London - The Finance Capital

What’s the difference between a recession and a depression?  A recession is when your friend loses his or hers job due to cutbacks at work and a depression is when you lose your job. This recession is a national and a global affair it has no boundaries as it affects the rich, the white collar workers, the skilled and unskilled workers. No one can say they have not been affected by its effects.  

During previous recessions we heard that people involved in the manufacturing and the service industries were losing their jobs.  Now we hear of people involved in the finance industry losing their jobs including the CEO from the Royal Bank of Scotland and the Halifax Bank. These captains of the Banking industry are partly responsible for the predicament we now face caused through their mismanagement.

Disgraced banker Sir Fred Goodwin

In the case of the disgraced banker Sir Fred Goodwin or “Fred the Shred” he has walked away with a pension of £690,000 a year and today we are told he is able to draw down £3million from his pension pot. Gordon Brown, can be heard shouting that he alone will stop Freddie receiving his pension. This saga is ongoing and any attempt by the Prime Minister to stop this pension being paid will fall foul of his governments’ precious human rights legislation.

Where is the justice! It’s wrong that these people should be rewarded for gross failure. For the part that these bankers played in the banking crisis they should have gone to jail.  They probably have not realised that we are living in their recession and they certainly won’t be suffering from depression. Let’s not get depressed about the injustice of these men as we start sorting out their financial mess and get the banks to start lending responsibly again.

Need to be publicly dishonoured

The title of Sir was bestowed on him by the Queen to acknowledge him as a Knight of the realm for services to the banking industry. Sir Fred Goodwin should now be stripped of his title for his gross failure to manage the Royal Bank of Scotland one of the biggest banking firms in the world.

Your thoughts, experiences and comments are welcome. You can join this discussion below and leave your thoughts and experiences.

Related posts:

1. Are we in the Worst Financial mess seen in 100 years?
2. The more the Government spends the shorter the recession – Money Expert
3. Economics is all about free market forces
4. Confidence is the key to recovery from this recession
5. Homeowners are faced with a dysfunctional mortgage market

Tags: Bank of Scotland, banking industry, biggest banking firms, disgraced banker sir, human rights legislation, Recession, rewarding failure where is the justice, Royal Bank of Scotland, sir fred goodwin, suffering from depression

This entry was posted on March 17, 2009 at 4:21 pm and is filed under Advice and Information, Credit Crunch, Mortgage Market, Recession. You can follow any responses to this entry through the RSS 2.0 feed.