The financial crisis explained
As explained by a ‘banker’ – thanks to The Now Show (18/12 again);
“In laymans terms it works like this; if you get yourself into financial difficulty, say you fail to manage your own finances properly and are incompetent enough to get yourself into enormous debt, with absolutely no hope of paying it back – the bank takes your money.
If on the other hand your bank fails to manage it’s finances properly, is incompetent enough to get itself into enormous debt with absolutely no hope of paying it back – the bank takes your money.
It’s really very simple”
Which also reminds me of The Two John’s, explaining the financial crisis {watch with some irony for the Google ad’s for GE Money, Kiwibank etc.. – hmm, someone didn’t think about what to exclude from the key words};
Related posts:
- New Zealand Banks and the Economic Crisis.
- What’s the effect of the global financial mess?
- Why are Credit Cards still charging such high interest rates in New Zealand?
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