Thursday, November 26, 2009
Sorry tale of political ineptitude
Name, shame, blame the bankers, if you like. But they're the wrong target
Who said bankers "just don't get it"? They get it absolutely. Bankers are doing what they pay themselves to do, make money. They are performing what economists from Adam Smith to Karl Marx regarded as capitalism's sacred ritual, profiting by rigging markets and shedding risk. Like all professions, their first responsibility is to their peer group and their second to their shareholders. It is not their job to run the country, only sometimes to ruin it.
Posted by mken @ 06:52 PM (943 views)
5 thoughts on “Sorry tale of political ineptitude”
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shipbuilder says:
More blame-game nonsense – I liked the comment – “Why can’t bankers and politicians be to blame? Is there a shortage of rope?”.
I’m sick of hearing this ridiculous idea that business should be amoral. Why is it unreasonable to expect a bit of ethics from businesses? We all know it’s beyond the point of ‘tough regulation’, asking politicians to keep banking or business in check is like asking one mafia member to control another.
mken says:
This article does not make for comfortable reading.
The reason we get angry with bankers is because our politicians didn’t have the courage to allow them to fail.
Instead here we are (and here we will be for many years to come) holding their toxic debt and looking like right lemons.
markj69 str05 says:
We could always invest in rope manufacturing!
Don’t forget we live in a world of competition. Bankers were just trying to make money. Unfortunately, for themselves individually. No incentive to keep their eyes on the long term. Fact is high risk financial wizardry managed to enter the normal investment portfolios of may organisations. Including pension schemes. Whoever allowed this to happen needs first bagsy with the rope.
Crunchy says:
A ropey ‘high risk’ economy indeed! The ensuing recovery would come at breakneck speed.
Alfie says:
Tony Blair had the song ‘Things Can Only Get Better’ as his anthem.
I think the present PM should have the song ‘Gordon Is a Moron’ as his.