Credit Crunch rant from Joe Public. part 1

For months now the Joe Public around the world have been battered with the bad news about credit crunches, deflation and inflation worries. Banks & building societies going bust. Huge high street names going belly up over night and stock markets collapsing. Massive job losses, huge rises in oil, petrol and energy. Food prices and the cost of living spiraling out of control.

All conveniently blamed on the sub prime housing market collapse in America, banks refusing to lend to each other. Economies in recession, volatile market trading conditions. Someone breaking wind in the Far East and stock markets reacting in a negative fashion and any other lame excuse that has been trotted out by these so called experts in managing our economies.

We have had a succession of so called world leaders and politicians of the western economies blurting on in the press about "not letting the banking system collapse" and "we have got to pump hundreds of billions dollars/pounds/yen/euros etc of tax payers money into the respective banking system to keep them going, or "the economy is in danger of collapse" and "we will have to bail out the banks and financial institutions".

Where they not the same world leaders and politicians that for years have been running our so called successful economies and telling anybody that would listen that "they were the best person/party for the job" or "our fiscal/monetary policy's were the best think for the country" blah blah blah blah...

Are they now telling the public that they did not know what was going on?
Are they not the same people that passed the rules, regulations and laws that allowed these financial disasters to happen in the first place?
Are they not also the same people that when they retire from public office after bravely serving the general public, conveniently find a lucrative highly paid job as Chairman/CEO/executives of huge multi national businesses and financial institutions that the tax payer now has to bail out?

The answer to all the above questions is YES.

Those same politicians, world leaders and top executives people have know all along what was going on but as long as they have got their noses in the trough why rock the boat.

They have their grossly over paid salaries and insulting expenses accounts that they claim for every last cent they can wring out of the system. Many of them claim more expenses in one year than a hard working man/woman earns in 3 or 4 years. They also have their gold plated indexed linked pensions and non contributory pensions. They have their slush funds, financial pay offs, huge bonuses and free share hand outs running into millions in some cases to fall back on when times are hard. When was the last time you heard in the news that Sir double-barrelled what's his name was struggling to feed his family or pay the electric/gas bill/mortgage?

To add insult to injury many of those people have public immunity from prosecution, and the police and the law to hide behind when things go wrong. They even have the cheek to ask for tax payers money to save their fat cat existences and complain when financial rules and regulations are proposed to help prevent these events from happening again.

What does Joe Public get? He/she gets tax hikes, cuts in services, job losses, financial ruin and house repossession. Huge increases in food and living costs, and if they are lucky to keep their jobs they are forced to take a pay cut or accept 2% pay rise for 3/4 years while the fat cats and politicians always manage to get 20/30/40% increases per year. That's what Joe public gets but those in power are working very hard to not tell you that.

Until next time where I will be giving my honest opinions on why stock markets and oil companies are to blame for the the high oil prices.

TBFN