Dispatches - How Banks Bet Your Money

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Topic started by Let's All Have A Sexy Party (paul_alexander)

It lies not in our power to love or hate, For will in us is over-rul'd by fate. When two are stript long ere the course begin, We wish that one should lose, the other win; The reason no man knows; let it suffice, What we behold is censur'd by our eyes. Where both deliberate, the love is slight: Who ever lov'd, that lov'd not at first sight.

A topic from News & Current Affairs: Business

paul_alexanderMon 18/02/08 23:03

How The Banks Bet Your Money

A global credit crunch has put Britain's banks in a crisis that threatens the future of jobs and businesses and may even trigger a wholesale recession.

America has been hit hard by the sub-prime crisis. The social cost of financial failure has been enormous. An epidemic of home repossessions has left thousands of houses abandoned and boarded-up: whole suburbs are falling into disrepair and dereliction.

Financial institutions in America and in Britain had poured billions into investments backed by these mortgages. As more and more people have defaulted on their mortgage repayments, financial markets have collapsed, causing a crisis that has rippled across the Atlantic, sending the City of London into turmoil and pulling the plug on one now infamous British bank.

The question is: will it stop there? This is a story about the destructive power of finance: what happens when banks are driven by short-termism; when bankers are rewarded with vast bonuses, free to operate under inadequate regulatory supervision, and with the complicity of a government too in awe of big business to step in.

This was a must see, I think we are in for some very tough times - but then I have been preaching this for about year now.

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