Rescued this from my old blog site. Originally written October 2008.
Credit Crunch
According to what seems like an endless parade of spokesmen it's "business as usual" for all the many banks and finance houses effected by the on going credit crunch on the Island. Several have had their UK owners forced into mergers as specualtion about their ability to survive has driven down the share price to such a point that the company appears worthless. This must have an effect. If I saw on the TV news or read in a paper that the place I kept my nest egg was about to go down the swanny, I'd be there sharpish to get my money out and find somewhere better or safer at least. But perhaps some of these places are used to long lines of customers closing their accounts and questioning the basic financial soundness of the company that it just is "business as usual". Its not. There will eventually be a shakedown; places will close, jobs will be lost and those greedy so and sos who started it all will walk away with large payoffs while the staff who work to keep a roof over their heads and feed the family will be ones who suffer.
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