Tuesday, 16 September 2008

Gorilla of Greed

This morning I got a Daily Mirror. On the front page it ran a piece on Dick Fuld which it claims earned £22 million last year and who allegedly rejected several bids to save his ailing Wall Street bank giant because he wanted to force the sale price up.

Whatever the truth of the allegation, most of us will suffer as a consequence of the Lehman Brothers' demise. Today was not a good day for the world's economies. It was all about paying the price for bad debts.
It was a discussion point this morning when some of Wales' key faith communities met at the offices of the Equality and Human Rights Commission in Cardiff. The world's leading faith communities are not comfortable with benefiting from debt and gambling. Barack Obama said it well of America today:

'It happened in the 1980s, when we loosened restrictions on Savings and Loans and appointed regulators who ignored even these weaker rules. Too many S&Ls took advantage of the lax rules set by Washington to gamble that they could make big money in speculative real estate. Confident of their clout in Washington, they made hundreds of billions in bad loans, knowing that if they lost money, the government would bail them out. And they were right. The gambles did not pay off, our economy went into recession, and the taxpayers ended up footing the bill. '
According to one poll tonight (Hotline/FD Tracking), Obama has a lead of 4% over McCain. I think it was Clinton who said: "It's the economy stupid".

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