The financial stuff is now leaving this humble blogger bemused. I honestly don’t know if yesterday’s measures, to take control of a large section of the banking sector will work or not. Do these guys know what they are doing? or are they like some compulsive gambler having lost his wages and the housekeeping, putting the house and holiday money on a good tip on the last race at Plumpton?
It was Harold Wilson who said that a week is a long time in politics but a few short weeks ago who would have guessed at the events that have unfolded. Yesterday Gordon Brown compared himself to Churchill and Roosevelt and there was hardly a snigger. Never in the field of global crisies can one man’s career have had such a boost.
The reason that nobody laughed at Broon’s comment is that we’re all shit scared. Shit scared for our jobs, houses and pensions. A siege mentality/ wartime spirit is now evident. And yet…..and yet……although shares in general recovered yesterday, the three banks (HBOS, RBOS and Lloyds TSB) continued to plummet. HBOS ended up 27.5% down.
Gordon Brown says a condition of bailing the banks out is that mortgage lending must return to 2007 levels. Hang on! isn’t that at least partly what landed us in this mess in the first place?
As I say, I’m a humble blogger. I just don’t know anymore.