No need to check the calendar. It's not April 1st. I'm not being ironic either. As we approach the general election in May, I just felt it was time that someone injected a little bit of sanity into the current debate about the deficit, the economy and the banking industry.
Lets start with Gordon Brown. His name has become a byword for incompetence. The Conservative party would have us all believe that Brown was a hapless incompetent who rammed the economy into an iceberg, mismanaging the UK's finances and losing control of public spending. The inconvenient truth for the Conservatives is that rather than wrecking the economy, Brown actually saved it. The financial meltdown of 2008 was caused by two things. The first was lax regulation of the banking industry. This was as much a product of the Tory years of deregulation under Thatcher and Major as it was Blair and Brown. The prevailing pre crisis view was that deregulation was a good thing. If anything, had the Conservatives been in charge 1997-2008, the regulation regime would have been even more permissive, it certainly wouldn't have been stricter. When the crisis hot, Gordon Brown correctly realised that the UK economy is reliant on banking. We are arguably the centre of the global finance and maintaining this is vital to our national wealth. In the US, the hard right orthodoxy of the Bush regime allowed many financial institutions to go to the wall. In the UK, Brown baled them out. The net result is that the UK still has financial services industry with global credibility. The baled out banks have recovered and are once again contribiting to the UK economy. It should be remembered that the then Conservative opposition questioned the use of tapayers money to bale out Norther Rock, RBS and Lloyds TSB. Had these companies gone under, who knows what shocks and meltdown may have happened. It should also be remembered that Brown played key role in negotiations to ensure that the worlds banking system didn't collapse. Its should also be remembered that the problems in the banking industry largely started in the USA, not the UK. There is a saying that when the USA sneezes Great Britain catches cold. This certainly was true of the 2008 banking crisis. As a result of huge bale out process, the UK's public finances were plunged into crisis. We are still paying. What isn't discussed so much is what the UK economy would look like without the Brown lead bale out.
This brings us to the banks and bankers. Both seem to get a never ending bad press and I can't remember the last positive major news story about the banks. The question is how fair are these comments. Of course when banks do bad things, it warrants a story. No one could claim that much of the torrent of bile is unwarranted, but wouldn't it be more sensible to try and get some degree of balance. Banks make a huge contribution to the UK economy. Over 1 million people work in the banking sector in the UK and the organisations they work for bring huge wealth to the UK. Banking products are a part of modern life. Few of us would own homes if the bank didn't provide mortgages. When we buy things in shops, we use credit and debit cards (often using money the card companies are lending us in the form of a credit limit). If we want to buy on line products, we simply do an on line transfer. If we get woken up at 2am and we need an emergency plumber, we cn get cash oiut of an ATM. Modern life would be unimaginable withourt banks and the services they provide. We would also all be far poorer. In London, we have a fantastic city. We have great public transport, but leasing companies own most of the trains. When schools, hospitals and roads are built, these are financed by banks, the money is paid back once the facilities are in operation. In London most businesses, pubs and restaurants are kept running by bank employees.
This brings us to the subject of the bankers themselves. Often they are portrayed as fat cats. Most people who work for banks, don't get paid any more than the rest of us. The call centre staff and branch staff, who for most of us are the main contact, are not highly paid, although they bear the brunt of the public wrath. When we talk about "fat cat bankers" we generally think either of senior investment bankers or board members. I would hazard a guess that senior bank executives are no better paid than senior executives elsewhere in the private sector. as to the traders who get huge bonuses, these are usually driven by commission and profits of the organisation. If you work for a profitable institution, why shouldn't the people who generate the cash get the money? We hear the same comments sometimes about footballers and pop stars. At the end of the day, if you work in an industry that generates lots of money and you have a desirable skill set, you will earn a lot of money.
