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September 22, 2010

Comments

It doesn't add up...

I read the speech - so much quicker than watching it. It's a real curate's egg. He managed to attack Labour with some pinpoint mortar fire: something he should perhaps have made even more of. He managed to articulate a number of the problems the country faces quite accurately. Yet time and again his policy prescriptions fail to graft onto the analysis with any sense at all. Also, his deep seated prejudices show in areas such as his attacks on bankers.

FaustiesBlog

A cracking speech from Cable. I agree wholeheartedly with his assertion that Capitalism needs regulation and that many businesses are anti-competitive, seeking to wipe out their competition.

Sure, some companies deserve to go to the wall, but many cannot compete with corporations, who have become too big to fail. That has got to change. Corporations have become far too powerful and as such, threaten our democracy.

I also agree with his stance on banking reform.

Travelling Man

Actually he has a point. It seems to me that almost every policy is designed to improve conditions for business even at the expense of individuals. Take base rate, what is the point in having it so low ?. It is just allowing speculators to distort the markets by misallocating capital at the expense of savers whose money is being devalued by inflation. Are banks passing on these low rates to mortgages or to people or small businesses who find themselves in difficulties ?. No, they are using them to make obscene profits and then congratulate themselves by awarding huge bonuses to each other.

David Hollins

I never believed in the cult of St. Vince (although ironically, the two men most trusted on finance pre-election - him and Cuddly Ken - were OAPs), but now I know he is an idiot. The fundamental failure was in Govt and BoE policy keeping rates down (as they are now) as it just infl;ates aset prices and encourages risk-taking to get halfway decent returns. In the enhd, you cannot buck the market.

Why should the banks lend to those in difficulty? These customers are likely to default and damage the capital base of the bank!

Time for the pipe and slippers, Vince.

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