Thatcher, Thatcher, Economy Snatcher.
(7 posts) (4 voices)
I don't get this.
It started with Thatcher's Deregulation - the "Big Bang" "let the market decide":
- Banks could act as both commercial (High Street) and investment bankers (Gambling with other people's money);
- It allowed these banks to offer unsustainably high mortgages - 5, 6, 7 times annual income, and 120% house price;
- which allowed rampant hough price increases
- the interest from which fed huge City bonuses, as a reward for recklessness
- which allowed all moral restraint in the City to be defenestrated
- which led to the economic collapse when energy started to get expensive and bent banking practices started to come home to roost.
I blame the bankers personally. Sending Bob Diamond to jail for a couple of years would achieve far more than moaning about Thatcher.
Might achieve more, but we do need to learn from history so that we don't repeat it. However, the Americans realised that the Wall Street Crash of 1929 was due to an unregulated sector where, guess what!, commercial banks (Mr. Mainwaring) and Investment Banks (lying Gambling Thieves) were not separated - so they enacted regulation to enforce separation which, guess what!!, Thatcher and Reagan tore up again, and guess what!!!, it happened agained.
But never mind!!!!, the Rich Folk got richer again at the expense of the Lumpen Proletariate so that's OK!!!
Read a book.
Seems to me that it's a bit more of a protest march slogan than a newsbiscuit ticker. But on the other hand, I think you're quite right about the roots of the current mess - the legacy of "Thatch" and Ronnie and their pals. Which doesn't mean that Bob Diamond doesn't deserve all he gets - just that he shouldn't go down alone. if you see what I mean.
It’s a bit unfair to single out Thatcher, when the country has only had two competent governments since 1940 - the wartime national unity government and the first Labour government. All of them since have been more or less useless and/or in the pockets of vested interests; between them, Bolshy unions and an incompetent managerial class, the economy was doomed long before Thatch.
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