Bankers are Wankers!

It's my blog and I can swear if I want to!

I said I would post about the credit crunch a while ago, and I have picked today to get on my soap box because e25 is featured on the BBC's working lunch homepage because of our new financing deals using private lenders.

If you operate an inefficient business model, the internet will catch up with you eventually and now it's the turn of the banks. Offering savers only 1-2% interest whilst charging borrowers 7%+ is daylight robbery and yet, even then, banks are not prepared to lend - not even established businesses with strong track records.

Since our incompetent government are unable to do anything about it, even when they own these companies, the banks are now going to face the much tougher regulation of entrepreneurship.

There are now already several companies like First Funding and Zopa that use a website as a marketplace for lenders and borrowers to search out each other and there is no doubt that this will gain more ground over time.

Those banks that don't go bust are going to disentegrate as more and more people switch to internet intermediaries and quite frankly their disappearance will have me smiling all the way to the 'coffee shop' that most banks will be turned into!

Lesson for the day: Innovate or die!