Credit crunch, a hit or a myth

I was standing at a bar talking to a local journalist when he was verbally attacked by a fellow “resident” of the bar. It appears, in this man’s small mind, that journalists are all to blame for the credit crunch, if they had not made a big song and dance about it, it would never have happened. Sorry but it would have done, every 10 – 15 years we all become so complacent with our lot and then suddenly it all blows up in our face.

 

I took a step back and listened to my friends attempt to talk his way out of this but I think a more physical approach might have been better.

 

Now, in my opinion, a journalist reports the news to make the general public aware of what is happening in the World, or gives their opinion of what should be done to combat any current problem. What you do with this information is entirely you choice.

 

I have read reports of a downturn in shopping, stores closing, houses being repossessed and jobs being lost because of the credit crunch. But would these jobs have been lost anyway, companies do not make these decisions overnight, house prices were incredibly high and only had one direction to go. As for Woolworths and MFI, you do not suddenly magic 380 million pounds worth of debt and I honestly thought MFI had crashed years ago. Maybe the media are hyping it up or the companies are using it as an excuse to hike prices or fire staff.

 

As far as I can see, the local shops are still full of customers, the trains are still full of commuters and there are still “Sold” boards appearing outside houses. Or do I need to get a new pair of glasses.

 

But the real irony of this story is that we were standing in a bar. The “resident” who was complaining about price rises and how he had to cut back on food and heating was spending all his money on getting himself very drunk.