Thursday, Sep 20, 2007
Brilliant round-up of the current situation by Simon Heffer.
Telegraph: If we take away risk, then capitalism is finished
This was blindingly clear from the antics on Monday, when a bank in no danger of failing was underwritten by the Government.
It was underwritten because a thin-skinned Prime Minister who, as Chancellor, had not presided over the economy with the brilliance he claimed, was shamed by the spectacle of a run on a bank being beamed around the world and making an international laughing stock of our financial system.
Posted by tyrellcorporation @ 09:28 AM (456 views) Add Comment
6 Comments
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1. Dude said...
Hmm. Abolish the social rental sector so it can be replaced by a growing private sector. Prevent house building in those pretty parts of the country where people who have already bought their houses don't want their view spoilt. Support the then constrained housing market by encouraging cheaper loans, with the side effect that this stimulates the economy.
The head of steam gets bigger, the train moves faster, but wait, is that a bend up ahead?
To slow this down means tighter regulation and much more hands-on management. Will this happen? Not yet...
2. Ticktock said...
Ah I see, this failure of capitalism is actually the problem of socialism! Brilliant! Gurrrrr those pesky reds have struck us again!
Heffer's ideological porridge is demonstrated in his opening line - 'Just as war is too important to be left to generals, the economy is too important to be left to politicians'.
Shouldn't this be ' the economy is too important to be left to economists, or businesses' if the comparison with war and generals is to stand up?
3. M2 said...
As we all know, the government was spent up even before all this hit - they couldn't bail out a bath tub, even if they wanted to. No-one - not even governments - can hold back the tide once it has turned.
4. dbnazz1 said...
It looks like people are slowly starting to see through the great myth about Gordon Brown being successful as a Chancellor. I think he will be proven to be one of the most unsuccessful. I also hope that Merv King isn't made a scapegoat for this crisis. His earlier comments along the lines of not bailing out banks that are victims of ther own stupidity are completely spot on. I think political pressure is now being put on him that is forcing him to make comments that differ from the views that he really believes.
5. Still-waiting said...
Maybe I'm naive, but I thought that if I put what little savings I had in a bank account then they would be safe. According to Simon Heffer I've been gambling rather than saving - hoping to win 6% interest but risking losing the whole lot. Thankfully I don't have much money otherwise I'd be worried!
6. mrmickey said...
Still-waiting yes it looks like you've been gambling and once you've taken out tax from the interest your paid your savings are hardly keeping their value against inflation, not a very good deal is it.