It is evident from previous blogs, that the Banks were a factor in the calamitous state which has befallen the UK economy, along with the majority of others in the western world; the exceptions are mainly the European nations not in the European Union, and particularly the Eurozone. This element, however, is not to tell the complete story. On this week's edition of 'Question Time', the point was made of the two other factors: Firstly, the Government of the day, having put into place the 'Financial Services Authority', which, acting at the Government's behest as a fire wall between banking and the Bank of England, thus allowing credit to explode. Secondly, a rejuvenated public, many of whom thought that money was being given away, and for some it was, never to be redeemed. Chancellor 'Incapability Brown' loved this, the public suddenly thinking that it had arrived at Shangri La, 'dipping their bread in', with much gusto. Many of the banks, naturally, started to teeter on the brink of disaster; 'Incapabilty' reappears, stage left, although dressed as a white knight, with £billions of our money, well, deferred taxes; saving the Banks from himself, we hope!
What ensued was 'Incapability' implying that he had saved us from financial meltdown; remember, this is the man that bestowed it upon us. The 'buck' was then handed to the then Chancellor, Alistair Darling; although not everybody's darling! And this is when the deals were struck, having appointed new heads of the struggling banks. It was not totally irresponsible to offer fairly generous terms for the new Chief Executives, since they were being handed a 'poison chalice'. These terms were offered by the last Labour Government, who are now endeavouring to make some pathetic political mileage, via the dim 'Thoroughly Modern Miliband', by accusing the Coalition of being fancy free with the nation's finances. Only left wingers are impressed by this simplistic nonsense; plenty of whom seem to make it into the audience of the aforementioned 'Question Time'. Another panellist pointed out that one of the many reserve defenders at Manchester City Football Club, takes home circa £4 million annually.
ALL WE HAVE TO DECIDE IS, WHICH IS THE MORE IMPORTANT?