Wednesday, September 19, 2007

Torch burns Kavanagh

Trevor Kavanagh attempts to address the Northern Rock issue [cannot find link], and gets comprehensively and beautifully fisked by The Torch.
Trevor knows his audience. If you’re interested in ‘incredibly complicated’, don’t read the Sun. If you want alarmist and simplist, read on.
Greedy, immoral bankers dished out cash they didn’t own in reckless loans to millions of poor folk they knew couldn’t afford them.

Bad bankers. Greed is bad. Money is immoral. Sorry, that’s a bit glib. Populist drivel, but glib nonetheless. So, let’s get this straight. The “greedy, immoral bankers” loaned money they didn’t own to “poor folk” - who spent money they didn’t own on new kitchens and holidays in the Algarve.

Heck, the bankers even KNEW the poor people were, well, poor, despite that fact never occurring to Mr and Mrs Ecclethorpe when they were on the 16th green in Albufeira. Man, those credit ratings are good. So the bankers must be the guilty party. Or, maybe it was the poor folk that chose to borrow the money in the first place. The poor folk that knew their own circumstances better than anyone else, and accepted the responsibility for their own actions by signing the contract. Naughty bankers.

Do go and read the whole thing, whilst I prepare a nice fisking of Polly's latest efforts...

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Oh yeah? So what has happened for the last ten years, exactly?

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