01 10 2017 20:10 | #1 /brokencapitalism
Analysing the data it seems that wealthier people gambling on the housing market (with each other always on the other side) were pumping money into second homes / buy to let with the intention of simply selling again (or "flipping") a couple years later making a huge profit. Better than savings rates and "safe" since they all thought house prices never go down.
Whichever way you look at it though, it is essentially a pyramid scheme. And the hilarious thing is - we bailed it out the only way you can without things utterly collapsing ... using a bigger pyramid scheme.
HSBC (who I have used for business for 1/hsbc years, and longer personally) have become more and more de-personalised over the last few years. I no longer even know if I have a bank manager, let alone what their name might be - and my businesses channel a not inconsequential amount of money through them annually (that sounded awful - sorry, I don't mean look at how much money we have - more give you understanding that we're not just talking about a few 1/hsbc,/hsbc/hsbc/hsbcs here).
They won't lend. Ever. Despite growing at a reasonable pace over the years, and having a fantastic credit history and strong invoices going forward they have NEVER wanted to help my wonderful, small / medium tech business. Anecdotally from friends, that is not reflective of us. They simply do not give a shit about small / medium businesses. Or tech. PERIOD.