Insightful Prime Minister’s Answers

Posted by Thomas Mon, 13 Oct 2008 00:59:40 +0000

As I was channel surfing tonight, I came across the Prime Minster’s questions on CSPAN. When asked about the financial crisis, he (the PM) gave the most measured commentary, of which I had not heard elsewhere, also of which I would not imagine you would hear any pundit say in the US:

I was talking about irresponsibility in the financial markets. Now everyone agrees about irresponsibility in the financial markets, but let me say, because I think it should be clear to the people of this country, that the dividing line here is not between business and being anti-business, or between market and being anti-market. The dividing line that we have is between rewarding hard work, effort and responsibility—rewarding enterprise—and rewarding excessive risk-taking or irresponsible risk-taking. [Interruption.] The all-party consensus seems to have dissipated a little.

I personally think that the whole country will agree that that is the right thing. Let us reward work, let us reward effort, let us reward enterprise, let us reward responsible risk-taking; but let us deal with the problem—and sort it out once and for all—of excessive and irresponsible risk-taking.1

In addition the right and honorable Mr. David Cameron said this:

…we are trying to save the banking system not as an end in itself, but to save the wider economy…2

Hear, hear!

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