State intervention

October 17th, 2008 § 0 comments

Peter Beresford (Guardian):

The banks, we are told, so distrust each other that only unprecedented injections of state money may make it possible for them to do business together again. For years the Daily Mail and the Sun have run poisonous campaigns against asylum seekers and people on income support to reclaim an imagined few millions. Governments promote campaigns to snoop on welfare claimants. These campaigns rarely generate enough money even to pay for themselves. Yet now we are encouraged to spend hundreds of billions of public money to bail out the banks and private sector that preached the mantra of independence and individual responsibility.

Are we really going to pretend that all this hasn’t happened, carrying on as before as if the market hasn’t now faced its equivalent of the fall of the Berlin Wall? Will we still be looking to bright young management consultants at £1,000 plus a day, few of whom have even run a corner shop, to teach central government, local authorities and primary care trusts to be ‘business-like’?

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