samedi 20 septembre 2008

A Labour council!

I remember Kinnock shouting this about Derek Hatton and the Miltant controlled Liverpool council during the eighties. Hatton was a bit of a dick, though Militant was a good starting point for young lefties, like me. We all got expelled because of entryism - imagine wanting to enter the Labour Party now?? - and for having extreme views such as the nationalisation of the top UK banks. What fools we were we were constantly told.

How times change - "Kaletsky [Principal Economic Commentator and Associate Editor of The Times of London] had warned, “Even the apparent rescue of Halifax Bank of Scotland may result in a bigger crisis, if the drowning HBOS drags down its rescuer, Lloyds TSB.... If this fails, it will take down all Britain’s banks.”
He expressed little confidence in the viability of the new bank if it was not offered “some kind of firm government safety net”—paid for, of course, by the taxpayer—for shareholders and was instead a “pure private sector solution.” If not, then “market attacks against HBOS will soon be revived and redirected against the merged bank,” leaving “only one solution— nationalisation of the entire British banking system.”

It's only a pity the wretched things weren't nationalised when they were making a profit. To say the least.