George says that the economic mess is the fault of Labour; Mervyn King says it is largely the fault of the bankers... so who is to blame? That may, of course, be in some way connected to the fact that the Conservative Party gets 52% of its funding from the financial sector.

It matters, of course, because unless you know what caused the problem, you are unlikely to be able to stop it happening again. If Osborne thinks that it was Gordon Brown, and his policies that caused the crisis, then he may be rather complacent about the City. Get rid of the problem (Labour) and everything will get better. But if the governor is right, then, having got rid of the wrong thing, are we likely to be heading for another crisis soon? If Mr king is to be believed (and he has just that little more experience than Mr Osborne), the answer is, yes.
When he was asked whether there could be a repeat of the financial crisis King replied in the affirmative. "The problem is still there. The search for yields goes on. Imbalances are beginning to grow again."
And once again Mr King brought up the subject of the size of banks, a problem for which I have seen little in the way of a solution from the London government. He pointed out quite clearly that banks paid these bonuses because they could: "Why do banks in general want to pay bonuses?" he asked. “It's because they live in a 'too big to fail' world in which the state will bail them out on the downside."
With such a fundamental difference between them, it’s hard to see how they are going to rub along together from now on. Maybe one of them will have to go?
Anywho... you'll laugh at this:
A banker, a Daily Mail reader and a benefit claimant are sitting
at a table sharing 12 biscuits.The banker takes 11 and says to the Daily Mail reader:
"Watch out for the benefit claimant: he wants your biscuit".
Ha ha ha.
Pics: Top: I was wondering if that was Nadine’s knee at the back there. You’d think that her new boyfriend would buy her a pair of tights. That’s knobbly!!! Left: Mervyn King... poor man. He’s not had an easy life. Gordon Brown, Alistair Campbell and now G G Osborne. (Bet he was called “horsey” at prep school!... G G ... horsey, get it?) Right: A random Daily Mail reader disapproving of something, somewhere...anything, anywhere.
















































