Should the media take more responsibility for the recession?
Discussion
I spend a lot of my life in hotels for work and often watch BBC News 24, of their hour program, most of it is about how bad the world economy is.
Now, I fully understand that things are taking a turn for the worse, but if people see such news all the time, and the BBC and not the only ones doing this, does that not in itself encourage everyone to stuff money under their mattress rather than spend it, and then the economic crisis becomes a self fulfilling prophecy?
Or if the news agencies were less doom and gloom then that is a form of censorship?
Now, I fully understand that things are taking a turn for the worse, but if people see such news all the time, and the BBC and not the only ones doing this, does that not in itself encourage everyone to stuff money under their mattress rather than spend it, and then the economic crisis becomes a self fulfilling prophecy?
Or if the news agencies were less doom and gloom then that is a form of censorship?
Were the media responsible for consumers taking on more debt than they can handle? - No
Did everyone who bought a house in the last five years for an inflated price do so because Kirsty and Phil told them to? No
Did central banks create to much credit because they saw a program on the telly. No.
Are your action driven by the media?
Did everyone who bought a house in the last five years for an inflated price do so because Kirsty and Phil told them to? No
Did central banks create to much credit because they saw a program on the telly. No.
Are your action driven by the media?
Fittster said:
Were the media responsible for consumers taking on more debt than they can handle? - No
Did everyone who bought a house in the last five years for an inflated price do so because Kirsty and Phil told them to? No
Did central banks create to much credit because they saw a program on the telly. No.
AgreedDid everyone who bought a house in the last five years for an inflated price do so because Kirsty and Phil told them to? No
Did central banks create to much credit because they saw a program on the telly. No.
Dakkon said:
I spend a lot of my life in hotels for work and often watch BBC News 24, of their hour program, most of it is about how bad the world economy is.
Now, I fully understand that things are taking a turn for the worse, but if people see such news all the time, and the BBC and not the only ones doing this, does that not in itself encourage everyone to stuff money under their mattress rather than spend it, and then the economic crisis becomes a self fulfilling prophecy?
Or if the news agencies were less doom and gloom then that is a form of censorship?
What the blazes has the media got to do with any of this???Now, I fully understand that things are taking a turn for the worse, but if people see such news all the time, and the BBC and not the only ones doing this, does that not in itself encourage everyone to stuff money under their mattress rather than spend it, and then the economic crisis becomes a self fulfilling prophecy?
Or if the news agencies were less doom and gloom then that is a form of censorship?
All they are doing is reporting the failings of the banking system by fat cats who have gambled OUR money away for their own ends and then lost everything an gone whining to the government for a bail out...which they have done, and still the banks say they need more to pay the bonuses for the share holders.
IMO, tuff, no money equals NO bonuses for ANYONE.
The banks have taken from the government with one hand and still take from their customers with the other hand,by not passing on the rate cuts in good time to anyone.
The banking system is at fault, not the media, yes they eport the doom and gloom, but that's their job...
crazypav said:
What the blazes has the media got to do with any of this???
All they are doing is reporting the failings of the banking system by fat cats who have gambled OUR money away for their own ends and then lost everything an gone whining to the government for a bail out...which they have done, and still the banks say they need more to pay the bonuses for the share holders.
IMO, tuff, no money equals NO bonuses for ANYONE.
The banks have taken from the government with one hand and still take from their customers with the other hand,by not passing on the rate cuts in good time to anyone.
The banking system is at fault, not the media, yes they eport the doom and gloom, but that's their job...
All they are doing is reporting the failings of the banking system by fat cats who have gambled OUR money away for their own ends and then lost everything an gone whining to the government for a bail out...which they have done, and still the banks say they need more to pay the bonuses for the share holders.
IMO, tuff, no money equals NO bonuses for ANYONE.
The banks have taken from the government with one hand and still take from their customers with the other hand,by not passing on the rate cuts in good time to anyone.
The banking system is at fault, not the media, yes they eport the doom and gloom, but that's their job...
Hmmmm - that's about as "informed" as some of the cack the media puts out.
You berate the banks for lending too much and needing a bail out - and then you berate them because now they won't lend. Maybe they are being a bit over cautious in some cases now but ffs do you just want them to repeat what they did for the last 3 or 4 years ????? Yes the system is not working right but you can't criticise them for being cautious. If they were certain they could lend and make money from it they would all be doing so wouldn't they? But they aren't (on both counts).
If you were a bank shareholder in the last 5 years you'd have gone potty if said bank had said they were going to swim against the tide and tighten up lending & not compete in the open market like every other bank (and therefore forgo the returns everone else was making).
You'd have demanded the CEO be lynched. Similarly if you had pension investments you'd have been very upset if your pension fund had missed out on the property boom or the good returns being made from banks shares......
The individual banks had not much option but to follow the market and follow the herd. Any that didn't would have been doing a pretty good impression of king Canute. The only one that didn't was probably HSBC and they were big enough to do what they did and have come out of this very well indeed. Hats off to them.
If you want someone to blame
Blame the bloke who said all the banks were just brilliant and a shining example of what was Great about Britain not 18 months ago.
