Blog: Live and let die

  • Story by: Hal Austin
  • Magazine: FinancialAdviser
  • Published Thursday , October 02, 2008

The dark clouds hanging over western financial services have led to a cascade of doom and gloom from a number of people who have set themselves up as Cassandras, including those who ought to know better.

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But a few of these popular myths these doom-mongers are spreading need to be dispelled: first, there is no going back to a model of banking which was the order of the day when granny and grand-dad were toddlers.

The days when banks and building societies took in deposits, giving the saver a very low interest rate, then offer that money on 25-year contract at much more generous rates, creaming off the difference as profits are long gone.

Second, we are not even going to return to the 1960s or 70s when mumsy and pappa were growing up; come to it, we are not even going to return to the 1990s.

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