Politics

The Lives of Others

I wrote earlier about PRISM and my thoughts on that, correctly categorised I think, as a rant. Today’s entertainment is definitely political though. The question being addressed is simple. What is the truth ? Now before going further, I should clarify that I do not intend a philosophical diversion. There is that moment in conversation between …

Banks Contribution

The UK banking industry remains the biggest single annual contributor to the nations finances. The amount of revenue it provides to the government surpasses that of North Sea oil. But what about “the bail out” ? The actual amount spent ( loaned would be the better word ) on the UK “banking bailout” from 2009 to …

Sub Prime

“Sub prime” lending is not the bogeyman. It’s just lending. Loans have always been categorised according to likelihood of default ( risk ). Sub prime isn’t new, or even bad. It was the Clinton administration that thought that extending credit to those usually priced out of it ( ie, those to whom loans would be …

Irresponsible Lending

The words “irresponsible lending” have become a popular snort in response to the perceived behaviour of “the banks”  – a poorly defined group of companies presumably referring to retail banks, who do indeed lend, yet often used against Lehmann Bros., Goldman Sachs and other Investment Banks, who are ( or were, in Lehmann’s case ) …

Banker Bashing

The amount of credit in an economy is governed ( how often that word crops up when on this subject ! ) by the controls and levers held by the government and/or operated by it’s appointed economic agent ( for example, in England, the BoE ). The government and in particular the Chancellor retain accountability. …