The Politification Of Banks

The debate in the House of Commons on 11^th March 2013 featured the draft Financial Services (Banking Reform) Bill. http://jsy.fi/YXs1UF

The debate contained a fair amount of vilification of banks and bankers, the charge sheet ascribing the global crisis exclusively to the banking industry. Five years on there appears to be no diminution in the appetite to blame bankers for any and every issue under the sun.

John Mann MP managed to bring the Crown Dependencies into his speech alleging all kinds of dark doings, referring to a bulging file of evidence, but producing none to justify his extravagant claims.

No mention of the role of governments around the world in putting pressure on to keep interest rates low, to safeguard employment and to lift stock and house prices, creating asset bubbles. No mention of governments pursuing debt fuelled growth, leading to the UK borrowing more than it receives in income, year after year, long before the banking crisis emerged.