The market, as we're all painfully aware in the aftermath of the banking crisis, can be an idiot. It has no perception of right or wrong, or even sensible or insane. It sees profit.
Sentiment: NEGATIVE
Today the financial market is no good, but the money is there.
The thing that makes reading and writing suspect in the eyes of the market economy is that it's not corrupted.
Remember that all financial markets are filled with good but not necessarily innocent people looking after their own self-interests before they look after yours.
I think the market should reward banks that have been transparent in recognising their problems. I think the tendency of banks to hide the problem assets over a period of three or four years should not be allowed.
It's mostly the financial chicanery that's going on. People are saying 'What kind of trust can we put in this market?'
The only reason investors haven't run screaming from an obviously corrupt financial marketplace is because the government has gone to such extraordinary lengths to sell the narrative that the problems of 2008 have been fixed.
For us, whether the market is skewed from a bubble perspective or not really is mitigated by staying focused on what we do best.
We do recognise that there are areas where the current financial services market, the banking market, just isn't working for chunks of the British economy.
If the markets had behaved badly, that would obviously add to people's sense of alarm... but there has been a lot of reassurance coming, particularly in the way the Brits handled all this. There seems to be no great fear that something like that is going to happen here.
What we need to understand is, one, that there are market failures; and two, that there are things like asset bubbles and irrational exuberance. There are periods of booms, bubbles, and manias. These things, if left to themselves, can lead to crashes, to busts, to panics.
No opposing quotes found.