Monday, July 9, 2012

(Opinion) Who Would Be A High Street Bank?

Who, in their right mind, would really want to part of a high street Bank with Banks ranking in the top five on the shit list of Politicians, taxpayers, mortgage payers, investors and even other banks! Now, lets not act that such notoriety hasn't been earned.

Banks are responsible for the current economic malaise many find themselves in made up of low income and and sky high debt, Joblessness and an overall lack of credit in the economy starving fledgling business the capital required for expansion just because bankers got bored of taking care of money and wanted make it.The Libor scandal currently dominating the newspapers is another addition in a long line of instances indicating stringent reform of the financial system is required, starting with  smashing the concept of too big fail to pieces and putting the more sensible edict too big to exist in its place. 

Its a shock banks still have customers with the horrid numbers reported by YouGov as 82% of the British public think the banks have not improved (since the 2007-2009 crisis) , two thirds not trusting high street banks outright and a majority think banks are dishonest and incompetent.Imagine if any other business had these kind of numbers they'll be out of business faster than you can say liquidation. 

The only reason banks probably still have business is because of  the lack of choice between them due two decades of constant acquisitions and mergers between banks and a knowledge of how important they rare to people and the economy as a whole.

In sum Banks maybe hated by everybody, but that's only because they screwed everybody and paid themselves royally for the pleasure. 

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