Kellogg's Credit Crunch

So the banks do well, and they profit hugely. They **** up and we pick up the tab?

I should work in Banking! They've got it sussed!

I reckon that there's a whole wunch of bankers who are going to made redundant in the very near future.

It does suck big time, that so many people have walked off with these huge huge sums of money, whilst the rest of us will have to tighten up.

It strikes me as a somewhat slimey business.

[Mr Speirs]

Work in the bank...Its where the money is.

Originally Posted by Mr Speirs

Work in the bank...Its where the money was.

Banks invent debt. Not money

Originally Posted by gettin2dizzy

Banks invent debt. Not money

That sums it up for me.

Don't forget that behind all the chief executives, vice-presidents and dealers is an army of clerical staff who process and number crunch. They've done nothing wrong, they just have to pay the moretgage like the rest of us, and no doubt they're worried sick. Meanwhile no doubt said chief execs and vice-presidents have buggered off to sunnier places. Like Nice?...

[northwind]

Originally Posted by wyrdness

I reckon that there's a whole wunch of bankers who are going to made redundant in the very near future.

Yup. And so far, most of them hardworking people earning under £15000 per year. Woo hoo, take that bankers!

It's easy to say "Banks invent debt, not money", but lending does create money and opportunity, you can't avoid that. On a very high level you have joint ventures, startup lending, expansion capital, etc etc. On a lower level you have individual lending.

Originally Posted by wyrdness

I reckon that there's a whole wunch of bankers who are going to made redundant in the very near future.

I doubt that - the ones suffering will just charge their customers more in fees to make up the losses. Incidentilly I love my bank (HSBC). Customer service actually means something. I've not experienced this with any other major UK organisation yet.

[SoulKiss]

Originally Posted by TuonoGrant

I doubt that - the ones suffering will just charge their customers more in fees to make up the losses. Incidentilly I love my bank (HSBC). Customer service actually means something. I've not experienced this with any other major UK organisation yet.

The name (Hong-Kong and Shanghai Banking Corporations) may give something away about them.....

It's going to hit a lot of people hard. Its' families with a bit of debt and a mortgage just making it that will be worst hit, not the banks.

And since most people have a bit of debt since they've been free with the loans, that means a lot of people.