Sunday, 17 January 2010

Obama and the banks

President Obama's announcement last week that he would demand the US public's money back from the banks was telling. It told us that with a vital election coming up Obama knows when to bow to popular opinion.

In immediately rejecting it ("The Americans are doing something different" said Darling) it told us that New Labour are less concerned about public opinion - something the public reflects back to them in opinion polls regularly.

Obama went further saying the US bank bailout was "distasteful, but necessary". He also described bankers' bonuses as "obscene" and referred to the banks as "the very firms who owe their continued existence to the American people" - almost LEAP-esque . . . almost.

Gordon Brown told an audience in London yesterday, "We believe we will probably make a profit from what we have done in helping out the banks. Our aim is that no member of the public has to pay for the rescuing."

Really? So why is he pressing ahead with the Fiscal Responsibility Bill to halve the UK deficit in four years if we're just waiting for a windfall? Under Brown's Bill every member of the public will pay with worse services. Universities are already paying thanks to New Labour's cuts.

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