Blame the bloke who took the responsibility for regulating the banks off the BoE & gave it to the ineffective FSA thereby letting the market for financial services run riot in a way that left the operators no option but to follow the herd or get killed in the rush.
Blame the bloke who persuaded the masses that a property boom, mass borrowing & mass consumption was all perfectly OK & situation normal and would never end.
Blame the bloke that said he'd abolished boom and bust
Blame the bloke who took all the taxes and duties, spent the lot and borrowed more besides (see any similarities between that & what Jo taxpayer has been doing????) leaving nothing for a rainy day
Blame the bloke who has ratched up benefits to £165Bn a year & created a situation where we need to borrow over £100Bn a year now just to pay the bills.
Blame the bloke who sold the Gold for next to nothing
Blame the bloke who says lending should return to 2007 levels
Blame the bloke that runs the country who's nothing but a career politician with a gold plated pension who's been conducting a massive (failed) experiment in socialist and social "engineering" for the last 12 years having never had a real job in his life
The bloke who wouldn't know about the costs and pressure that "hard working families" have to endure because he doesn't have to and has never had to deal with it. Remember, up until 4 or 5 years ago (when he was already on over £100K a year) he was single with no kids. He's never run a car, he doesn't have a clue
Blame him (and his cronies) a lot.
....and then blame the real culprits - the idiots who can't see past the end of their noses, have not one iota of common sense between them and voted him into office in the first place.
Edited by Iain328 on Tuesday 2nd December 13:57
Iain328 said:
crazypav said:
What the blazes has the media got to do with any of this???
All they are doing is reporting the failings of the banking system by fat cats who have gambled OUR money away for their own ends and then lost everything an gone whining to the government for a bail out...which they have done, and still the banks say they need more to pay the bonuses for the share holders.
IMO, tuff, no money equals NO bonuses for ANYONE.
The banks have taken from the government with one hand and still take from their customers with the other hand,by not passing on the rate cuts in good time to anyone.
The banking system is at fault, not the media, yes they eport the doom and gloom, but that's their job...
All they are doing is reporting the failings of the banking system by fat cats who have gambled OUR money away for their own ends and then lost everything an gone whining to the government for a bail out...which they have done, and still the banks say they need more to pay the bonuses for the share holders.
IMO, tuff, no money equals NO bonuses for ANYONE.
The banks have taken from the government with one hand and still take from their customers with the other hand,by not passing on the rate cuts in good time to anyone.
The banking system is at fault, not the media, yes they eport the doom and gloom, but that's their job...
Hmmmm - that's about as "informed" as some of the cack the media puts out.
You berate the banks for lending too much and needing a bail out - and then you berate them because now they won't lend. Maybe they are being a bit over cautious in some cases now but ffs do you just want them to repeat what they did for the last 3 or 4 years ????? Yes the system is not working right but you can;t criticise them for being cautious. If they were certain they could do so and make monet from it they would all be doing so wouldn;t they? But they aren't (on both counts).
If you were a bank shareholder in the last 5 years you'd have gone potty if said bank had said they were going to swim against the tide and tighten up lending & not compete in the open market like every other bank (and therefore forgo the returns everone else was making).
You'd have demanded the CEO be lynched. Similarly if you had pension investments you'd have been very upset if your pension fund had missed out on the property boom or the good returns being made from banks shares......
The individual banks had not much option but to follow the market and follow the herd. Any that didn't would have been doing a pretty good impression of king Canute. The only one that didn't was probably HSBC and they were big enough to do what they did and have come out of this very well indeed. Hats off to them.
If you want someone to blame
Blame the bloke who said all the banks were just brilliant and a shining example of what was Great about Britain not 18 months ago.
Blame the bloke who took the responsibility for regulating the banks off the BoE & gave it to the ineffective FSA thereby letting the market for financial services run riot in a way that left the operators no option but to follow the herd or get killed in the rush.
Blame the bloke who persuaded the masses that a property boom, mass borrowing & mass consumption was all perfectly OK & situation normal and would never end.
Blame the bloke that said he'd abolished boom and bust
Blame the bloke who took all the taxes and duties, spent the lot and borrowed more besides (see any similarities between that & what Jo taxpayer has been doing????) leaving nothing for a rainy day
Blame the bloke who has ratched up benefits to £165Bn a year & created a situation where we need to borrow over £100Bn a year now just to pay the bills.
Blame the bloke who sold the Gold for next to nothing
Blame the bloke that runs the country who's nothing but a career politician with a gold plated pension who's been conducting a massive (failed) experiment in socialist and social "engineering" for the last 12 years having never had a real job in his life
Who wouldn't know about the costs and pressure that "hard working families" have to endure because he doesn't have to and has never had to deal with it. Remember, up until 4 or 5 years ago (when he was already on over £100K a year) he was single with no kids. He's never run a car, he doesn't have a clue
Blame him (and his cronies) a lot.
....and then blame the real culprits - the idiots who can't see past the end of their noses, have not one iota of common sense and voted him into office in the first place.
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