Are you sick of the credit crunch? It seems you can’t switch on the radio, turn on the TV or pick up newspaper without consuming the doom and gloom of the global financial crisis.
Yes it maybe the biggest story of the moment and naturally there is a requirement to report the facts but is anyone else getting slightly crunched out? Everyday there are new facts and figures referencing different records, with some relating back to the Wall Street Crash in 1929.
I am no business or financial expert but from reading the daily reports of families raiding savings, rising energy costs, falling house prices and the increasing numbers of job losses, I can’t help but feel we are living in a world were we cannot escape from bad news. These reports do nothing to improve the situation and just seem to add to peoples misery.
The Northern Rock crisis which now appears to have done a 360 with customers rushing to put their money back in, and the HBOS deal both seem to have helped stabilised the situation to some extent but the bigger issue seems to rest with America. I’m not disputing we are living in economic crisis brought on by superfluous amounts of borrowing, but surely those that are choosing between heating and eating are struggling enough without being faced with the misery of the reality of the difficult times we are riding at the moment.
Thankfully with reports that the US Senate has approved a new version of the $700bn (£380bn) rescue plan there is cause for celebration but is it enough to quash those who continue to speculate a world wide recession? Only time will tell, but I think with so much speculation amongst senior figures we all need to rally together and pay it forward to help ease the storm.
All this news seems odd when for months people have been saying the crisis is not as bad as it is being portrayed by the media. What is the reality?
If we really are living through an economic horror movie longer that the English Patient – are we heading for a long and dark recession? I guess that is a question for the experts. What I will say is that from my observations on the high street there doesnt seem to have a significant slowdown in consumer spending but with spiralling living costs, and loss of confidence in the financial sector perhaps the worst is yet to come.
All I will say is that I wish for one day we could have a break, no news is good news but if we are to survive the next 18 months or so – we are going to need some degree of positivity, whilst I respect the necessity to follow the developments of the economic meltdown there will come a point when the public will be crunched out and unable to escape the crunch – and that is something which could have greater effects than the simple specifics of the crunch itself.