Vir Cantium

I'm right, you know …

Balls To the Bankers

As the currant bun, among many others, reports:

Balls has no regret over UK’s vast debt

[…]

Mr Balls told the Liverpool conference: “Don’t let anyone say it was public spending on public services here in Britain which caused the financial crisis.”

No, it wasn’t public spending that caused the financial crisis, but it is at the heart of the fiscal crisis. The financial crisis was caused by a credit bubble, formed by the bankers irresponsible lenders and borrowers, and which his government encouraged (or at least was happy to allow to continue, while interest rates were too low). Yet when that bubble inevitably burst it was the size of the existing annual deficit and the total public debt that left the country so poorly prepared. That, Ed, is what you should be apologising for.

But Mr Balls did admit to Labour “mistakes”.

They included the 75p pension rise, abolishing the 10p tax rate, weak controls on Eastern European migrants and failing to regulate the banks properly.

Ah, there we are: the banks.

Frankly, Labour blaming the bankers for the deficit is like a drunk driver blaming the tree that stepped out in front of him.

Let me do a picture for you, Ed:

If it wasn't for those pesky bankers ... in their time machines

Tessa Jowell (speaking on LBC radio on Sunday) might call it an underachievement of income (i.e. they didn’t tax us enough), but if I buy that Aston Martin that I cannot afford, it’s not because I’m undercharging my clients.

More pressingly, though, it’s not swivel-eyed right wingers like me you have to win over; it’s the people who put your leader where he is.

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