On the lobbox of the credit crunch

The latest lobbox from the BBC:
(http://news.bbc.co.uk/2/hi/business/7169389.stm)

“banks less willing to lend because of the higher cost and reduced availability of credit.”

Tosh! Credit is limitless. It’s not physical where is the finite reserve of it. Credit is pulled out of the hat whenever people take out loans. The Interest made on it depends on credit. That’s the ultra exploitative usury system they created.

“Both secured and unsecured household lending have fallen “due to lenders reducing their risk appetite”, the Bank said.”

So it’s wrong to say debt has never been higher? Ans when was the last time you considered your ‘risk appetite’. What lobbox by the anonymous BBC journo.

“…’expected changes in the cost and availability of funds, would point to lower credit supply’.  The Bank last cut rates at the start of December, reducing them to 5.5% from 5.75%.”

So by cutting rates people arn’t going to take out more loans wich incidently isn’t available. I am reminded of the time when after yet another talentless performance, a certain Johnny Rotten asked the crowd”Ever get the feeling you’ve been cheated?

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