The Bickerstaffe Record

Being Labour, The world beyond West Lancashire

The Challenge that faces us: anger management

07.27.09 | 1 Comment

When you see racist, homophobic viscious, hate-filled, fact-free stuff like this in what passes for a national daily paper, and then see the comments that follow, it can be difficult not to despair. (ht: Neil).

So much bitterness, so much anger.  All so misdirected. 

What we need is a new focus for anger.  I’ll come to that in my next post, but here’s a clue, as well as understatement of the century so far:

‘For its part, Standard & Poor’s Ratings Services (S&P) is reflecting on what more should be done in the future.
It is clear that a number of the assumptions credit rating agencies used between 2005–2007 in rating structured finance bonds backed by subprime mortgages have not held up.

One unforeseen development was the extreme nationwide collapse in the U.S. housing market. Rating agencies and others, including banks, insurance companies, regulators, and policymakers, did not anticipate the full extent of what has become a global recession, fuelled by the implosion of the unregulated derivatives market, loose monetary policy, excessive liquidity, and record levels of institutional and personal debt.’



1 Comment

have your say

Add your comment below, or trackback from your own site. Subscribe to these comments.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>