This morning I was greeted with the lack of bank lending and the 200 Fresh Price cuts in Superquinn on the front page of the Irish Times.
What I hear you say has price cuts in Superquinn and bank lending got in common apart from being on the front page of the Irish Times? Well let me explain.
So the bank lending that our TV and Radio advertisements says is happening all of the time is in fact not happening at all. In fact our lending levels are that of Greece, the country who our esteemed leaders keep telling us we are not like. Well, being at the coal face of the debt and lending crisis I can confirm what we all know it is no surprise to find out that lending is nonexistent.
What the Central Bank report on lending does is confirm to our elite leaders what every ordinary person already knows the “banks are closed for lending”. What they say in their fancy ads is not true and what our leaders have been trying to spin to the ordinary people is also that …. spin!
Even more worrying is that almost 30% of those who do apply for a loan do not get it. This is so worrying because they would not have even applied if they were not “sure” of getting approved. Added to this we are not told how much of the approved lending is restructuring of existing lending which is not new lending at all. Based on my coal face knowledge I would say the restructuring lending is in excess of 90%.
This Central Bank report confirms something much wider than simple lending figures or lack thereof. What it is confirming is that the €63b put into the banks to fix the banking system and get banks lending again had been wasted! Also the 1% loans which the ECB gave to banks in November 2011 and again in February 2012 are not being used to lend to the local economy but being used to buy high yielding government bonds increasing the banks profits but destroying the economy. Our Professional and Political elites scam the ordinary guy once again.
Now getting on to Superquinn. So a big “200 Fresh Price Cuts” campaign is on. I enter my local Superquinn this morning to be greeted by a young girl telling me of the great promotion. Then right inside the door a variety of fresh bread is there with the “200 Fresh Price Cuts” stickers all over them. I go to get the one I usually get and guess what ……. the price has gone from €1.50 to €1.99!!! Do they think (like the bankers thing) that we are stupid?? Maybe now they will understand why Superquinn is lagging behind in their market. This is just another outrage which the ordinary person has to put up with. I just hope someday soon people will cry Enough is Enough!
So fancy ads on Radio, TV and newspapers and just that … Fanciful.