Then there is the issue of HSBC and the policy of its subsidiary that helped the rich avoid tax. I cannot believe the hypocritical guff talked about this. Every time any of us pay a trader cash to secure a cheaper deal, we are party to tax evadion. Everyone who has ever bought a cheap packet of cigarettes from a dodgy importer, has been a party to tax evasion. If you buy dodgy DVD's you are party to tax evasion. I don't know anyone who would willingly pay more cash to the taxman than they are legally required. Many don't actually see a bit of small scale tax evasion as a crime. As to the activities of HSBC, this was as much to do with the activites of the rich as to their bank. Of course HSBC should be hammered, but ultimately we are indivudally responsible for paying our taxes.
Ultimately banks and bankers make a hueg contribution to the UK. Banking and finance are perhaps the most important sector of the UK economy. Gordon Browns intervention in 2008 maintained this position. If banks suddenly ceased to exist, it would not only wreck the UK economy, but it would make our own lives hugely difficult. The sole purpose of banks is to make money. They will do this however they can. It is the duty of the regulatory authorities and the government to make sure they do this responsibly, ethically and in a way that is beneficial to the economy. It is extremely stupid to continually hammer the countries biggest asset. I do think the banking industry needs to take a long hard look at what it does, up its game and take corporate responsibility seriously. I also think they should start to remind us all that they are very good for the UK. And finally I'd like to see a few members of the Labour party actually talk about their achievements.
Showing posts with label #Cancer. Show all posts
Showing posts with label #Cancer. Show all posts
Sunday, 15 February 2015
Tuesday, 31 December 2013
2013 - The year in blogs
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| Picture of the year - Cornelius Signs Capita Contract Unread |
As I looked at all of the blogs posted, I realised that this blog has told a fascinating story. Perhaps the most interesting aspect was the way a team of guest bloggers have given a narrative to the issues which have been of local and national concern. I think that these guest writers tell a far more interesting story about Barnet and the UK than anything I've written. So this review is in two parts. My favourite personal blogs, which tell my story. I hope this isn't being narcassistic, it just seemed to me that these were actually the most interesting things I wrote. The second part is a month by month selection of the best guest blogs. These provide a commentary on the stories in local and national news. The format limited the contributions - One per month. This meant that whilst December when there were lots, I could only feature one, wheras in September there were none. Rereading all of them, I can only thank my contributors for their efforts and the quality of the their work. I have chosen not to put a commentary on, as one of the terms of doing a guest blog is that I don't put my spin on it. I hope you enjoy this.
Here are my favourite blogs
January - Rog T's Cancer Blog - My Bucket List - I revealed my teenage bucket list and my desires, fulfilled and unfulfilled. I note that a year later I still haven't fulfilled number 10 on the list. To watch the sun set on the Millfields whilst eating a tin of Pineapple chunks. Maybe today I will tick that one off. http://barneteye.blogspot.co.uk/2013/01/rog-ts-cancer-blog-my-bucket-list.html
February - The Saturday List #34 - My top ten juke box tracks I think this is a great blog. Strangely enough, I got the list wrong. I omitted Rebel Rebel by David Bowie. There is no greater thrill in the world than putting that track on the Juke Box and giving the one you love (or fancy) a great big kiss as Bowie sings "Hot Tramp I love you so". http://barneteye.blogspot.co.uk/2013/02/the-saturday-list-34-my-top-ten-juke.html
March - Dyselxia blog - English as a foreign language If you could change one thing in your life and restart it from that point, what would it be? After some analysis, nothing I'd stick with dyslexia http://barneteye.blogspot.co.uk/2013/03/dyselxia-blog-english-as-foreign.html
April - What really matters in Barnet? If you want to know why I write the Barnet Eye blog, read this. It sums up what I care about and where I find the energy to write a blog every day. I have tried to pick positive and upbeat blogs for this selection, but there really was nothing in April that warranted inclusion in this list that was in any way happy or uplifting. http://barneteye.blogspot.co.uk/2013/04/what-really-matters-in-barnet.html
