Monday, 7 February 2011

A Kick In The Pants From David Cameron

David Cameron is trying to get banks to lend more to businesses. Without the banks willingness to help private enterprise there will be nowhere to go for the thousands of public sector workers who are about to lose their jobs. Mr Cameron says that he is not interested in giving the banking sector a 'kick in the pants'.

Let us not forget that it was irresponsible lending by banks, encouraged by the banks, in their frantic attempt to claw as much profit as possible for themselves. It was the investment banks that sold toxic bundles across the world, holding debts that were doomed to go unpaid. Let us not forget that it was greed, greed perpetrated by the banks that promoted excessive risk taking for profit and ever increasing bonuses, that led to the crash and the cuts to jobs and services that this country (UK) is being told by David Cameron that we must endure today. And why should the tax payer endure that alone?

The banking industry has cost people their jobs; income starved individuals who had no culpability in the cause of that loss. There is no bonus for them. And it is now historical fact that a culture of excessive bonuses is the carrot that encourages the very risks that caused the crash in the first place. Allowing it to continue is a travesty.

People who lost their livelihoods after the Deep Water Horizon oil rig disaster were able to claim compensation from the company that caused the loss of their job. Had it been a country responsible for this much devastation there would be calls for reparation. The banking industry has cost this country more than just money. So why does David Cameron think that the banks should be treated any different?

We are not 'all in this together' Mr Cameron. Allowing the banking industry to suffer nothing, while the electorate suffer greatly, demonstrates how you protect the haves at the expense of the have nots. The tax payer is experiencing more than just a kick in the pants. While the war on the tax payer continues, the war on the banking sector must continue also. Otherwise we become impotent in the shadow of the demon that demands we sacrifice with our jobs and our security whatever price is necessary to replenish its insatiable appetite.

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