Stating the obvious really but just as many are becoming super-rich during the current world financial crisis (I mean the money has to be somewhere doesn't it?) there are also those that foresaw and foretold it. From The Times'
Money Central yesterday "The financial events of recent weeks have filled many of us with shock and panic. Surely no one could have predicted that we would be in this mess?"...[
Link] Of particular prescience number 5 (Dr Roubini aka Dr. Doom), number 10 Ron Paul and a speacial mention for our very own Vince Cable (first on the list). Mr Cable asking Gordon Brown, 'then Chancellor, during Treasury Questions back in November 2003':
"The growth of the British economy is sustained by consumer spending pinned against record levels of personal debt, which is secured, if at all, against house prices that the Bank of England describes as well above equilibrium level. What action will the Chancellor take on the problem of consumer debt?"
"We have been right about the prospects for growth in the British economy, and the hon. Gentleman (Mr. Cable) has been wrong."
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We were talking about the latest bail-out at work today and how it will all end in tears (again). Some people are already talking about the nationalisation of banks being the start of a property recovery. Don't these people have any memories at all, yet alone a short one? Banking collapsed because banks didn't have confidence in each other to repay loans which were loaned to unsuitable risks. So let's give £50 billion (and counting) to see if it works this time round. It's as if the whole financial infrastructure of this country was some sort of constantly regenerating monster from Dr.Who.
...and the bankers won't suffer: Mr. and Mrs.Taxpayer will suffer...and their children too.
..and counting!
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