Wednesday, January 28, 2009

what use are banks if all other businesses have failed?

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Alistair Darling, Peter Mandelson and Gordon Brown, along with the entire conservative party, are incompetent arseholes. Every morning I am stunned to wake up and read more evidence of their inability to grasp the situation. Do these pricks not realise that we need to stimulate demand? Not supply. No, instead of any attempt to secure the stability of the real economy they are obsessed with giving piggy-backs to the very same people who have fucked us, royally.

Back when the crisis was emerging (well, before that would have been preferable, of course) the government should have stepped in with ANY legislation at all, let alone taking action to prohibit the impenetrable smoke-and-mirrors speculation of derivatives trading. Because it didn't, and as the crisis blossomed into the current clusterfuck, the banks should have been prepared for nationalisation. The government should have demanded to see every banks balance sheet in order to establish the exact extent of their exposure to the toxic investments. Their shareholders forfeited any right to remuneration by failing to properly scrutinise the activities of these fuckyounomic monoliths and take action to prevent it. Furthermore, As Simon Jenkins says, those that were technically bankrupt should have had the money in their vaults secured to go towards covering savers' funds and the rest of the business should have been sent into administration. The customer base and much of the staff would have been passed to a massively expanded Post Office to handle. Et voila! No cunts getting paid millions for fucking the global economy and no massive black holes in the balance sheet. Whilst savers deposits are safe and no fiscal surprises remain lurking under the surface of the economy like shards of glass at the bottom of a swimming pool.

Mandelson's latest hand-out to the car companies isn't going to help anything at all. People are not buying Jaguars or Land Rovers at the moment or for years to come. Sustaining such a business with public money is just pissing it down the drain. If the government engaged in any sort of joined-up thinking they would link this problem with that of the steel workers and subsidise a massive retraining and retooling program to produce wind turbines from the production lines. There: I just knocked out a Perfectly formulated progressive policy that addresses all of the issues before I've even had breakfast. If I can pull shit like that out of the bag, you only have to assume that Darling et al haven't because they are being deliberately obstructive. And should be removed from power.

2 comments:

  1. "The customer base and much of the staff would have been passed to a massively expanded Post Office to handle"

    Given that the Post Office is pretty much the only organisation that manages to provide worse customer service than the retail banks, I'm not 100% convinced by this plan.

    "If the government engaged in any sort of joined-up thinking they would link this problem with that of the steel workers and subsidise a massive retraining and retooling program to produce wind turbines from the production lines."

    Hmm. If wind turbines were any use, this would be a better plan. Now, redeploying unemployed construction workers to tidal barrages - *that*'s an idea.

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  2. Monsieur Band, I am honoured. I can't speak for Post Office customer service although I did have an argument with a PO clerk over The Great Global Warming Swindle. I don't think she was convinced but then that is also the fault of Durkin, Dacre, Lomberg, et al.

    Good point about the barrage, though. I was militantly against the idea on ecological grounds at first but at this point pragmatism is essential. No reason why we shouldn't do both though.

    Word!

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