THE OMNISHAMBLES OF THE FSA.

Most of the western world is aware of the catastrophic effect from the start of the 'credit crunch' which has now been with us for at least four years, and shows little sign of going away. The banks certainly must take a lot of the blame for the debacle, aspects of which are still emerging; with possibly more to come. The CEO of the Glacier Fund, Mitchell Feierstein, has been warning us, for sometime, that the 'credit crunch proper' has not yet arrived. So let's look at another major player of ineptness in this disaster. The 'wrecking ball' set in place by Gordon Brown, the former Chancellor of the Exchequer, is the Financial Services Authority. This, apart from becoming a large employer of 'jobsworths', a jobs creation scheme. This was incorporated to act as a 'firewall' between the high street/investment banks and the Bank of England, which, formerly, was responsible for the overseeing of banking practices. What happened, I'm sure at Brown's behest, was a 'creditfest', giving the suckers that wonderful 'feel good' factor. It was a vote buying scam, giving low interest rates, which of course increased house prices extortionately. Existing home owners loved this; first time buyers however, had to look for even more credit. Such activity was bound to be unsustainable, but the FSA, in best 'Incapabilty Brown' manner, turned a 'blind eye'. On top of which, the capital investment arms of these banks started to play every kind of trick possible, thinking that they could walk on water, with nothing to keep them in check.


THERE IS OF COURSE ANOTHER PARTY IN THIS NIGHTMARE, THE BORROWER.