Thursday, 28 June 2012

Why Cameron can piss off today of all days

The 'line' taken by the Conservative Party on Barclays' multibillion £ manipulation of LIBOR is that it's a consequence of Labour's failure to properly regulate the banks in the boom years.

It's true: the neoliberal clique called New Labour spent over a decade boasting that deregulation was 'good for business'.

But let's remind ourselves what the Tories thought about this at the time:
As a free-marketeer by conviction, it will not surprise you to hear me say that a significant part of Labour's economic failure has been the excessive bureaucratic interventionism of the past decade too much tax, too much regulation, too little understanding of what our businesses need to compete in the modern world.
That was one David Cameron (28th March 2008), demanding even less regulation. That's why I won't take any sententious moralising from that lying face.

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