Hugh Hendry: “I would recommend you panic”
In this discussion, Hugh Hendry of Eclectica Asset Management, Gillian Tett of the Financial Times and Prof Jeffrey Sachs of Columbia University discuss the European banking situation.
“I would recommend you panic. The European banking system is in a crisis. Let’s purge this system of its rottenness. Let’s take on a recession. It’s going to be tough, people are gonna lose their jobs. They are going to lose their jobs anyway. We can spread this over 20 years, or we can get rid of it over 3 years,” said Hendry.
This is a lively discussion and worthwhile viewing material.
Source: The Daily Politics, May 27, 2010.
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