Broken Capitalism /brokencapitalism 01 Oct 2017
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 10 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 10,000s 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.