Sunday, 30 November 2008

Confession

It was a youthful habit that some said went to far. It did a lot for me but in the end I had to give it up and get my life straight. It got me through tough times but when things got better I didn't need the fix anymore. Now, things have got worse again I've taken up the habit once again. I know I'm weak. I know I'm letting down my friends and family. But it makes sense to me and I will need all your help to get through. Yes, I've started reading Will Hutton once again. There I've admitted it to myself and all of you. I hope you'll be there for me.

Actually, I'm rather enjoying reading Will Hutton. He's saying the sorts of things I need. Today he borrows an idea from the economist Robert Shiller to vary mortgage repayments in accordance with changes in income. This is the pure stuff. It really is. Amazing that not one of the brilliant creatives in our breathtakingly innovative financial markets thought up an idea such as that. They could protect their investment and keep people in their homes. That's way too clever. You see how I'm adopting a slightly sarcastic edge to my prose? This is one of the side effects....

But perhaps I should have become an occasional taker in social settings once I'd cracked the addiction. Maybe Will could have warned me of the trouble ahead if I'd only taken the time to scan the odd article? Perhaps in future I need to control my habit rather than going cold turkey once the LIBOR rate declines again and the world is fixed?

I have an even bigger confession. I dusted down my copy of The Great Crash by J.K.Galbraith last weekend too. I re-read it. Keynes is staring alluringly at me on the shelf. Don't worry friends, I have not yet felt the urge to pull down Das Capital. There will need to be hunger marches and civil unrest before I go there. For now Hutton, Galbraith, and Keynes will be enough. Just leave me be.

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