One year on from the event which triggered the worst banking crisis for decades (some say ever) and the policy makers have done very little to tackle the underlying causes of the deepest recession for 80 years. Meanwhile the Institute for Public Policy Research release a report warning that bankers are returning to old practices and increasing the chances of the same happening again. Meanwhile whilst corporate profits have dived 30%, top executives pay has increased 10%, more than three times the average increase for ordinary workers in the private sector. Meanwhile taxpayer support for European and US banks has surged to $15 trillion, equivalent to more than $2,000 for every person on the planet or about a quarter of everything the world produces in a year. If we don't learn the lessons we will make the same mistakes. It's time for something different. Just sayin.
4 responses to “Lessons”
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It’s an obvious question isn’t it – when will we learn ? What needs to happen for us to make a change ? I think that public pressure has not proved enough – it’s only proved transitory. The real change should have come from the politicians – this is what the power of politics can achieve, and they have not acted substantially enough. It is for the public to be noisy and the politicians to respond but again the politicians have just echoed the noise as opposed to the action.
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It’s an obvious question isn’t it – when will we learn ? What needs to happen for us to make a change ? I think that public pressure has not proved enough – it’s only proved transitory. The real change should have come from the politicians – this is what the power of politics can achieve, and they have not acted substantially enough. It is for the public to be noisy and the politicians to respond but again the politicians have just echoed the noise as opposed to the action.
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Thanks Tom. I read an interesting post on this point yesterday by Rob Killick.
http://bit.ly/XOc1Z
I don’t agree with everything he says but he asks why has there been no social response to this crisis? It’s a good question. -
Thanks Tom. I read an interesting post on this point yesterday by Rob Killick.
http://bit.ly/XOc1Z
I don’t agree with everything he says but he asks why has there been no social response to this crisis? It’s a good question.
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