David Ekinsmyth

Parish Councillor for Illogan and local campaigner Learn more

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Credit Crunch

by superadmin on 8 February, 2009

So who is feeling confident about their financial future at the moment. It is a fair bet that few of us in Illogan Parish are as we don’t have too many investment bankers or premiership footballers etc.

Although I cannot pretend to fully understand the complexities of the financial instruments bought and sold by the bankers,I can sympathise with those who say common sense told them it would all end in tears. Ok ordinary people were encouraged to borrow beyond their means by rapidly rising house prices and sharp selling by credit card companies who should have known better. but the main problem began with the banks and the major responsibility is with them and regulators who should have been monitoring them.

So why are these perpetrators of financial insecurity for the general public allowed to leave with all their bonuses intact,often a large payoff and definitely a gold-plated pension. Not for them the worries of losing their houses or where they are going to find the cash to get through the recession and feed their families. no they can swan off and wait it out,and probably make big profits buying currently low valued securities and properties and waitng for the prices to rise eventually. Today we learn that RBS andhey are  LLoyds banks are intending to pay bonuses to their staff even though they are substantially owned by the taxpayer ie us.

The Government seems to be unable to take the necessary action and the Tories won’t want to upset their friends.

So look to Vince Cable and the Liberal Democrats for the only sensible analysis and action to start the long process of recovery.

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