Bail us out

October 15, 2008

The real victims of the credit crunch

Filed under: real victims of the financial crisis — Tags: , , — stanleymilgram @ 10:00 am

…are the ordinary people who stand to lose their jobs in the recoil from the banks’ cowboy behaviour. People like David Salt featured here.

Sat alone at home with, by his own admission, not much to do, Salt believes that banks offering unrealistic credit are ultimately responsible for his job loss.

That makes the bail-out even more painful, he says.

“The government is pumping all these billions into financial institutions so they can lend us money again. Can’t they give me a few hundred quid so I can retrain on a computer course?”

The bailout of banks might mean that they don’t go to the wall but they are experts in making others suffer for their mistakes. The more that they carry on business as usual after this debacle, the bigger the next crisis will be. Pumping in more credit to the system isn’t going to solve underlying economic problems.

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