Morts Musings

According to this BBC article the Chancellor has come out and announced that the UK’s banking regulation system isn’t to blame for the massive failures by the banking industry which lead to the credit crunch.
OK, I get his point that the extraordinary mix of greed and incompetence which the bosses of Britain’s banks exhibited is certainly the primary cause of our current economic woes, but to claim that there was no regulatory failure, when the regulator’s job is to stop the banks getting too greedy and/or incompetent is, to my mind, utterly asinine!
It’s not like we need any more proof that this Govt is a complete waste of space, there’s quite a catelogue of evidence been built up over the last 12 years, but this move frankly takes the biscuit!
What happened to the concept of taking responsibility for one’s actions? The Govt are all too keen to tell us, the people, that we have to be a more responsible society; Well, how about they set an example for the country, fricking hypocrits! Yes, I’m quite cross!

Darling: The raised eyebrows, the wide eyes- the look of a man undergoing industrial scale proctoscopy?

Really, how Darling can be so brazen as to say that there’s been no regulatory failure is totally beyond me, the concept just defies common sense! Either Darling is an utter moron, lacking even the most rudimentary reasoning skills, or, he’s confident that the electorate will forget this epic show of spinelessness by the time it comes round to the elections!

I’ve said it before but the Govt should have dealt far more strongly with the banks at the point when the banks came crawling for a bail out. Sadly though, they seemed to be quite happy to bend over (on the tax payers behalf) and take it from the banks, and now, with this latest announcement, have pretty much given a green flag for the banks to do this all over again, at some point in the future.

Afterall, why shouldn’t they? It’s not like they’ve come out of this farce too badly off, and now that they’re not even going to be watched more closely in future, what’s to stop them?