petej + crash   84

An economic recovery based around high debt is really no recovery | Larry Elliott | Business | The Guardian
In truth, the idea that state profligacy caused the Great Recession has never been credible. What really happened was that the expansion of the global marketplace led to cheap goods flooding the west. Inflationary pressure abated and that persuaded central banks to cut interest rates. Financial deregulation meant the only remaining constraint on excessive borrowing – high interest rates – was removed – and so credit was cheap and readily available. The private sector loaded up on debt, which was fine so long as the assets on the other side of the balance sheet were going up in value. When the markets turned, things went pear-shaped very quickly.

Only at that point, did public sector debt become a problem because governments sought to ameliorate the impact of the recession by cutting taxes and increasing spending. The debts incurred by the private sector were, to an extent, nationalised.
economics  finance  debt  crisis  crash  recession  recovery  dctagged  dc:creator=ElliottLarry 
september 2018 by petej
Secrets and Lies of the Bailout – Rolling Stone
So what exactly did the bailout accomplish? It built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors. The bailout has also made lying on behalf of our biggest and most corrupt banks the official policy of the United States government. And if any one of those banks fails, it will cause another financial crisis, meaning we’re essentially wedded to that policy for the rest of eternity – or at least until the markets call our bluff, which could happen any minute now.
finance  crash  crisis  bailout  banks  FRB  deception  BernankeBen  PaulsonHank  SummersLarry  reform  regulation  viability  corruption  fraud  secrecy 
september 2018 by petej
How the banks ignored the lessons of the crash | Joris Luyendijk | Business | The Guardian
"Seven years after the collapse of Lehman Brothers, it is often said that nothing was learned from the crash. This is too optimistic. The big banks have surely drawn a lesson from the crash and its aftermath: that in the end there is very little they will not get away with."
economics  politics  finance  crisis  banks  banking  crash  LehmanBrothers  risk  regulation  control  authority  ethics 
september 2015 by petej
Corbyn must slay the zombie ideas that blight our economy | Aditya Chakrabortty | Comment is free | The Guardian
"So life rolls on in the mother of democracies in the early 21st century: where a multimillionaire elite in the City of London gets to smash up the economy, then is invited onto the BBC to reassure 65 million innocent subjects from Bournemouth to Bolton, before wandering over to Whitehall to draft a Crown copyrighted report advising with what type of kid-leather glove they should be treated.

I could go on, and list the newspapers that spent 2009-10 yelling for swingeing cuts rather than clamping down on tax avoidance – the same newspapers whose owners are on familiar terms with some of the more obscure crown jurisdictions. But you get the point: these are the elites that will judge whether Corbyn and co are silly or sensible, ideological or pragmatic. They will get the earliest and most resounding vote on whether Labour’s new leadership are “credible”."
UK  politics  finance  crash  debt  crisis  power  banks  BBC  media  bailout  CityOfLondon  CorbynJeremy  LabourParty  democracy  dctagged  dc:creator=ChakraborttyAditya 
september 2015 by petej
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