Today this blog post owes nothing to the way in which one media outlet has chosen to cover any particular issue. Instead, I’m interested purely in the juxtaposition of today’s news as the UK Government prepares to cut £89bn from the budget deficit, with a tale of excess from a few years ago.
Back in the summer of 2006, England were about to head to the World Cup in Germany with high hopes of victory. Meanwhile, capitalists had finally worked out how to crack the counter-culture marketing nut BBC NEWS | Business | Hedge fund hippies have trip out.
I recently went to see Oliver Stone’s sequel, Wall Street – Money Never Sleeps, which includes a number of sequences illustrating the excesses of the capital markets during that period. A scene from hedgestock interspersed with Shia Labeouf scratching his head as all his CDOs began to unravel might have worked.
Is it worth making grand statements about all of this or perhaps only a cringe at how sad it looks now and an acknowledgement that I also played my part in spending other people’s money – the booze, lunches, Monte Carlo redezvous and helicopter rides were nice but superfluous. No doubt, hedgestock will be topped one day by a marketing event for oil barons with a headline act called the Beach Cleanup Boys.