The last four years have seen a political stand point based on Passing The Buck!! The Coalition Government, when faced with questions regarding the manner in which their policies were not working, responded with “it’s all the fault of the Labour Party, they destroyed the British economy.”
Did they also destroy the French, German, Italian and Greek economies? How about the United States economy? NO of course not!!!
International Financial Greed destroyed the world economy. De-regulation did not help it just killed more, remember the Big Bang?
The Labour Government was faced with a major decision, a Socialist Party dealing with a Capitalist problem, should they allow the capitalism to run its course? Let the banks go broke, so that savers would be left with the government guarantee of £35,000 with the result that the general public would have lost millions in savings.
The alternative was to effectively nationalise these banks by buying their equity, this would save jobs, the publics savings and private pensions. So far from destroying the economy they saved it, saved your financial future!
Of course they could have been conservatives and let the capitalist system work through, thousands if not millions unemployed, all your savings gone with no comeback on the government, those were the options.
WHAT WOULD YOU HAVE DONE??
Would you, like the current leaders of the Labour Party stand wringing their hands guiltily or analyse the situation then react accordingly? Could Gordon Brown have prevented the Sub Prime Mortgage problem in the United States? NO!
Here again the United States “Passed the Buck“, allowing those banks and Wall Street who caused the problem to go scott-free. They did this by ‘wrapping up’ valueless mortgages inside ‘bundles’ of other bonds then selling them to the world regardless of the consequences when the wheel finally came off.
Could he have prevented British banks from being involved so directly in this market? not really.
So where should the blame be directed? at un-regulated greed by the City of London, Wall Street and all the other financial exchanges and houses across the world.
Even today you hear financial players saying, “oh there is too much regulation” but they are still getting richer whilst we are getting poorer. Even more money has gone to the wealthy, whereas with the coalition government we have to DIE before we get a tax cut!!!
So Mr Milliband, you need to stop pussy-footing around, become more aggressive, standing at a Labour coffee morning talking softly doesn’t work. You need a ‘band wagon’ a drum to beat, shout loudly raise expectations. Being timid does not win elections, dithering looses elections and leaves UKIP an entrance, SHOUT THE TRUTH DEFEND YOUR PARTY NOW IS THE TIME…… believe me I know I trod the campaign trail with Clive Soley.
© Michael Douglas Bosc