Monday, 6 October 2008

The Great Depression?

Today the London stock exchange had its biggest ever fall, this after weeks of simillar losses in share prices. The strange thing is that if you walk round the City, the shops and pubs look like they are doing good business, there is no drop in the traffic on the roads or the trains, concerts and theatre performances remain sold out and even the employment agencies seem to have a steady stream of posts to advertise. Travelling out through East London the number of construction projects currently underway is higher than I've ever seen it since they built Canary Wharf. So apart from the banks and other financial institutions, everything appears to be life as normal. One can't help but wonder whether we are talking ourselves into a credit crunch out of boredom or have the chattering classes finally decided to put the money gamblers in their place? It has to be said that the obscene salaries and bonuses "earned" by people who gamble with our pensions and life savings have become unsustainable and it would be nice to think that if mass redundancies in this sector had not happened, that the population would rise up as one and sack the Bank of England. . . Watt Tyler where are you now?

1 comment:

eddy said...

It's nice to know it's not just me thinking it. Also - I found your blog, and now link to it from mine!