Michael Meacher MP

Given that the bankers’ malfeasance is the root cause of the present economic misery, which with going-for-broke spending cuts about to be inflicted will soon get much worse, it seems almost unbelievable that, 3 years on, next to nothing has been done to avert yet another (possibly greater) crash.   The financial meltdown began on 9 August 2007, slowly accelerated through 2008, exploded on 15 September 2008, and cost governments in 2009 about £3-4 trillions in bail-outs, including some £650bn in the UK.   Now bonuses (which drove the original recklessness) are back in full swing with £6bn paid out last year in the UK, derivatives trading (the dark heart of the City of London) is bounding ahead, and speculative lending still overwhelmingly takes precedence over lending to business and manufacturing.   How have the vested interests got away with it?   What should be done? (more…)