Who was it who commented in (I believe) his pre-budget speech a few years ago that the level of personal indebtedness in the UK was a worry, but as consumer spending was fuelling the economy we'd all better keep on spending?
Is he the same financial genius who has just proclaimed himself the saviour of the world's banking system?
When those who make these decisions actually have to live with the consequences, when those who spend our money actually treat it as if it were their own hard earned cash, then we might just get some sanity back into the system.
Who'd have thought that Robert "Bouncing Czech" Maxwell would be a role model instead of a salutary lesson?
AAARRRGGHHHHH!!
My monetary investments over the coming months is going into canned goods and shotguns.
Seriously.
Thats borrowing in relation to GROSS income. Once the tax hit from Gords spending spree is factored in the ration of loans to the NET income from which they have to be repaid will impossible.
"So when Gordo tells us the problem has blown in from across the Atlantic, he's being more than a little economical. "
First time for everything !
Oh God.
The Banker’s Lament
Buddy, can you spare a billion?
Once I built a loan book, made it run, made it mostly subprime.
Once I built a loan book; now it's done.
Brother, can you spare a billion?
Once I built a tower, up to the sun, of leveraged CDO’s,
Once I built a tower, now it's done.
Brother, can you spare a billion?
Once in three-piece suits, gee we looked swell,
Full of that banker’s Doodoo Dooday,
Half a million quid, I was paid to sell,
And I was the kid with the MBA!
Say, don't you remember, they called me Al; it was Al all the time.
Why don't you remember, I'm your pal?
Buddy, can you spare a billion?
Did not the 'Community Reinvestment Act' play a part in it all?
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Commenting by HaloScan
