The media.....

[stongle]

Seriously...the media peddle what ever they want to peddle. Its all targeted and all has a a ulterior motive. Look at mein fuhrer, Rupert Murdoch. We know what he wants us to know!

If he wants us to be pissed off with bankers, we will be...there is much more to this than meets they eye, as per usual!

C'mon, if you could be bothered you could easily get a less distorted picture of what is going on / happened. In many ways the media reflects it's target audience group or demographic. Unfortunately I think over the last few years they've dumbed down news, sensationalised and ultimately created a culture of celebrity that even the media themselves believe it or can't see the wood for the tree's. If it's not immediately attention grabbing or senstaional, I think they believe they will loose custom / peoples interest. Even so called analysis has a sensational slant or bent on it.

Anyway, as to the Bank's taking responsibility. Actually, I tend to agree. As an Investment Banker, whose just had to take a 90% bonus reduction I too am pretty frikkin miffed about the whole situation especially as it appears that very poor decisions were being made at the head of the table. Unfortunately, these people's actions have dragged a whole industry into disrepute and potentially done irreversable damage to the UK economy. Political grandstanding, gesture politics and the media are only serving to make a bad situation worse as they have yet to address the real route cause of the banking crisis. The simple fact is central banks, govts and regulators failed to ensure a robust and sufficient regulatory environment was in place and now the whole thing has blown up in there faces. Unfortunately the pricks in charge of the banks didn't or couldn't fully understand the actual risks they were running so always wanted light touch regulation and whilst the gravey train runeth, the Govt was only to happy to take the billions a year in tax revenue (which coincidently we were subsequently running hugely lucrative tax avoidance schemes for our clients ). Bank audits were a frikkin joke, so you always got a green light at year end and as for Credit Rating agencies; well they were more bent than Graham Norton.

Reforming the baning sector will take years, but stupid gesture politics (tax grabs) and villifying al those that work in it is not addressing the route cause issues. Unfortunately Financial regulation is so mind numbingly dull, it really won't warrant any column inch's even in that cnut Peston's blog. T*t.

 

[John C]

Id be alot less annoyed about the banking crisis if those responsible took it a bit more seriously.
By seriously I mean at least a few of the people in charge would need to be scraped off the pavement beside a tall building.

That would say to me that at least someone in the ivory towers is prepared to take responsibility for their actions.



This may seem harsh. But its a harsh situation which demands harsh measures.

Once you have seen grown men reduced to tears because their livelihood has been ripped from under them, through no fault of their own, your perspective on the leeches in the city changes somewhat.

 

[niallist]

Anyone interested in the inside story of how the modern media works should have a look at Flat Earth News written by Nick Davies. he is a journalist who worked in Fleet Street for years. Very interesting stuff about rolling news networks and a particularly good chapter exposing the daily mail for the lying scumbags that they are.

No conspiraloonery, it's a proper book, well written and researched and a real eye opener.

also a website: http://www.flatearthnews.net/

 

[stongle]

Id be alot less annoyed about the banking crisis if those responsible took it a bit more seriously.
By seriously I mean at least a few of the people in charge would need to be scraped off the pavement beside a tall building.

That would say to me that at least someone in the ivory towers is prepared to take responsibility for their actions.



This may seem harsh. But its a harsh situation which demands harsh measures.

Once you have seen grown men reduced to tears because their livelihood has been ripped from under them, through no fault of their own, your perspective on the leeches in the city changes somewhat.

Whilst it's sad that people's business fail, you can't blame the "leeches in the city" if businesses fail because of the contraction in the Credit markets (and I assume this business failed due to banks pulling credit facilities). Globally individuals, firms, banks and governments are so leveraged when the credit gravy train stopped (or rather wholesale money markets clammed up) it was inevitable that credit facilities would have to be pulled. Unfortunately the Govt, Regulators and Bank Of England didn't see this coming and run a monetary policy aimed at reducing inflation (putting up rates when they should have been coming down). This in conjunction with pressure exerted by shareholders on bank's performance (often Pension funds), that led to a culture of (in hindsight) excessive risk taking (and cost cutting in support and risk management areas), that had a bigger contribution to the downfall of teh economy than the average trader. Blaming 99% of City workers (leeches) for the recession would be like me blaming someone whom works at Land Rover for pedestrian fatalities.

Unfortunately the 1% of Banking executives, fund managers (whom also invest in hedge funds - talk about robbing Peter to pay Paul), the FSA, Mervyn King and ultimately Gordon Brown & Alastair Darling are very unlikely to throw themselves out of Canary Wharf, no matter how much we'd like them too.

 

[Pmr Man]

gravy train

hehE!

 

[Mario]

I wonder would everything seem as bad as it does if the media were'nt sensationalising everything?

Would things have got so bad if the media didn't sensationalise?

I would say that the media have a lot to answer for.

 

[Ozzie]

Media?

C'mon, if you could be bothered you could easily get a less distorted picture of what is going on / happened.

That's exactly it...most cant be half arsed to look for a less distorted picture.

But, if people did get given a less distorted picture, would most of the masses be able to make up their minds about it?

What would they actually think or would they just not? Would we all actually be frightened out of our wits by what actually is happening? Is it worse then we know?

 

[Matski]

The growth of CNN is pretty much the reason for the change in media attitude. Ted Turner pretty much admits himself. He drove around the clock, global, action news and others have had to follow in order to compete. Some of the rhetoric is getting rediculas though and it's shameless.....Do it Russia and they would bulldoze your office for starters. That'll teach 'em for scaremongering comrade....

 

[Mario]

Balls to CNN! Fox News is where its at!

 

[Matski]

Fox are reporting incidences of dead Swine Flu victims returning to life and feasting on the brains of the living. Kill your neighbours just incase...then getodachopaaa.