Monday, December 07, 2009
I noticed at the weekend that Brown's depressing class war gambit - to which Cameron badly over-reacted - has somehow got entangled with bankers' bonuses. This plays into the hands of those in the City who are desperately trying to preserve their income by gambling with our money. Ah, they can say, it's just the politics of envy, people don't understand the real needs of the economy. Actually, the real need of the economy is to reduce financial services to an afterthought and thereby free up the rest of us to get on with making stuff and prevent us becoming the next Dubai. The point is that issue of bonuses is not moral, it is practical. Bonuses encouraged people to take risks they neither understood nor cared about and those risks brought down the banks, put people out of work and made us all poorer. Nobody disputes this and yet, somehow, nobody talks about it any more. On both sides of the Atlantic the financial systems are returning to the status quo ante. This is plainly suicidal so why is it happening?
Posted by Bryan Appleyard at 9:15 am