Peston pleads innocence...

tara747

I'm sorry but the media did not 'talk us into recession'. The bankers and governments and regulators created this mess, please stop blaming the media.

gozomark

100% agree

pollypenny

Every time I hear Robert Peston's voice my heart sinks ( as does the pound?)

He it not cause the problems, but he is a real harbinger of doom! He talks ups difficulties.

1jim

pollypenny wrote: »

Every time I hear Robert Peston's voice my heart sinks ( as does the pound?)

He it not cause the problems, but he is a real harbinger of doom! He talks ups difficulties.

But only because there are difficulties to talk up,
IMHO it is his job to tell me if there are difficulties in the banking system so that I can make decisions of my own, I have never had a NR account so this did not directly affect me but I would have been able to make a decision to move money if this was needed. Can you imagine the uproar if NR had gone bust, had not been nationalised and he reported (after the event) that he knew this was gonna happen but didnt tell anyone for fear of everyone getting their money out before it happened

Its the bankers job to bank, the reporters job to report events (yes its sensational but in fairness how else do you report that a bank is on the verge of going bust). I dont think he did anything wrong..just like I dont think Martin did anything wrong (remember the flak he took on here a few months ago...I think it was over the icelandic banks)

Count_Dante

Two points:
1) The big run on NR had occurred before the queues formed outside the branches, by institutions withdrawing their money silently.
2) We are not served by the notion that it is better to stick ones fingers in ones ears and say 'la la la I'm not listening' when it comes to matters of economics, let alone anything else.

savetilibleed

Myrmidon_J wrote: »

See: http://news.bbc.co.uk/1/hi/uk_politics/7870240.stm

I didn't realise that Peston had been hauled before the Treasury select committee... About bloody time, though. The media has acted irresponsibly and it should accept some responsibility for the fear and hysteria that has swept the nation in this recession.

Thoughts?

I watched a repeat of much of the original broadcast yesterday evening. The Chairman asked for closing comments from each of the jounalists invited in. The one that in some ways make most sense, though goodness knows what would have happened to people's money, was of Simon Jenkins who said that the money poured into the banks would have been better spent providing investment for British business. Goodness knows British business and industry needs all the support it can get to try to stay competitive (alive even) in the world.

sh856531

The bankers and governments and regulators created this mess, please stop blaming the media.

And there was me thinking it was people borrowing far more than they could hope to pay back that was the problem

Stupid banks and government - not stopping me from being a !!!!!!! What were they thinking!

:-)

sabretoothtigger

Currency has no fixed value, you cannot expect consumers to value it correctly

This problem was mostly government and regulator determined in its origins, they didnt just encourage the market they got it 'drunk' by artificial government bias to supply and demand then regulated it not at all as if it were still a free market

sh856531

This problem was mostly government and regulator determined in its origins, they didnt just encourage the market they got it 'drunk' by artificial government bias to supply and demand then regulated it not at all as if it were still a free market

Hi sabre,

I don't disagree that the regulators made a collossal !!!! up in not regulating to prevent what happened.

But I also believe strongly in free will and individual responsibility, so it annoys and depresses me no end that we have to rely on governments, regulators and even banks to force us to act responsibly.

Although I am annoyed at the government to a certain extent, I am far more annoyed at the people who borrowed and lent the money not the people who prevented them from doing so.

At the end of the day my view is that people need to take responsibilty for their own greed and f"£klessness and not constantly try and shift the blame onto others. There's plenty to blame to go around but most of it should be directed at individuals and banks - not the government.

The current government has a huge number of faults and failings but I don't hold it ultimately responsible for the crass stupidity and selfishness of individuals

I guess whether you agree with that view comes down to how you view individual responsibility and the role of government in peoples lives...

Best Regards

S

ChuckCash

briskly wrote: »

Frankly, if I had to decide whether to draw money out of a bank at the slightest whiff of trouble or wait up to 4-5 months for the FSCS to get into gear (probaly much longer for a really big bank) I would go for the former!

Totally agree with you. I view the FSCS as a last resort. If there is reasonable cause to suspect a bank is in severe trouble (relative to the rest), then i'd rather move out my savings as a precaution, rather than go through the claims process with the risk of delays, unforseen issues and so on.

Unfortunately this line of thinking makes runs on banks more likely, so what's the solution? Less sensationalist reporting? for sure. More opacity? hope not. Bigger mattress? Definitely.