Jan 03 2009
The Credit Crunch Bites, Gordon Brown Sucks!
I had started this post yesterday before I heard the news about the sudden death of Jett Travolta but decided to postpone it until today. I have a feeling that I’m going to hold the views I express here for some time and the problems outlined are not going to go away any time soon so waiting one day really hasn’t hurt! In fact, it has just given me more time to formulate my damning view of Gordon Brown and the entire Labour government!
I woke up yesterday morning to see David Cameron, the leader of the Conservative Party, on the news discussing Labour’s measures to combat the credit crunch and have to say that the man spoke more sense than I have heard from a politician in some time. Cameron condemned the VAT cut from 17.5% to 15%, stating that it had not worked. It is plain for all to see now that it hasn’t. The stores in the high streets and retail parks were busy in December but now the Christmas period is over the whole country has come crashing back down to Earth, as every idiot knew it would. Every idiot that is aside from the one that matters - Gordon Brown. In his eyes he was saving the world, something that he actually said and has been ridiculed for, but in our eyes it just proved what everyone else was thinking - that he did not have a clue what was going on with the little people like me.
I went into town today to pay some bills and get a few supplies. I was shocked to see how few cars were in a car park that has always been packed after 8am on Saturdays previously. There was nobody about at all, so much so that market traders were discussing how much longer their stalls will be able to stay open. This is a week after Christmas and already so many are discussing the future with dread… and they all sell cut priced goods! What about the 1,500 that will lose their jobs every single day? What about those that will not be able to afford to go to work because train ticket prices have risen by over 6% between December 31 and January 2? What about those of us that will be living on the breadline in the coming months with little to eat and no heating?
Furthermore, Gordon Brown is borrowing so much that my generation and that of my children are going to bear the brunt of the costs through huge taxes when the credit crunch is over, thus plunging us all nto trouble for years. What has he spent the amount he’s borrowed on? Not a lot as far as I can see. He’s bailed out the banks, sent an aid package to Pakistan and that’s about it. Brown said he would help pensioners but he’s giving with one hand and taking with another so they are no better off. He pledged that banks would tow the line and start lending again. They haven’t and are now rebelling.
Nationwide Building Society yesterday announced that they would not be passing any more interest rate cuts onto borrowers because they have to balance that with their savers. They stated that their savers would suffer should they cut rates any more. Many have already condemned them… and I am about to follow suit. Contrary to what they have said, savers are not their main business. Borrowers are. Mationwide that pushes sales of mortgages and loans because the interest they earned from borrowers made up their main profit base. Savers are loyal customers and that is why they want to keep them but any stories stating that savers are their main business are rubbish. I don’t blame savers for complaining over rate cuts at all. Why should they suffer as a result of the government and bank recklessness when the majority have worked hard all their lives? However, when Nationwide’s profits are in the millions and higher than they have ever been why should they not give back to both borrowers and savers? As they are a building society (and thus a mutual) instead of a bank, they have no shareholders to answer to. As such, this just goes to prove that they are more concerned about profits than their customers and have no intention of giving back instead of paying their officers and directors ridiculously high wages. They are more a bank than any other building society around. If you don’t believe me, head into a branch and see how many sales they try to push on you! You cannot go into a branch without being harrassed… and the poor sales assistants (sorry, customer representatives) are forced to sell to meet ridiculous sales targets. Yes, they have sales targets. Says it all.
This is only the start though. More banks will rebel and refuse to pass on cuts. The government may have bailed them out but if they fail to nationalise the banks then there is nothing they can do about it. This will again highlight just how far Gordon Brown has failed to save the country from the mess he got us into when he was Chancellor.
What gets me most is that Brown wasn’t even elected and yet refuses to give up his position to a public vote. That isn’t democracy. That is effectively his license to damn us all and then blame the Conservatives when they struggle to get us out of the hole that we’re now in at a later date.
Well thank you very much Gordon Brown. The credit crunch will bite, but you most definitely suck!
