As the Guardian notes this morning, referring to an Institute for Fiscal Studies report:
Workers suffer deepest cut in real wages since records began, IFS shows
What's the obvious conclusion? Who paid for the banking crisis? You did.
Now, what are you going to do about it? (Hint: you could start by joining a union).
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I watched Norman lamont waffling on about ‘green shoots’ (yawn!) yet again on Newsnight last night. What sort of reality is he tuned into? Certainly not the reality on the ground. The tragedy is that many , in frustration, are turning to UKIP as the only alternative not really knowing that they will be out to fleece them even more with their flat tax plans and bogus nationalism. A good answer would be for people to take their money out of the main banks but there are not many alternatives due to legislation that, until recently, has limited the role of credit unions. Lord Freud was putting in a word for credit unions and seen opening an account (I wonder how much he put in – atoken membership which he later claimed back in expenses?) saying they ‘helped vulnerable people’ – well he’s certainly creating them!
‘Banking crisis’ my eye. More like the financial fraternity has swung a cascade of perfect crimes. Funny how they get enormous amounts of ‘something for nothing’ while we get lumbered with cuts, and politicians selecting targets such as bedrooms and cold weather payments.
In any case, would union membership protect us and our real wages from the financial pathogens? The criminogenic environment is still there, witness yesterday’s news – an undercover Times reporter, not a regulator or a bank officer of any kind, finding out that the numerous PPI insurance frauds are being dealt with fraudulently. Unprosecuted fraud is an incentive for more fraud, isn’t it? Bad ethics is shoving out the good. If we want to go in another direction we got be interested in more than real wages and it will take more than union membership.