"Hello I’m your bank manager.
I haven’t seen you since the
nineties when I shut the branch
and told you to talk to the ATM
Let me tell you what I’ve been
doing since then.
I’ve taken your money and
invested it in some house
scheme in America I didn’t really
The result is that my bank has
lost most of its capital.
So now I need more of your
I promise you it’ll be really safe.
And I guarantee I’ll invest it really
Banks have a credibility problem
and it isn’t going away any time
After this one, the world’s savers may never trust a bank
Recessions act as a broom, brushing out the old and
making space for new ideas in the world.
Nothing returns to normal afterwards.
And the biggest mistake most companies make is not
in failing to cut costs fast enough.
It is to assume that after the recession, it’s going to be
business as usual."