Monday, 9 February 2009

Who pays for the economic crisis?

The Prime Minister needs to realise that for the general public the Government's treatment of bankers' bonuses is the key test of who will pay for the economic crisis they have caused.

Allowing bonuses to be paid to the higher paid bankers who caused this crisis by their greed and recklessness will be seen as fundamentally unfair. Fumbling around with nothing more than ineffective warnings of inquiries is pointless. The Prime Minister needs to get a grip and take the decisive action needed to end the bonus culture and send a clear message that the binge banking party is over.

*John McDonnell MP has tabled EDM 353 'Banking Sector and City Bonuses' in the House of Commons. It calls for "the banking industry to be fully nationalised under public control so that finance is provided in the national interest."

5pm update: See Richard Murphy's take on Brown's hot air too.


Anonymous said...

John McDonnell and the others are correct! Nationalisation of the banks would put an end to the economic crisis. That along with a prohibition of all forms of the practice of usury: that is the trading in money as if it were a commodity. This would include other industries closely aligned with Banking, including the Stock Markets, Insurance, Foreign Exchanges and so on.

- Grand Inquisitor

Robert said...

Dream on everytime we have nationalized things in the past we have F*cked it up, people have said the Railways were once the pride of the UK when was that. British Leyland I worked at the plant and went on strike because they used shinny toilet paper, when they changed the Colour. no thanks it's fine for a while, imagine Labour running the banks, they cannot run a bloody country.

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