Comments on: Daily Express

By: Robert Pay

Robert Pay — Wed, 26 Aug 2009 22:22:52 +0000

The fact is that the highly paid FSA staff have been protected. The government set up the current system and it instantly bgained a reputation as the cushy place where old civil servants and bankers go to die. The FSA owes its existence to the fact that Gordon Brown did not like Eddie George, and wanted to clip the BoE’s wings. Our Heath Robinson regulatory system needs urgent reform and a reversion to the status quo.

The politicians are vulnerable to the truth coming out if they attack the FSA – exactly as John says, everyone looked the other way as cheap credit kept the party going, and the government used bankers’ bonuses to fund its spending binge, and as a way to build up a highly paid cadre of placemen who will be difficult to shift if the Tories get power. Blaming the banks is much easier and our public-sector-biased BBC rarely criticizes the regulators.

By: Mike Stallard

Mike Stallard — Wed, 26 Aug 2009 11:20:14 +0000

This article sets out what you have been consistently saying now since the crisis started.
And it is, above all, sound commonsense too.
Quite apart from all the money matters, we are actually at war in Afghanistan and the paltry sum of just under £40 billion, which seems to be the amount of money being spent there at the moment per annum, is dwarfed by the £500 billion we currently have on the gaming table in just one game.
It is so like the story of the 18th century young rip, who gambles all his family fortunes away in one throw of the dice.
But this time it is our nation who loses its inheritance.
I looked up the Express, and the article is nowhere to be found! I suppose it will be published tomorrow?

Reply: It was sometime ago they printed it

By: Rob N

Rob N — Wed, 26 Aug 2009 10:54:16 +0000

I don’t disagree with your essay John and certainly don’t argue that something needs to change – starting with remuneration in the nationalized banks.

I don’t argue that the money the banks are being given is stuck in a loop that prevents it getting out to business or for private loans.

However I do disagree that this is to be blamed on the banks or regulation entirely. People need to take responsibility for how they helped get this country into this mess. Anyone who is currently in debt having mewed away the notional gain in the value of their property or have covered their lifestyle using copious amounts of plastic without thinking about the consequences of loosing a job or some other shock event, is equally responsible. As a tax payer with savings and investments my money is being used to prop-up the banks, the gov’t and cover over everyone who enjoyed a lifestyle beyond their means. The words bankruptcy and IVA no longer have a stigma that they represent and this needs to change back.

reply: Were there bad bankers? Yes there were. Should they be rewarded?No they shouldn’t.