Yes, the market knows my positions at all times and tries to get me whenever possible. Currently the stupid F is up 80, as the US and UK governments give away the next 40 years earnings, which is going straight into the stockmarket and avoiding the real economy like the plague.
Why do politicians always expect people to do the thing they want them to do? Banks will do what the hell they like with our money, and nothing will change that unless we pull the rug out. I say let the banks go and start afresh with a new system of clearing banks that operate like a mutual and can only lend the cash on its books, and with straightforward criteria-it's not hard to make monster profits when you borrow money for 0% and lend it at 6%.
Many of the doom mongers predict the doubling of unemployment, based on simple facts-when 2 million are out of work they are not spending and cannot borrow, which leads to more job losses of course. The government ignores the fact that the many who still have a job are under water with credit card and mortgage debt and rent and council tax arrears- if banks had lowered rates this would have been a big help but they have simply avoided giving away anything more than absolutely neccessary.
So banks still make profits at the expense of the rest of us.
I'm not saying anything new and I guess not many would disagree with my angry sentiments, but we are being royally sh*fted and we may not recover for many years.
Thursday, 19 March 2009
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