Credit Crunch Meeting

A meeting between our Prime Minister Gordon Brown, Chancellor Alistair Darling and the United States Treasury Secretary Hank Paulson has taken place to discuss the ‘credit crunching’ effects on global markets.  

As Northern Rock’s share prices fell by 31 per cent and yo-yo’d back and forth dependent upon government funding and then takeover speculation and then Victoria mortgages also announcing that it has gone into Administration, Mr Brown has confirmed that there is growing turmoil in the financial markets.  

However he has reassured us that the economy is stable.  It has been suggested that in the future, international action is needed to make sure that we reduce the risk of this happening again.  

Our view

This government has been criticised for presiding over a huge amount of debt without showing an awareness of the risks involved.  We suggest that we are all to blame, lenders, banks, insurers, advisers and most of all the greedy general public.   We wanted more, we got more and now some of us will pay the penalty.  

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