So you're going to have a go at me for that too are you? Some of my money is inherited. I could have spent it on flashy cars, foreign holidays and plasma teles, but I choose to use it to make a modest contribution towards making the world a better place instead .

[oilslick]

Come on folks! Stop running round like a bunch of headless chickens pointing the finger of blame at the guy in charge of one corner of the doomed system.

We all knew that a financial system dependant on continued growth in a finite world, and particularly dependant on continued growth in the exploitation of a finite fuel source, was going to have a problem. We called the moment to jump off the band-wagon with varying degrees of accuracy. I sold what small stockholding I had just after Katrina, thinking that it might be a trigger. I was wrong, two years too soon, but looking back sold out at not too far off the best moment.

I think the level of debate on PoweerSwitch ought to be able to rise above namecalling of the PM.

Why though? I totally disagree that this is about oil.

It's totally about mismanagement of our financial system and who has done the most to sabotage it? Gordon Brown.

I don't understand why you want to defend him, what he has done is totally immoral.

I agree lots of people played a big part - bankers, Joe Bloggs MEWing to go on holiday, Alan Greenspan etc etc. But Gordon Brown sat on top of it all making out it was all good while he creamed off as much as he possibly could. Eddie George, former BoE governor admitted last year that when they slashed interest rates in 2001/2 they knew they were creating a bubble that would be unsustainable. Who was his ultimate boss?

GB is still in power so it's crucial blame is apportioned now so that people can get rid of him. He created this mess and he is definitely not the person to get us out of it.

[DominicJ]

We all knew that a financial system dependant on continued growth in a finite world, and particularly dependant on continued growth in the exploitation of a finite fuel source, was going to have a problem.

Yeah, but thats not inherent in our system.
Admitadly, the government created it with unfinded pension liabilities

I think the level of debate on PoweerSwitch ought to be able to rise above namecalling of the PM.

We arent name calling.
That he's an incompetant fool who has ruined the UK and has left us (well, he hasnt left us...) worst placed of any major country to deal with crisis is not name calling, its fact.

Everyone is in ****, but we're in the deepest ****.
Because of his policies, not because of what America did.

Until you diagnose a problem, you cannot cure it.

[RenewableCandy]

There's an odd bit of psychology where a person made to take part in a crap system, as if by magic, starts believing the system is not crap. This is not just because of wages but for more basic, existential reasons (they don't want to admit to taking part in a crap system, because it reflects badly on them).

Perhaps Gord was the most high-profile sufferer of this syndrome. I'm sure it must have a name.

[Andy Hunt]

Perhaps Gord was the most high-profile sufferer of this syndrome. I'm sure it must have a name.

Stokholm Syndrome.

[oilslick]

Perhaps Gord was the most high-profile sufferer of this syndrome. I'm sure it must have a name.

Stokholm Syndrome.

No, I think you're mistaken. It's actually Totally-Deluded-Mental-Case-Evil-Stroking-White-Cat-Wipes-Bogey-on-Tie Syndrome

[Andy Hunt]

Fair play.

[skeptik]

Perhaps Gord was the most high-profile sufferer of this syndrome. I'm sure it must have a name.

Stokholm Syndrome.

No, I think you're mistaken. It's actually Totally-Deluded-Mental-Case-Evil-Stroking-White-Cat-Wipes-Bogey-on-Tie Syndrome

I have a book which might interest you. Looks like it's been selling well recently.

[oilslick]

I have a book which might interest you. Looks like it's been selling well recently.

Definitive and Objective

[Totally_Baffled]

http://news.bbc.co.uk/1/hi/business/7816035.stm

Well if you makes you feel any better, the yanks are doing their best to out do British indebedness.

The sharp slowdown in the US economy will push the federal budget deficit to more than $1 trillion, the non-partisan Congressional Budget Office (CBO) says.

The deficit of $1.186 trillion for the fiscal year ending on 30 September would be the largest on record.

The projected deficit does not include the extra $800bn spending being planned by US President-elect Barack Obama

So nearly a $2 trillion deficit (or 20% of GDP) in 2009 for Mr Obama!

What a pile of economic poo he has inherited!

I wonder if he has much to say to Mr Bush at these "handover" dinners!