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Posted -
19 November 2008
Legacy Wealth were up on running on the 4th July 2008 and since then it is not an understatement to say the world of banking and investments has changed out of all recognition - rules are having to be written and re-written at a frightening pace.
Commentary on financial issues is a tricky business at the best of times, so where do we start? Let's Look at the efforts of Robert Peston, the BBC's Businesses Correspondent who has been so keen to get financial scoops that he has now been turned into a comic figure - the brunt of Bremner, Bird and Fortune's humour.
The markets at the moment are indeed a volatile place to be, but for the vast majority of investors, best advice is usually to ride out the storm and await the "R"ecovery - the R word that has largely been avoided. Doom and Gloom are indeed the new black - after all bad news sells newspapers!
It is hard to remember a time when we were faced with such bad news - the tech bubble bursting when private investors lost 80% in a matter of months seems like a walk in the park compared to the catastrophic meltdown in financial markets. Back then shirts were lost of a few peoples backs' but the real economy still powered on.
Gordon Brown has crashed the ship but it wasn't his fault - some dodgy American financial engineering was to blame and the guys running the navigation systems were all too busy drinking expensive champagne to notice. The navigators, or bankers as we like to call them, have had their wrists slapped and one or two even lost their jobs. The health and safety guys, or the regulators, aren't happy either but as the captain of the ship, GB is their boss, they don't want to say too much either. The blame game will continue unabated until the recovery is well under way - that will take some time and by that stage GB may be history. David Cameron and co wait in hope and irritatingly are currently adopting the strategy of "Change" that served President elect Obama so well - originality in politics, no shock there!