Saturday, 20 September 2008

Hysterical Con Home

. Conservative Home reported on David Cameron's remarks to the Financial Times which it claimed called on centre-right leaders to 'defend capitalism'. In fact, in the article Cameron himself even calls for;

""sensible” steps to improve transparency and regulation"

Meanwhile, Iain Dale writes;

Listening to Shaun Woodward on ANY QUESTIONS I was struck by several things. Firstly, he seemed to acknowledge that this credit crisis had happened on Gordon Brown's watch and he should therefore apologise. I suspect it will be a cold day in hell before that happens. But apologise for what? According to Woodward and his Cabinet colleagues, the banking crisis is almost entirely down to the effects of globalisation and the US sub prime mortgage market. I completely acknowledge that this is at least in part an entirely reasonable argument.

But if you don't acknowledge the failures in regulation and in public policy in this country and place the whole blame on external issues, you are implicitly, or tacitly acknowledging that if you were powerless to stop it, you are powerless to solve it. In short, you hold up your hand and say 'there' nothing we can do'. That is, of course, patently ridiculous. The moment a government surrenders to external forces and says it can do nothing is the moment it also surrenders the right to be called a government.

So, who is overreacting and hysterical? Is it the free market buccaneers of Conservative Home who realise that their cherished market has once again turned in on itself or is it the people who realise that markets need regulation and people need protection from the fall-out from the chaos they cause??

1 comment:

John said...

One of the problems for Cameron is that most of the people that worked the City are diehard Tories so he has to keep them on side. I suppose he also has to ask Lord Ashcroft what he thinks!

This is really a 9/11 for Hard Capitalism - and the Conservatives being Capitalism's vanguard are probably reeling from it.