panic time, page-22

If you had a job you would realize that short term gain was the way to get promoted and/or a bigger bonus and act accordingly. If you were in government you would realize its the way to win the next election. If you wanted to buy a house you would be aware what others were paying and have no choice but to cough up the asking price. If you want to win an election you hand out middle class welfare to all comers (middle class or not).

Otherwise you would be a still sitting on the bottom wrung of the corporate ladder, living in rented accommodation or sitting on the opposition benches - as the case may be.

The hypocrisy gets to me. Remember 18 months ago when the financial press routinely hooked into companies for having "lazy balance sheets". Now they love nothing better than to gloat over the demise of the excessively leverage as though they played no part in it themselves.