Anthony Barnett (London, OK): I have just read David Cameron in the Sunday Telegraph trying to hold the government to account for the the policy fiasco that permitted the crash of Northern Rock and goodness know what else to follow. It reinforces my point that the only future for the Tories as a credible opposition is on the 'left' - generously defined as being in favour of better government as well as more democracy. He asks,
Should the Government have required more transparency from banks using new financial vehicles to finance their borrowing? For instance, should we request the same capital reserves that are required for on-balance sheet lending? The rating agencies play a key role in assessing risk - yet there are pressing questions rightly being asked about their objectivity. Has oversight of these agencies been too lax?
In other words goodbye to the tradition right-wing call for for less regulation and more market freedoms. Hello tighter, clearer regulation and less market freedom.
There are lots of smart and entertaining comments as well. Here is a tase, from R. Hughes
From the crumbs of substance embedded in this waffle, Cameron emerges as a committed socialist. His answer to all the issues is not more freedom, but more regulation. Cameron claims that job-security and mortgage-security must be his number-one priority. So he must support a fossilized labour-market as in France. Add banking as well, and it is clear that Cameron, like Ted Heath, would eagerly turn to a prices and wages freeze when his policies fail.
There are very big questions here about the future of off-shore Britain after the crash is over.
