Tuesday, 5 July 2011

Money & Media equals power.Why bother with elections 2

The 38degrees Group conducted a survey in which 78.8% of respondents pushed for the banks to pay their fair share of taxes & clamp down on bonuses. Week after week even papers like the Financial Times warn repeatedly of the dangers of failure to effectively reform the system. So what do we get? Sir John Vickers has issued an initial report which talks about 'ringfencing' retail from investment banking. George Osborne has indicated he can accept this although the banks are howling with rage about it. But even Nigel Lawson thinks that that proposal doesn't go far enough to deal with the situaton. There's something for the Tory right wing to ponder. According to the Observer [Demand to curb casino banking threatens split in coalition 3rd July 2011] at long last the LibDems have realised that patching up Tory policies in the National Interest is electorally disastrous because the voters, correctly, do not necessarily see the said National Interest being properly served by such patches. By contrast the voters are deeply upset because everyone is suffering pain EXCEPT the very people who created the meltdown. The government seems to be living in terror of the financial market. Parliament should be there to protect the people from the abuse of such power.That's why it was created several centuries ago. Otherwise why bother with it.

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