Some of us are already saying so - you're not alone! You should read the latest publication by the Left Economics Advisory Panel (LEAP) - Credit Crunch: Learning the Lessons.

Download and debate online at http://leap-lrc.blogspot.com/2008/05/credit-crunch.html.

Northern Rock demutualised in 1997 - the year New Labour took power. I guess 'greed is good' dominated the labour and co-operative movement back then!
 

Great post. The whole deregulative, laissez faire outlook of the last 30 years needs re-examination.

So many of the country's troubles stem from the growth of consumerism, endless deregulation of financial services and subsequent obsession with home-ownership. As it all goes wrong as many predicted, New Labour deserve a beating for swallowing the Thatcherite agenda whole.

But it says very little about the current level of political debate and understanding that the consequence will be to return a Tory govt. On virtually every one of these issues, their position has been free-market fundamentalist. Does anyone really think the people best positioned to deal with a housing market crisis are a party who called only last summer for the removal of all mortgage regulations?

Building Societies are the property of their members. Nobody "forced through demutualisation". The members voted for it enthusiastically at some building societies and voted against it at other societies (like Nationwide and Britannia). You talk about "Labour values" as though it is a given that members of building societies support Labour - this is not the case. Unlike the Co-operative Bank, Building Societies have not really been part of the Labour movement, except at the very beginning.

Make no mistake, the Northern Rock members voted in favour of Northern Rock becoming a PLC. When they became shareholders, they also had the chance to control the company. For instance under law that New Labour introduced in 2002, shareholders can vote against the pay packages of directors (and in 2003, Glaxo shareholders voted against the chief exec's package and there have also been revolts at Shell and HSBC). This is a power that shareholders in the USA and France do not have.

However, Northern Rock shareholders (who were former building society members) happily voted for their chief exec to have a big bonus last year - in payment for his "daring" strategy in increasing mortgage share! the shareholders should have been asking hard questions at the AGM about strategy, but they didn't. These shareholders have now lost a lot of money. What can government do about this? Nothing! You can give shareholders the power to protect their money, but you can't make them use said power, or act sensibly or legislate them into intelligent thought! Humankind will always be stupid and greedy and foolish!

How true this is. Don't worry, you're not alone! I think this whole sorry episode will bring more regulation on rampant free market capitalism, which is a good thing.

To be honest I have gave misgivings about the international economy stemming from the fact that the oil will eventually run out. Sure the price will drop a bit in the short term - it must, but the longterm trend is gonna be up up up. It is a finite resource after all.

A lack of proper regulation on the banks has caused this 'recession' (which is not being helped by the coverage from the right-wing media). To give you a clue, of why this isn't just, 'the global economic downturn', as Messer Brown puts it, a hard-right Republican congressman recently called for deregulation of rules on banks, mortgages, and the stock markets. He called for a system "like they have in the United Kingdom".

Gift Baskets Flowers Spring Flowers Soft Toys Acne Treatment Alternative Medicine Anti Aging Health and Beauty Cancer symptoms and risks Great Fishing Muscle building Fashion world Diseases and Conditions Exercise and Meditations blood drug test employment drug testing hair drug test pass a drug test random drug testing saliva drug test urine drug test workplace drug testing employee drug testing marijuana drug test home drug test kits drug testing kits mp3 downloads download mp3 buy mp3 music mp3 music downloads music mp3 download mp3 audio download movies dvd dowload pass a drug test gift baskets kazakh xml manual xml manual