Brown and Cameron speak out on the financial marketsBrown and Cameron speak out on the financial markets

YOU CAN'T BE SERIOUS??

UK TOP POLITICIANS ON THE ROAD TO DAMASCUS.....OR - ADVENTURES IN HYPOCRISY?

Conservative leader David Cameron, following weeks of rather nervous silence, has decided to come out with all guns blazing, blaming Gordon Brown for the financial crisis by allowing banks to go mad with greed and speculative frenzy. On TV, he praised the Spanish government for tight regulatory practices, enabling Spanish banks to pick up juicy morsels from the rotting corpses of UK banks.

Meanwhile, premier Brown basks in his current reputation as the man who rode in to save the world's banking system and in particular the once-arrogantly mighty London-based banks. Maybe he hopes that his previous utterances on the greedy and wildly speculative UK banking system may be buried under the wreckage.

Cameron and Brown on the Road to Damascus

Here are a few reminders of where both leaders were coming from not so very long ago. If a week is a long time in politics, it seems a year is long enough for desperate politicians to totally change their views.

Gordon Brown - a few selected reminders:

(Quotes taken with thanks from Andrew Rawnsley's Comment column in the Observer, October 19).
"Let's start with Gordon Brown in June 2005 giving the Chancellor's annual speech to the City at Mansion House. Addressing the bow-tied ranks of money-changers, he paid lavish homage to 'your unique innovative skills, your courage and steadfastness'. They had his personal thanks 'for the outstanding, invaluable contribution you make to the prosperity of Britain'."
"Brown surpassed himself when he returned in 2007 to deliver his final Mansion House speech as chancellor before he moved into No. 10 (became premier), 'A new world order has been created' he proclaimed, Britain was 'a new world leader', thanks to 'your efforts, ingenuity and creativity'.

He congratulated himself for 'resisting pressure' to toughen up regulation of their activities. Everyone needed to follow the City's 'great example' and emulate this 'high value-added, talent-driven industry'. 'Britain needs more of the vigour, ingenuity and aspiration that you already demonstrate'. Thanks to their 'remarkable achievements', we had the huge privilege to live in 'an era that history will record as the beginning of a new Golden Age'."
Stop Press October 2008, Gordon Brown shocks the world by declaring that his 'Golden Age' was nothing of the sort, but was actually an 'Age of Irresponsibility'.

David Cameron and the Conservatives:

The Conservative front bench has been marked by its close affinities to the world of finance, and more recently, with the super-rich. The party and shadow ministers have been, and still are, supported by hedge fund managers, relatives of hedge fund managers, private equity investors, investment bankers, tax dodgers and property magnates. Many have been provided with large contributions towards the costs of running their private offices, some have derived huge fees from speaking engagements to financiers meetings and conferences, others have been provided with gratis rides in helicopters and private jets. They and some New Labour politicians are to be seen hob-nobbing in exotic locations with the very rich.

See Politicians and the finance industry in the Government, finance and industry' section.

Here are a few reminders for David Cameron, again taken from Andrew Rawnsley's Observer article:
"David Cameron has had some fun at the expense of the Prime Minister. Which might make you assume that the Tory leader had forseen, as Gordon Brown had not, that it would all turn to dust. So, here is Mr Cameron in June 2006, offering his thoughts on 'the new global economy'.
He trumpeted 'the victory of capitalism, privatisation and liberalisation'. Not to be out-grovelled by Gordon Brown when talking about bankers, the Tory leader lauded the 'highly innovative' City as 'the biggest international finance centre in the world'. Mr Cameron happily noted that 'there are more than 550 international banks and 170 securities houses in London', numbers that may now be subject to downward revision. The Cameron of this pre-bust vintage gave the credit for all that 'innovative' trading to 'critical Conservative decisions' when the Tories were in government. It proved that 'light regulation' and 'low regulation' were the 'keys to success'.

Just over a year ago, in September 2007, Mr Cameron made a speech at the London School of Economics.
The financial markets were already experiencing what was then politely termed 'turbulence', but the Tory leader chose to amplify his thesis about the ascendancy of unrestrained capitalism. In a section entitled 'The End of Economic History?', he answered the question by declaring that 'the debate is now settled', 'Liberalism' had prevailed. The Left's silly idea that markets required tight regulation had been thoroughly discredited. 'The result? The world economy now more stable than for a generation'. He drizzled sychophancy on the heads of the bankers, drooling that 'our hugely sophisticated financial markets match funds with ideas better than ever before'.

Forgive them, Lord, for after all they are only politicians......

It would be nice to see Messrs Brown and Cameron appearing on National TV, Japanese style, and tearfully acknowledging their gross neglect of the first duty of politicians, to take care of the health of society and all its citizens, but this is far too much to expect.

The difficulty is - can we believe them now in their new responsible guises, when they were spouting the opposite views so fulsomely but an eye-blink ago?
Here are some simple litmus tests.

The Conservatives:

New Labour in government

As for the Conservatives, plus:

And for both:
Public statements that both parties renounce their attachments to the doctrines of neo-liberal free market capitalism, with light regulation, tax shelters and privileges for the very rich - that we are into a new era where the state and democratic institutions have a significant and proper role in both regulation and the promotion of economic well-being.

We wait (with some scepticism) to be delighted!!

Go to top