"run away run away!"

[dubdobdee]

Awesome closing para to today's editorial in cityAM*: “It would be tempting to pin all our the blame on the City, just as our 14th century ancestors held witches, foreigner** or leppers responsible***. That would be a terrible mistake. Bankers behaved stupidly, but they were merely the conduit for flawed economic policies. As the anger builds, we mustn’t lose our faith in capitalism.”

*The financial freesheet -- it was left on the bus i caught home after swimmin with v!ck
**all typos in the original!
**ie for the BLACK DEATH, which is the not-at-all panicky comparison the editorial kicks off with

Comments

[freakytigger.livejournal.com]

So the government are essentially the owners of a big house, the banks are their teenage offspring, the economic policy is to go away on an anniversary mini-break, and mixed derivatives are the open Facebook invite?

[dubdobdee.livejournal.com]

roughly speaking i think the editorial is deploring the greenspan bailout of the dotcom bubble-burst: which was of course at the time considered amazing foresightful genius and the essence of capitalism's self-management

[freakytigger.livejournal.com]

I forget the details of this bailout - wasn't it the post-9/11 thing?

[dubdobdee.livejournal.com]

actually it cites the "ultra-expansionary policies" after the dotcom bust AND 9/11

[alexmacpherson.livejournal.com]

Except the govt had become only nominally in charge - the City did a v good job of scaring the govt into OKing light-touch regulation with the threat that the UK's economic competitiveness would suffer if the industry wasn't allowed to do what it wanted.

maybe like the teenage child of divorced parents stamping her foot and shouting "but I will GO AND LIVE WITH DAD if you don't let me have my party and buy me a pony too"