Anger at the banks is justified, Mervyn King says

[Delenda Carthago]

Anger at the banks is justified, Mervyn King says (http://www.telegraph.co.uk/finance/economics/8355475/Anger-at-the-banks-is-justified-Mervyn-King-says.html) http://www.adslgr.com/images/quotation-icon-left.gif The Governor of the Bank of England, Mervyn King, has expressed "surprise" that the public is not more angry with the bankers who caused the recession.

In some of his strongest language yet, Mervyn King today claimed the fall in households' living standards was the fault of the financial services sector and he expressed sympathy that innocent families paying the price. http://www.adslgr.com/images/quotation-icon-right.gif http://www.dimbulb.net/.a/6a00d83454a03269e2013487f6f572970c-500wi
In some of his strongest language yet, Mervyn King today claimed the fall in households' living standards was the fault of the financial services sector and he expressed sympathy that innocent families paying the price.

"The people whose jobs were destroyed were in no way responsible for the excesses of the financial sector and the crisis that followed," he told MPs on the Treasury Select Committee.

In most aspects, he said, the economy had been on a sound footing before the crisis. Previous downturns were often caused by inefficiencies or weak management and were useful opportunities to improve systems. "None of that applied in this crisis," he said. "We had quite a successfully operating economy."

The people who are now suffering "did not get bonuses of the scale people in the financial sector got". The financial crisis may have occurred two years ago but, as austerity measures kick in, "the cost is now being felt", he said.

It remains "a big political problem", he added: "I'm surprised the real anger hasn't been greater than it has."

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The Governor also warned that living standards may be permanently lower than where they would have been under the economy's trend growth rate before the crisis. "The evidence of the past is that the impact of a [financial] crisis like that persists for many years," he said.
"You may not get it back for very many years if ever. It's a very real hit on living standards. That's why it is important to take the issue of financial stability very seriously."
Making a personal commitment, he said he hoped to ensure the banks would never again be allowed to cause a recession of the scale just witnessed. "I joined the Bank of England 20 years ago today," he said. "I don't want to leave until we have a framework in place to ensure we don't have to go through this again."
The Governor also expressed concern about the legislation being enacted to give regulators greater powers on bank supervision. He said the Bank would have preferred a new Act rather than amendments to the existing law, but that he was satisfied with the current plans.
Andrew Tyrie, chairman of the TSC, suggested the current plans are a "pig's ear of a legislative process".
The biggest change to banking supervision, Mr King said, would be to "move to a regime that does countenance failure but does not cause havoc with the financial system". Regulators will pay closer attention to whether a bank can fail safely rather than continue with "excessively detailed scrutiny of the big banks".
His position appeared to contradict that of his future deputy governor Hector Sants, currently chief executive of the Financial Services Authority, who has said the new regime would have a "low tolerance for failure". Mr King said: "I don't think that's where we are now.

http://www.telegraph.co.uk/finance/economics/8355475/Anger-at-the-banks-is-justified-Mervyn-King-says.html

Τhey are mocking us in our face.Nice to know,thank you.

[Die Neue Zeit]

Does he address at all the lack of public management over the money supply (read: state monopoly in finance)? No. :rolleyes:

[Delenda Carthago]

it drives me mad that the Left worldwide is so messed up that even bankers say that they fuck people up and they are surprised that noone is getting mad and we still cant threat them!!!!!!!!!!!!

[Mather]

So far the response in Britain to the austerity and cuts has been very limited with the only promising signs being the development of anti-cuts movements to challange cuts at the local or national level and the student protests of late last year. There is a demonstration for the 26th March (I'll be going) but we will have to wait to see if it is successful in any way.

[Amphictyonis]

"You may not get it back for very many years if ever. It's a very real hit on living standards. That's why it is important to take the issue of financial stability very seriously.

Tell that to the posters on here who are supporting Obama's/Democrats new healthcare law or what is essentially the privatization of healthcare. They don't see that the new law is simply part of the overall austerity plan. My ass is still chapped over that thread and by the people I know in the community that support this healthcare attack.

Anyhow, when you have the governor of the Bank Of England saying he's surprised people aren't as angry as the should be you know the capitalist propaganda machine is working full steam ahead. It's strange the govonor of The Bank Of England would even say that publicly. I can feel some resistance building, like a Jedi feels the force. Things are heating up in conversation around here in California.

[RadioRaheem84]

I think that the veil has been lifted and the upper crust feels they can be as open about the situation affecting working class people as ever, considering the fact that the propaganda machine has left the working class relatively misinformed and uniformed.

I think that the unions are the best hope for the United States, and as Governor Walker keep revealing the true agenda of big business and political cronies, more people will start to wake up.

Walker openly admitted that his attempt is to bring federal and state worker salaries closer to the private sector! Apparently, the private sector is the gold standard for wages!

It's shit like this that we can easily pick up on but people will either agree or not think twice about it because the propaganda machine keeps them confused about situations like this or has them sway to the right.

[Die Neue Zeit]

it drives me mad that the Left worldwide is so messed up that even bankers say that they fuck people up and they are surprised that noone is getting mad and we still cant threat them!!!!!!!!!!!!

On a European level, I'd like to see a full monopoly on all financial services by the European Central Bank. :)

[Amphictyonis]

I think that the veil has been lifted and the upper crust feels they can be as open about the situation affecting working class people as ever, considering the fact that the propaganda machine has left the working class relatively misinformed and uniformed.

I think that the unions are the best hope for the United States, and as Governor Walker keep revealing the true agenda of big business and political cronies, more people will start to wake up.

Walker openly admitted that his attempt is to bring federal and state worker salaries closer to the private sector! Apparently, the private sector is the gold standard for wages!

It's shit like this that we can easily pick up on but people will either agree or not think twice about it because the propaganda machine keeps them confused about situations like this or has them sway to the right.
I posted a WSWS video earlier with private sector workers standing in solidarity with union workers- here-

mM1aLJ58EUY

[Delenda Carthago]

On a European level, I'd like to see a full monopoly on all financial services by the European Central Bank. :)
why?

[Die Neue Zeit]

why?

http://www.revleft.com/vb/nationalising-banksi-t137695/index.html?p=1788576

[Delenda Carthago]

http://www.revleft.com/vb/nationalising-banksi-t137695/index.html?p=1788576
There is not a possibility that all the banks of Europe will be under one nationalised federal bank as long as there is capitalism,or at least as long as there is different states within the EU.The banks,besides all others,are the tools of each national bourgeois class to attack the others.Right now in Greece we would have finish this whole debt thing IF we let the banks fall and then nationalise them for peanuts.But they dont do it cause they know that if they do that, there is a huge amount of money and debt in other countries that greek banks exist, that is gonna be lost, and through that, their power on these countries too.

So you better invest your bets on something with better risk/goal ratio.

[Die Neue Zeit]

There is the possibility, certainly if there is sufficient political awareness and pressure.