Nobody ever bothers to deny something that is plainly impossible. So when CEOs of a major bank deny something, the blog always worries. The ‘Interesting quote’ series began in August 2007, when the blog noted Chuck Prince (then CEO of Citgroup) as saying: ‘We see a lot of people on the Street who are scared. […]
Chemicals and the Economy
The zeitgeist changes
The German word ‘Zeitgeist’ describes ‘the ethos or mood’ of a select group of people. And the financial zeitgeist is clearly changing. Back in August, I marvelled at the contradictory views then being expressed: ‘We see a lot of people on the Street who are scared. We are not scared. We are not panicked. We […]
Subprime claims its first casualties
Back at the end of August, I suggested that we had only reached the end of Phase1 of the credit crunch. I feared that it had the potential to get much worse, and to damage the ‘real economy’ where all of us in the chemical industry live and work. This was definitely a minority view […]
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