mannerisms

Ruminations on the electronics industry from David Manners, Senior Components Editor on Electronics Weekly.

Big Brother Saves Us from Big Business

‘Inflation, extravagance, bankruptcy’ were, according to Gordon Brown speaking at the Davos World Economic Forum , the three words which condemned Britain to the Great Depression of the 1930s. They were scrawled by the then Chancellor of the Exchequer  in response to a stimulus plan proposed by John Maynard Keynes.

 

Brown told the Davos Forum that he had found the scribbled response among documents in the Treasury archives.  

 

The three words encapsulate the gist of today’s criticisms of Brown’s actions to stimulate the economy: re-capitalisation of the banks, ring-fencing banks’ bad debts, guarantees on inter-bank lending, and direct aid to industry.

 

Some people say the credit crunch was caused by governments keeping interest too ow for too long, by governments insisting that mortgage debt be offered to people who can’t afford it, and by governments failing to regulate fanciers with sufficient rigour.

 

That’s as maybe, but it can never be denied that the people who actually implemented the excesses that caused the collapse of the financial system were all from the private sector.

 

From whose tender mercies Big Brother, once presumed dead and buried, has arisen  to save us.

Tags: big brother, Davos, extravagance, gist, gordon brown, great depression, mortgage debt

Related Tech News

4 Comments

  1. David Manners
    February 11, 2009 11:17

    You may well be right, but I hope not. So far Brown has not demonstrated any sign that he’s after personal enrichment – unlike his predecessor – and I hope Brown stays that way.

  2. Alan
    February 11, 2009 07:48

    “They can tell them what to do . . . if they want to ”
    Might be a bit cynical here, but one reason Brown and co. might not imposing his will on the banks is that they’re likely to be looking for new jobs in the near future.
    So, it looks good to throw a couple of sound-bites around to make it look as if your being “tough on the Banks, and tough on the causes of the Banking fiasco”. However he has failed to ensure that said Bankers can still reward themselves with outrageous bonuses for bringing the country to its knees and having to be bailed out with our money…. but he may have helped secure his own golden parachute.

  3. David Manners
    February 03, 2009 13:04

    Tom I think you’re right. One of the things I don’t understand is why Brown, and other national leaders, aren’t tougher on the bankers. After all they own some of these banks now. They can tell them what to do . . . if they want to

  4. Tom
    February 03, 2009 12:35

    It might be more accurate to say ‘Big Brother Saves Big Business from Us’.
    Brown was the original ‘bankers wife’ – he didn’t really care where the money came from as long as he got to spend it on his pet projects and look good to his friends. Now he is trying to look competent by spouting economic terms he has heard but doesn’t understand like a sales guy repeating the buzzwords he heard in the last meeting when the engineers were talking. Brown has a PhD in the history of the labour party in Scotland. That qualifies him to backstab his way into Tony Blair’s job, it does not make him an expert in economics.
    The bankers and the government were in it together during the boom and they are still looking after each other in the bust.

Share your knowledge - Leave a comment