A KNEE-JERK MR. PRESIDENT.

In principle the author has some sympathy with Barack Obama, regarding his latest stance on the world of banking, however the latter has, unfortunately, been caught out with his timing, which can only be seen as 'headline catching', following his party's reversal in Massachusetts.

As we have written in these postings in the past, too much reliance was put upon the world banking system to deliver us an improved standard of living. We should all be disgusted at the recent Wall St. collapse, since the 'States' does have form in this area. This was, of course, no excuse for similar problems in the City of London.

In actual fact, we joined in the worldwide scam via Hedge funds, Private equity deals etc., although so glamorous to many, the problem was that these deals, on occasions, were based on mythical money, presumably electronic (on line) transactions. So who can keep pace?

The bottom line cannot change, both the US and GB need the banking sector to help survive. Neither nation manufactures enough, having priced themselves out of the market by paying incomes that are too high.



WE COULD, OF COURSE, RETURN TO WORK.