Funny old world ain’t it? Tories saying there should have been more regulation, Labour allowing the markets to have their own way…
Some of you may remember back to the days of the Thatcher; when the markets were encouraged in their freedoms because ‘business knows best’. If nothing else; that little myth is well and truly blown.
When corporate mega salaries started to become more widespread in the late 1980’s and 90’s; the mantra was that companies had to pay market rates to obtain the services of these world class executives.
Turns out that a lot of them owed their success to good fortune and a fair wind rather than any kind of ‘world class’ judgment and skill set – who knew?
After the last few months’ shenanigans; the majority of banks in North America and Europe seem to be either on the verge of collapse – or indeed have already collapsed, and what’s the answer? – a bail out – marvelous… and you better believe it, because if you don’t; the sky will fall in.
What short memories we seem to have;
‘Britain’s High Street banks are to reveal record profits of £37bn as customer complaints soar to an all-time high’ read more here
– can this have only been some 18 months ago? Surely these highly paid, lightly regulated, world class leaders must have seen something on the horizon?
Well no, apparently not… almost anyone else could; but I suppose they have greater things to ponder: like perhaps how to spend the billions of pounds and dollars of bonus payments they were collecting.
So, there is to be a bail out… Now, I don’t fully understand the US package and what’s involved – but if you need a definition of ‘shifty’ watch Dubya trying to explain it on TV.
I do hope, that our lot have no intention of writing a blank cheque – because we will all be paying it off for years, and that just doesn’t seem right.
Again; some of you may remember so called Black Wednesday; when Sterling was forced out of the ERM; I can still picture those smug city gits lolling back in their chairs telling the news reporters what a busy day they had just had; shafting the British tax payer.
Billions were pumped into the pockets of their, and the likes of George Soros’ pockets – and we are still paying for it.
Do they deserve a bail out? – no; does the financial system need some help? – possibly; but on our terms not theirs…