Sunday, September 21, 2008

The banking crisis

Politaholic only discovered a few days ago what short-selling is, so I am not really competent to comment on the intricacies of the banking crisis. But some quick observations:

1. The delicious irony of the bankers, the free-market fundamentalists of yesterday, running to government to bail them out when all it goes arse-over-tit. I thought governments could do nothing right, and markets could do nothing wrong? Comrade Bush has been nationalising banks like there's no tomorrow.

2. The obscenity of same bankers sagely advising us on how best to handle the pigs-ear their own greed created, or sloping off into the sunset with squillions in bonuses, while poor old Buggins has to pay for it through his taxes or with his job.

3. Larry Elliot pointed out in the Guardian a week or so back that - politically - this ought to be a crisis for the right. The trouble is that New Labour bought into market fundamentalism in a big way. Gordon Brown has been telling us for a decade that the economy is tickety-boo. What ought to be, ain't.

4. Then again we needn't worry. Gordon has the solution. And it insulation??


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