All politicians are to blame for the Co-op’s failings because they’re the failing of banking as a whole

Posted on

The argument about who is to blame for the C0o-op's failings continues. With reason Labour and Conservatives blame each other for what has happened. Overall, it seems both can take blame, and let's not leave the Lib Dems out: they are in government right now.

But what this says is that politicians as a whole have not yet addressed any of the issues of substance in banking that need reform. All still quake in fear of the banking sector, the City of London and the business lobby. And even the timid reforms Osborne has proposed have no effect until 2018. It's as if 2008 never happened. Apparently it is still business as usual, corruption, incompetence and plain abuse of society at large included.

For that this government is responsible.

But so was the last.

And so is Labour in opposition for not making clear enough why they would be different, because there is little material evidence that they would be, hair splitting apart.

That's the problem we have. It is as if the world is paralysed into inaction because the monolith created between 1980 and 2008 is so fragile that the slightest touch will push it all over. Maybe that's true. But that's even more reason why courageous action is needed. I am waiting to see who will deliver it though.