I feel like I've just stepped off the World's most exciting ( and worrying ) rollercoaster, when politics and economics collide who knows what the outcome will be ?
With short selling suspended here by the Financial Services Authority, Halifax bank of Scotland taken over by Lloyd's TSB and the US Treasury and Federal Government having decided to intervene and effectively bail out and buy the bad debt of financial institutions within the US, oh and let's not forget the collapse of Lehman Brothers, honestly I thank god it's Friday !
President George Bush has ridden to the rescue of Wall street and picked the lesser of two evils. The choice was simple let the taxpayer pick up the bill or let the taxpayer go to the wall, in fact the taxpayer along with their President have rescued those banks on Wall Street. The men and women who lead these banks need to remember it's the little man and women in the street who's saved their bacon, for these debts will be paid but by people like you and me over many years to come.
However it is ironic that a President who's two terms in office have been judged by his actions after the attacks on the twin towers may well have saved the globe from a financial meltdown of catastrophic proportions by rescuing Wall street from a self inflicted suicidal attack of greed.
Lessons must be learned but the Regulators and Central Banks and action will need to be taken by Governments where the market acts against the very system that offers us our way of life. We must all learn to live within our means and maybe this is the time to start to save a little and rely less on credit. But those that lend money must act in a responsible fashion, bonuses and profit must never be put before economic competence again.
President George Bush is coming to the end of his two terms in office but for our Prime Minister Gordon Brown the action taken over the last few days may well turn the tide and I for one see light at the end of the tunnel. Who knows what next week will bring I'm just hoping it's not another rollercoaster ride !