May - Is football run by morons? A short blog that summed up my disgust at the way the Premier League football clubs conduct their business. At the time I thought I may be falling out of love with football. What a difference six months makes. We are halfway through the most exciting season for years. Half the teams in the Premiership (almost) could conceivably win the league and half almost might get relegated. Despite all of the chaos, it is great. back in the 1980's there was a famous series in the Judge Dredd strip in 2000AD, where an Urang Otang called Dave was elected to be Mayor of Megacity 1. Despite all of the dire predictions, he was the best Mayor ever, because he was uncorruptable. You can guess how the story ended. It reminded me of what happens at Chelsea. The less of a coherent plan they have for the future, the better they seem to do. http://barneteye.blogspot.co.uk/2013/05/is-football-run-by-morons.html
June - "One day, you will be sorry for what you've done" What will we think when the timer runs out of sand. The questions we will ask ourselves. What will we have achieved? Pretty much sums up my views on the world. http://barneteye.blogspot.co.uk/2013/06/one-day-you-will-be-sorry-for-what.html
July - Mother - Sister - The death of an encumberance? Human nature and the two sides of grief. A funeral recalled and what we really think http://barneteye.blogspot.co.uk/2013/07/mother-sister-death-of-encumberance.html
August - Despite everything, Mill Hill is a great place to live ! A little blog describing the things I love about living in Mill Hill and how I spend my days. The things we love are often the simple things http://barneteye.blogspot.co.uk/2013/08/despite-everything-mill-hill-is-great.html
September - Sunday Morning youth football - A joy to behold, so don't make the kids play in your rubbish One of my greatest joys is watching mys on play football for his team Watling Youth FC under 14. A blog about the joys of being a "football Dad" and a plea for the residents of Barnet not to use our parks as a dumping ground. http://barneteye.blogspot.co.uk/2013/09/sunday-morning-youth-football-joy-to.html
October - Just say Yes ! A little rant about the negative messages we bombard our teenagers with. We are squeezing teenagers like never before. Tuition fees, closure of facilities, bombardment with tests and exams. I am glad I grew up in teh 60's & 70's. http://barneteye.blogspot.co.uk/2013/10/just-say-yes.html
November - Remembrance Sunday My remembrance day blog is always one of my favourite blogs of the year. It is important for us to remember. My father flew a Wellington bomber with 40 squardron during the second world war. He was shot down over Bucharest in Romania, whilst bombing oilfields in Ploesti. His rear gunner, F/O Andrew Murphy was killed during the engagement and is buried in a war grave in Bucharest. I believe it is the least I can do to remember his sacrifice. http://barneteye.blogspot.co.uk/2013/11/remembrance-sunday.html
December - The Baby Jesus was an Asylum Seeker Yeah, I know it was only yesterday, but I think this was a great blog! http://barneteye.blogspot.co.uk/2013/12/the-baby-jesus-was-asylum-seeker.html
And here is the pick of the Guest blogs.
January
GUEST BLOG – EQUALITY IMPACT ASSESSMENTS - By Dr Julia Hines
February
Guest Blog - Maria Nash is being victimised - A response by Linda Edwards
March
Guest Blog - Barnet Spring March Saturday 23/03/2013 - By John Sullivan
April
Guest blog - The Big Con of “being in the community” - The Latest Endemic National Institutional Practice - By Linda Edwards MBE
May
Guest blog - The Silence of the Lambs - by Dr Julia Hines
June
Guest Blog - Richard Cornelius in the Press - A response, by John Sullivan
July
Guest Blog - Another Barnet Council Outsourcing Disaster - By Andrew Dismore
August
Guest Blog - Richard Dawkins - Hardline religious fundamentalist? - A response by Andrew Evans
October
Guest Blog - Welcome to the legal block! If we stick together, we can't be fracked! - By Scarlett Cannon
November
Guest Blog - Kicked in the stomach - By A.M Poppy
December
Your Choice Barnet Week - Day 1 - The LIE That Is Your Choice Barnet - Guest blog by John Sullivan http://barneteye.blogspot.co.uk/2013/12/your-choice-barnet-week-day-1-lie-that.html
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Barring accidents and major news stories, that's it folks for 2014. Many thanks for your support. This year we passed a million hits. I never imagined when I started that I'd get a thousand, let alone a million hits. I hope I have repaid your faith in this blog.
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