Here is a very novel thought I had. The strangest thing is I think there is some sense in it. You may well think I am absolutely barking – well maybe – but there is some truth in it. Let me explain…
Before you jump to hasty conclusions, I'm not bananas. I know that there are people being made redundant, companies going bust and we have the top financial "experts" in the banking system making losses in billions of pounds. I'm just trying to write an article which is does not suggest that we are all doomed and the whole world will revert back to the feudal system – apologies to leading tabloids.
There are some companies raking in millions due to the recession. Obviously, debt collection agencies are making big money. Financial advisers are sure to be raking it in. With me yet?
Oh! Who could forget our lovely bank chiefs; they still get their big bad bonus and a salary that would allow most of us to retire on our first day. The independent newspaper reported: "Shaun Springer, chief executive of Napier Scott, which specializes in recruiting senior bankers for posts in Europe, Africa and the Middle East, said bankers were attempting to rebalance their financial packages in favor of higher salaries. And he predicted that, over the next few years, city salaries could more than double to compensate investment bankers." See the a good part of the problem even gets paid!
Also I am sure that after the recession some companies will come out with an enlarged profit potential. If you think about it: if every car company apart from one go bust then the remaining one will have practically a100% market share. Hence that company will grow at a huge rate and turn over record profits. So after a recession we should see some winners.
Anyway, the British government owns about 60% of the major banks in Britain so should they suddenly become profitable they could be making the tax payers billions. I know it is all possibilities but the recession will not last forever, there is only so far we can go. The Banks will bounce back it will just take time - and no more "billion percent" mortgages.
So, there are at least some people making money – somewhere – in this global recession. See there is money to be made when money is scarce.
Connor Davidson 02/06/09
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