Thursday, Sep 27, 2007
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FT.com: Lambert attacks oversight system
It's official - we are a Banana Republic. This is the best bit of analysis I have seen anywhere for a while. Lambert telling it how it is.
Britain’s system of financial oversight has failed its first big test and left the country looking like a “banana republic” in the aftermath of the Northern Rock crisis, the head of the CBI employers’ organisation said last night. However, Richard Lambert, director-general, warned the government against the knee-jerk remedy of “heavy-handed regulation”, which he said risked stifling competition.
Posted by lvmreader @ 08:02 AM (330 views) Add Comment
2 Comments
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1. japanese uncle said...
Look! Begining of the INCOMPETENT DEFENCES on parade, exactly as I predicted. Yes, of course they were intelligent enough to predict all these mess well beforehand, and overlooked, or even promoted it, as we all know now.
2. dohousescrashinthewoods said...
Brilliant. A Banana republic, run by slick marketers.
Did anyone hear Mugabe this morning? He sounded remarkably sane by comparison to our lot. He basically said "How dare America lecture us about human rights when it has the blood of so many nations on its hands". Touche.
I would dearly like to see him deposed, but worry that we don't exactly have moral high gound in the West.
We like to boast about economic stability, but inflation here is 5%. If it starts doubling, we reach 1000% in less than a decade, 5000% before 2018 (sounds a bit like those house price forecasts). I'm not suggesting we will, but we really can't think of ourselves as "so different" and that we could "never be like that" - I have lived in West Africa and we are not as far from a so called Banana republic as we might like to think.