Thursday, 29 January 2009

A German Speaks Out

Helmut Schmidt: blames Americans and British for global recession. Photograph: Boris Roessler/EPA

"What we're dealing with, above all in New York and London, is a combination of high intelligence mixed with mathematical gifts, extreme selfishness and self-enrichment with an absence of sufficient power of judgment and sense of responsibility. You can name this disease:unconstrained greed."

"At the same time, we've seen, however, a nonchalant ignorance among governments and official bodies, an unprecedented negligence on the part of the entire political class which recklessly relied onthe self-healing power of financial markets instead of intervening at the right time. That holds above all for the USA and Great Britain."


electro-kevin said...

Correct. A failure in regulation is at the root of it all.

Blaming bankers diverts the blame from the politicians who caused it all.

Old Holborn said...


The fact that Politicians left all the doors and windows open doesn't mean the burglars get away scot free.

Odin's Raven said...

As the joke says; when your neighbour loses his job- you're in a recession. When you lose your job- you're in a depression. When Brown and his supporters lose their jobs - recovery begins.

Sue said...

Wise people the Germans and they brew good beer!

Achtung spitfire said...

I can speak fluent German, I learnt it many years ago from the 'Victor'.

This squarehead Hun speaks wise words that us Tommy's would do well to heed. The game is up snotgobbler Hande Hoch.

Arseholes said...

The politicians, regulators and bankers knew exactly what was going on. They just wanted the good times to go on for ever. They loved the tax revenue, the long dinners and bonuses.

For that they are all guilty of fucking the country up.

I think this is called treason.

Anonymous said...

Yes, yes, it was the fault of the US and UK!

Nothing to do with Brussels or Europe then. Nice one Helmut.

Schmidt was on the left side of the SDP - he has the inside track to do the deal on the gas pipeline with Brezhnev's USSR 'government', so he is not a person to blame the socialists of Brussels for anything.

Remember - he got the push, actually lost a vote of confidence, and the more centrist Kohl was elected (Christian Democrats).

Lest we forget - these people are not necessarily democrats through and through.


Anonymous said...

FWIW, I'm a banker. We were warning both the banks and the government (via the FSA) three ytears ago that there was, not to put too fine a point on it, a "shit storm" coming.

Did anyone pay attention? Did they fcuk.

Anonymous said...

Old Holborn said...

The fact that Politicians left all the doors and windows open doesn't mean the burglars get away scot free.

29 January 2009 18:46

They will, OH, they will. And you know it.

Unless the inevitable happens in double quick time?

Old Holborn said...


Ich spreche auch fliessend Deutsch

Anonymous said...

Not a single mention of Nazism, well done! In our haste to blame others let's not forget that millions of ordinary people here and in the US thought that borrowing money to speculate on housing was a one way bet,£200K for aourge sink estate three bed semi, wonderful investment eh?

Fucking greedy muppets.

Earthlet Nigel said...

der eenzige hier biste ja janit

Berliner dialekt

Achung spitfire said...

Mein Gott, call that fluent OH? You don't know nothing unless you've had a jerry 109 follow you back to Blighty through a minen field.

Anonymous said...

Yes that's what the nazis said. Sooner or later gents you'll have to recognize that Germans are Nazis: nationalist (proud of their ways) socialists (convinced the anglo-saxon 'liberal model' ie freedom, is self-defeating). Wake up dickheads. It's not hidden.

Dave H said...

fliessendes Deutsch.

Chalcedon said...

'Ang on! A failure of regulation? Mr Clinton initiated legislation which Bush was also party to, which mandated Freddie and Fannie to lend lots of money to chaps who could not afford to pay a mortgare to buy a little house. In other words making wild gambles with money and not being able to say no was enshrined in law. It then goes tits up and the other madness is suddenly uncovered.

He has a point, but it wasn't just lack of robust regulation, it was buying votes that started it.

Chalcedon said...

FFS. That was 'mortgage'. Lysdexia lures, KO.

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