4 things that are bothering me about the Credit Crunch

McQueenTo celebrate our record recession as marked by today’s announcement of a neat 0.4% shrinkage of the UK economy between July and September, making this recession the longest since records began, here are 4 things that have been bugging me on this front…

Earlier this week I read in the Evening Standard an article celebrating the rise in retail sales figures in September with a woman from Selfridges revelling in all the spending, just like the good ol’ pre-Crunch times. Are we all just going to slip back into buying all that Chinese-made shit we don’t really need?

There seems to be no sign of genuine banking reform. Even Boris Johnson is now feeling stiched up by the bwankers. Short-term thinking (if you can call it thinking) is the nemesis of long-term well being.

In the wake of the oil prices hitting their peak, the moment they started coming down a bit, I remember reading the depressing newspaper headline: Supermarket forecourt price wars. This just after you started noticing people really thinking twice before making a car journey. Our capacity to fall back into old ways is frankly depressing.

People keep referring to it as if it’s another run-of-the-mill, cycle-of-things recession, perhaps a bit worse but still a known quantity. My instinct about it is that it contains elements the like of which we have not seen before and understand no better than the bwankers understood what they were doing when they bought those packages of cancerous debt.

We had a chance for a moment there to stop and reflect and consider where true value lies, make some radical changes and get our lives back into balance, perhaps healing our battered environment to a sufficient degree in the process. I hope that moment hasn’t passed but I wouldn’t bet my bottom dollar on it (if I could afford dollars these days).

3 comments so far

  1. practicalpsychologist on

    My probably very unpopular view on this is that while banking malpractice is one element I think we need to see house prices drop by another 25%. People have to learn that they cannot treat their house like a cashpoint machine. A house is for living in not for extracting money from.

  2. angryxtian on

    We need to bring back the debtors prisons. The recession is from people buying things they cant afford with other peoples money that they borrowed and promised to pay back and then didnt. That’s stealing.

  3. ArkAngel on

    Agree, PP, on the house front, a very unhealthy perspective has developed during the extended boom as memories of 15% mortgages fade.

    But angryxtian, that seems a somewhat over-simplistic view, a bit light on forgiveness. It would be better if people could travel a path which brings them to the realisation of what is truly worth spending your time, energy and money on.

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