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Just in case news of slippering financial institutions has some how managed to slip your notice, the global financial crisis is universally affecting countries in America, Europe, the Middle East, South Asia and Asia- Pacific.

There are a series of reasons attributed to a credit crunch that is turning into a credit catastrophie. One being that prospective homeowners were offered cheap mortgages at low interest rates to enable them to purchase their property. Cheap, sub prime mortgages to banks and investors in the United Kingdom and across the world. But as I pointed out in my “Global credit crunch” publication in the North East Manchester Advertiser, “the realities started to hit home, interest rates rose, investors got into trouble, the value of homes fell and banks suddenly became unwilling to lend money to each other.”

The greed and irresponsbility of those who hold high positions of power and authority, failed to take responsible and important decisions to protect their company, picking up excessive bonuses, share options and hefty pension schemes for their trouble. In the United Kingdom, the “fat cats” have been heavily documented, but it is in America where one fat cat towers above all the rest.

Ever heard of Dick Fuld? I hadn’t myself until I heard that he was the Chairman and Chief Executive Officer of Lehman Brothers Holdings. Nicknamed The Gorilla or Greed, is said to be made $500M since 2000. The staggering amount of money is one issue, but another is that there is no justification for such a huge payout. Even if this figure does not match his salary, one can imagine that it is still a very sizeable figure. He was at the helm and the bank filed for bankruptcy. Barclays plc had to pay $1.35 billion (£700 million) to pay the core business.

A much better word than George W. Bush’s “Wall street got drunk” declaration at a private political fundraiser in Houston, Texas in late July. But what I find most startling as a correspondent and avid follower of news is that the continuing rhetoric that is being banned around from every Prime Minister, President, financial leader (or the Chancellor in the case of Angela Merkel).

Even before the interviewer has finished directing their question, you can almost anticipate that some form of rhetoric is on the way. A beautifully, articulately crafted statement, that would look brilliant in a novel but unfortunately leaves you knowing little more than you knew before.

Take this one for example. Yesterday Alan Greenspan, former Federal Reserve chairman came out with a message that will dominate the business sections of America news networks that he had found a “flaw” in his economic philosophy.

On Tuesday, I sensed that the rhetoric was not so avoidant. Bank of England governor Mervyn King told business leaders in Leeds that it was “likely that Britain was heading into a recession.” This gave Gordon Brown the courage to stand up during Prime Minister’s Question, and agree with King’s comments.

This financial crisis may make politicans, financial leaders and the CEO’s with oversized wallets and big offices think twice before they dare hide away with rhetoric.

Are you tired of rhetoric not backed up with hard actions?