As the city goes through some difficult times with the financial situation that is before us it is interesting to look beyond the crunch and see what will be left. Jeff Randall, the former business editor at the BBC, has argued that reinvention is the greatest attribute that will come from the credit crunch. Although being pessimistic in the short term in the long term he was very optimistic. In the past it has shown that the city has recovered from such events and will do once again.
However, it can be said that it was invention and reinvention that has gone wrong that may well have got us into the situation that we are in today. Many companies have came forward and admitted that they wrong and that there invention and reinvention has lead to this. They even say that it was greed, excess lending, doing things that they didn’t really understand that got them into this mess and we can now see the effects of these actions. A lesson to be learnt next time is that better research and analysis of there actions should take place before they carry anything out.
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