BigonaBianchi said:
I find him VERY irritating, almost patronizing...the rest of the BOAB family turn green and vomit when he appears on the news.
Joking or not, that's pretty close to my reaction to Peston, IMHO he's getting some sort of high from all the doom and gloom.
I'd also disagree with the idea that people didn't know what was happening or voice concerns. I've worked in finance for 20+ years and the last 10 have included numerous conversations about how 'bad' things would be when it all went pear shaped. No crystal ball, most of us thought it would happen when the .com bubble burst. We just couldn't believe the values being placed on companies that had no track record, no revenue stream and sweet F.A. in the way of orders or pipeline. There was also genuine surprise at just how far the markets inflated before the pin was stuck in. Can't claim to have known about the sub-prime aspect but there was always going to be a 'straw' for the camels back. 2 years ago a colleague of mine was expecting their second child with his wife. They owned a small flat but couldn't afford to upgrade to the size of accomodation they needed. He took the option to sell his flat, store the capital, rent, and then buy something bigger when the market slumped. He's currently looking at the housing market but is a little hampered as, even with his prudent actions, his capital investments took a bit of a hammering. Though he's working well at moving it around and repiaring the damage.
Some folks seem to think big commerce is run by sensible, innovative, folks who listen to sound financial advice. My experience is rather one of a bunch of gungho, yahoos, who can make staggering personal fortunes based on short term share price gains. The one truly impressive aspect they all have in common is the size of their egos. When you actually look at some of the gains in companies values you often find just a series of acquisitions. They have not 'grown' the company and often the only real growth has been in the size of debt, neatly concealed in the balance sheet.
Sorry, Friday night, just finished my year end and been ill this week so cycling has been curtailed
