crayfishbanker

You are half right :-)

Capitalism isn't new and we have survived downturns in the past, but the financial problems we are seeing now are unprecedented. (Northern Rock to name but one).

British banking used to be an extremely staid, sound and stable profession. Terribly boring, No place for salesmen then. Bank managers used to say "no" when people were over-committed. We were capitalists then and we still are.

For those of us old enough to remember it, though there was a key point where things changed. It all changed after previously tight credit control was weakened in favour of competition. After "big bang" (1988 I think) unrestrained competition and American banking practices flooded all over the British banking market. Aggressive banking worked OK in the good times, but, as you say, the economy goes round and round like swings and roundabouts. Round and round and up and down.

Perhaps old-fashioned British banking was the more viable strategy in the long run as, in the main, it made sure it kept something in resereve for a rainy day.

Hey, lets study economics!

User Comments / Have Your Say

The opinions and views expressed in the above comment are purely those of the writer and in no way reflect the opinions or views of the Daily Express website, the Daily Express newspaper or Northern And Shell Media Publications. We accept no responsibilty legal or otherwise for the accurancy or truth of this comment.