Tuesday, 3 March 2009

Running a tab

I was just watching the head of GM/Opel on television saying that unless $7 billion is put into the company very quickly about 300,000 jobs were at risk. So I guess that will just be added to the tab we're running.
Sometimes it's good to reduce things to their simplest. Imagine for one moment that you are sitting in a good restaurant in New York or London and that you have given them your credit card with instructions to put your meals and drinks as well as those of your companion on the tab, as you're not sure exactly how much you intend to consume.
Then imagine that all of the high rollers from all of the biggest banks in the neighborhood show up and start charging all of the most expensive food items on the menu and the best champagne of the house on to your card as well.
That's what's been happening for the last several years and the big difference is that there's no walking away from the credit card bill when it finally arrives. This bill is going to have to be paid and if not by you then by your children and then their children etc.

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