Although I have made brief reference, previously on twitter; I have not really spoken about my recent circumstances.
These circumstances are that; save for a few remote possibilities, I am due to be made redundant!
Not great news, hence my reluctance to be outwardly chatty about them.

So why change my habits now?

Well, it really comes down to the cause for my redundancy, the redundancy of many of my colleagues and the global economic recession in general.

It has been well documented that Mortgage problems in the USA began the economically recessive period of the last year, or so.
In my opinion there were many contributory causes:-

1. Normal people borrowing far too much and leaving with huge debt

2. Banks/lenders being too eager to loan to high risk candidates

3. Banks/financial institutions being too cavalier in their approach to investments

4. General apathy from governments towards the banks/financial institutions

5. Widespread greed throughout the banking/financial institution community

6. Failure by the banking/financial institution community, to recognise the escalating risk, before it became critical.

These are but a few of the many I could list.

We can not blame the banks entirely. Each person who relied too heavily on borrowed money (loans, credit cards, etc.) must take some cumulative responsibility!

I do not include Mortgages, as a mortgage is almost essential for the modern person/family to enable the ownership of property.
However, Mortgages should be tightly controlled so that an individual is unable to borrow any some, that they could reasonably be expected to repay!
This SHOULD all work nicely, though with the rocketing property prices of the last 25 years, the necessity to stretch further and further, has been increasing!

What is the reason for the rocketing property prices?
It comes back to the banks/financial institutions, again, in a roundabout way.
High bonuses for banking employees, has enabled many to invest in property.
As so many banking employees were looking to invest, the demand raised the achievable prices, vendors could demand for their properties.
Basically, pricing the average person out of the market!
In return the average person needed to borrow more to stand a chance of owning property.
How did they manage this? Apart from the lucky few, who were given nice raises; the remainder had to arrange to borrow more!
So who do they ask? The Banks!
The banks/financial institutions changed the criteria for mortgages, allowing in excess of 100% loans!
Allowing far longer durations for the mortgage term!
Often granting mortgages when it was near certain the lender would not be able to maintain repayments for the full term!
I believe that these loans were generally termed “Toxic Investments”, from the point of view of the banking/financial institutions.

So basically, the banking/financial institutions caused the Financial Crisis, which led to the Global Economic Recession!
This, I’m sure you are already aware of.

Now, onto the connection between this and my looming redundancy.-

I work in the construction industry, for a company that builds large complex building, with project values into the 100’s of millions of pounds.
Where a project of such value is financed it, more often than not, involves business loans of some kind.
The arm of the business, with which I work, specialises in building Data Centres.
Data Centres are large building dedicated to providing large scale, UPS protected, computer storage facilities.
These will be utilised by anyone who has a lot of data to store and protect.
The most common of these clients is the banks/financial institutions!
Following the collapse of one of the first of the big banking/financial institutions (Lehman Bros), ALL future planned works, that were not already committed, were put on hold!
Understandable, really given the financial uncertainty!

Since that time no further buildings of this nature and very few construction projects in general have been initiated. Again, reasonably understandable!

So let’s gloss over the interim.

More banking/financial institution have folded
Governments have saved many others
You will have noticed that interest on your savings has nearly vanished!

So, now to the reason that has been the inspiration for this post.

In the last few months, perhaps a year, it seems that many banking/financial institutions seem to be on the way up, out of this crisis!
Some industries, it seems, are following suit, also.
The construction industry, however, is still suffering greatly!

In short investment in a construction project, more often than not, begins nearly a year prior to “on site” works begin.
This means that there has now been one year with little new work.
Many companies have had NO new work!
Many companies have folded!
Of the companies that are surviving, there are being severe cost saving measures undertaken, hence redundancies!
Even if new work materialises, it may be up to another year before “on site” work begins!
This is not disastrous, as the tendering element of new projects will give work where it is sorely needed!

Recently it has commonly been `headline’ news that banking/financial institutions are again, taking Bonuses!
In some instances the Board members of the banking/financial institutions have waived their right to their bonuses! This I commend. However the remainder of the company, who qualify for bonuses, will apparently still receive theirs!

Today (16th February 2010) it has been reported that Barclays have allocated £2.7 Billion with a total profit of £11.6 Billion!!

My opinion is this –

Bonuses are generally, a good thing, within reason, in many companies.
Banking/financial institutions bonuses are long known to often be grotesquely exorbitant.
I do not want to get into the reasons and worthiness of these employees, to warrant such bonuses!

All I want to say, in these times is this –

The financial crisis was begun, for the most part by the banking/financial institutions!!

The construction industry is suffering, through lack of new work, due to lack of investment!!!!!

BANKING/FINANCIAL INSTITUTIONS! STOP TAKING BONUSES AND INVEST THE MONEY BACK INTO INDUSTRY!!!!!

This will strengthen the industry, thereby strengthening the economy, thereby strengthening your future business dealings!!!!

This would save a lot of redundancies (not all, but a good many)!!

Once the rest of the world sees banking/financial institutions investing money into industry, it will speed up the return of industry/consumer confidence!!

Once confidence returns the economic health will return!

DO NOT DO THE SAME SHITTY BUSINESS WITH MORTGAGES AND OTHER LOANS THAT STARTED THIS WHOLE MESS, IN THE FIRST PLACE!!!

Perhaps this would be a good mantra for ALL banking/financial institutions!-
Banking/financial institutions serve the customer!
The customer allows them to use the customer’s money to make profit for the banking/financial institutions!
The banking/financial institutions should not screw around with the customer’s money!!!