Monday, 19 January 2009

Time for a Novice

I want an Election. Now.

Our highly experienced Prime Minister has apparently been working night & day to resolve the financial crisis. This has yielded:

The effective nationalisation of our banks. This has clearly failed. They are still just as sick, it seems, and are not doing what the Savour of the World wants, nor are they telling him what he wants to know. Whether or not you think that the nationalisation was a bad thing, events since then do show that the much-vaunted deal with the banks is not achieving what was promised of it. It was, therefore, a failure.

Then there is the £57bn bailout, given as part of the nationalisation package. Clearly, that hasn't worked, as He is now talking about more. Figures of £200bn are being bandied about. Last time, I was angry. This time, I'm quite simply stunned into utter speechlessness.

We also had the VAT cut. No end of bloggers said it would be pointless - within a day of it being announced. I don't think anyone apart from Mandy seriously believes this has worked. In fact, I doubt even he does.

Since the PBR, we've had the loan guarantee scheme. This, of course, is essentially a Tory idea but with three small differences. First, it is later than the Tories would have wanted it to be. Second, it is smaller. Third, it is more complex and bureaucratic.

So this so experienced PM has given us two sorts of ideas - ones that don't work, and ones that are other peoples'. This is not a choice between a novice and an experienced candidate. This is the choice between the organ grinder and the monkey.

Interestingly, the Equitable Life affair shows that HMG has been asleep at the wheel of financial regulation since 2000... so much for the financial crisis being a shock from across the water that is being resisited by a well-prepared economy.

Gordon: Get Out.

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