Err, Seumas?

Are you actually thinking through what you\’re saying here or are you on autorant?

This is yet another disgrace for the country\’s governing elites. The new revelation of corruption comes after the exposure of the deception of the Iraq war, fraud in parliament and the police, the criminality of a media mafia and the devastating failure of the banks four years ago. It could of course have happened only in a private-dominated financial sector, and makes a nonsense of the bankrupt free-market ideology that still holds sway in public life.

Bankrupt free market ideology led to Iraq, fraud in parliament and the police and media criminality?


Only if the largest banks are broken up, the part-nationalised outfits turned into genuine public investment banks, and new socially owned and regional banks encouraged can finance be made to work for society, rather than the other way round. Private sector banking has spectacularly failed – and we need a democratic public solution.

That\’s nice. So you want to move to the Spanish banking system, is that it?

You have seen what is happening to the Spanish banking system? Where having the local politicians determine the lending policies has turned out to be even worse than the bankrupt free market ideology?

And, if the parliamentarians are all corrupt, as you say they are, is putting them in charge of finance as well really all that good an idea?

4 thoughts on “Err, Seumas?”

  1. As a Spanish tax-payer, it hurts me (economically seriously) but I have to agree.

    Who but a total ars**ole would want politicians to take decisions over banking, credit and savings policies and all the rest. The temptation is just too great. At the very least, they start doling out ‘social justice’, at worst they steal.

    I shall be dead and buried before we pay off the ‘Cajas’ rip-off. And the bast*rds responsible have featherlined their nests (hopefully on their way to jail in some cases). Unbelievable.

    Which 2 banks are least affected? Santander and BBVA. Totally private, one with an old-style, clubby banker tycoon, Seve Ballesteros’s daddy-in-law, Emilio Botín. They are only affected because of what surrounds them, not because of their own numbers.

    The cajas got away with it because of a wilfully ignorant socialist governement, which, with a bubble obvious to everyone and the crisis already brealing were insisting that our banking system was the envy of the world. Our crisis was home-grown and government permitted.

    I know the EU rules but all the Bank of Spain had to do was demand that mortgages could only cover 90%, then 80%, then 70%, then, 60% of the purchase value of the property. That would have taken care of the private housing boom.

    I don’t know how, but the land bank boom (the real problem for the system as a house always has some value) could have been controlled as well. Zapatero and his band of incompetent social woollies didn’t see the need (and those that did kept their mouths shut). Shame on you Solbes, shame on you Salgado. Petty politicians everyone.

  2. So Much For Subtlety

    What he means is not that everything would be better if the government was in charge, but that everything would be better if he and his mates were. That’s the point. That’s why there’s no contradiction. Socialism is basically about people demanding what they don’t want to work for. Seumas is just typical of the breed.

  3. Seamus would actually prefer an authoritarian ‘socialist’ system where wrongdoing was never exposed rather than a free-ish market and democratic system that exposes wrongdoing. But, like many commies, he uses the latter to argue for the former, ignoring the fact that the exposure of wrongdoing is a self-correcting feature of ‘open’ societies. Corruption was far worse in the former Soviet Union than it is or was in the UK or even the US.

    Bilbaoboy: well said.

  4. sackcloth and ashes

    Milne is an unreconstructed Stalinist, but is somehow in a senior editorial position in a ‘reputable’ newspaper. If there were any justice, he’d have the same problems with employment as a Stasi nark in Eastern Germany after 1989.

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