What is YOUR definition of Credit Crunch?

[DimPrawn]

It's when banks create money from nothing by lending and then selling the debt onwards in structured products to other banks and ratings agencies are in on it as well, giving such piles of poop AAA ratings and the whole process is repeated until every bank in the world is effectively bankrupt on paper and then the government steps in a settles all the bills with taxpayers money, so the winners are the bankers with their billion £ bonuses and the taxpayer is the loser bailing out the banks for no reason other than the whole process can start again.

HTH

[NoddY]

It's when banks create money from nothing by lending and then selling the debt onwards in structured products to other banks and ratings agencies are in on it as well, giving such piles of poop AAA ratings and the whole process is repeated until every bank in the world is effectively bankrupt on paper and then the government steps in a settles all the bills with taxpayers money, so the winners are the bankers with their billion £ bonuses and the taxpayer is the loser bailing out the banks for no reason other than the whole process can start again.

HTH

This is an excellent synopsis.

[milanbenes]

seconded


Milan.

[bobhope]

You forgot to mention about the banks "doing things that in most industries, would land you in jail for a significant period of time"

[Sockpuppet]

No bench for me though

Neither for me and I still get contractor rates. Boomed.

HTH.

[Bagpuss]

The credit crunch is defined as the time when the West first became the East's Biatch

HTH

[Clippy]

It's when banks create money from nothing by lending and then selling the debt onwards in structured products to other banks and ratings agencies are in on it as well, giving such piles of poop AAA ratings and the whole process is repeated until every bank in the world is effectively bankrupt on paper and then the government steps in a settles all the bills with taxpayers money, so the winners are the bankers with their billion £ bonuses and the taxpayer is the loser bailing out the banks for no reason other than the whole process can start again.

HTH

This is an excellent synopsis.

Agreed. When's the movie out? Who'll play the 'evil' banker? Alan Rickman?

[The Master]

Agreed. When's the movie out? Who'll play the 'evil' banker? Alan Rickman?

I'm diversifying.

[The Master]

A Good and Perceptive move, Oh Evil One...

You're much better than Alan Rickman anyway...

Too right. He's a mere amateur in the evil genius stakes.