Friday, May 04, 2012

Philip Hammond, the UK Defence Secretary, said that banks were not solely responsible for the financial crisis as “they had to lend to someone”. The minister, who played a key role in drawing up David Cameron’s economic strategy in opposition, also claimed that people who took out loans were “consenting adults” who, in some cases, were now be seeking to blame others for their actions.

Mr Hammond made the comments after Sir Mervyn King, the Governor of the Bank of England, admitted that he should have “shouted from the rooftops” about the dangers facing the financial system. Sir Mervyn also criticised the delay by Gordon Brown’s government in bailing out the banks; remarks that prompted calls for an official inquiry into the role of regulators, the Bank and ministers in the financial collapse.

So the general public is responsible. It was our fault after all. Nothing to do with the Thatcher government inspired selling of most of the national assets, the rampant property speculation that was fuelled with the giving away of local and central government real estate and the massive deregulation of the banks. What he doesn't admit is that the government is responsible for forcing house prices so high that people had no option but to join in or remain at the mercy of speculative landlords. What is the government doing now to get off the property speculation band wagon? – erm, nothing, just more lies and passing the blame around. Why because Hammond is still backing his rich mates hoarding all the cash and we need to remember that this guy is charged with the defence of the realm. After the disastrous election results for this government yesterday look to a cabinet reshufle soon - hopefully right out of the political door the lot of them.