The Government's weak-kneed response over bank bonuses and nationalising the banks is pushing the Brown administration to the edge of crisis. People are demanding action and yet by prevaricating Gordon Brown is allowing the Tories opportunistically to take the high ground. The bank bonus debate has exposed the political bankruptcy of the leaderships of all the major parties.
Brown needs to stop faffing around and act fast to end the bonuses to the fat cats, and to take control by nationalising the banks. His credibility is draining fast and swift action is needed if this administration is to survive.
The bonus scandal has also exposed that whilst the fat cats on the Bank Boards have been lapping up the bonuses, many of their staff have been on low pay, dependent on the annual bonus shareout to top up their low salaries.
Each year for five years I have tabled motions in Parliament codemning the big city bonuses as obscene and calling for action with no response from the Government. People's patience with the Government is fast runing out. Decisive action now could turn this around.
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But if the banks are nationalised many ordinary people lose thousands of pounds in investments. I think part nationalisation is the only fair scheme. That way ordinary investors still have something left.
I think part nationalisation could be a new strategic model for large companies of national importance that way they get the benefits of run for their own good but with strategic overview from the government to ensure they do not take bad risks, pay insane fees to those at the top, and are looking after the interests of the nation.
The railways should be part nationalised. Full nationalisation means no one is there in the company supporting their interests.
The government should have a say over bonuses. But I feel full nationalisation would be very cruel to small shareholders, especially as the government told Lloyds to buy HBOS in the first place. Remember many people invested thousands of hard earned pounds in these banks they should not suffer for that. That would be cruel.
And if some people say well it was just a gamble, to invest in shares, why should the government care, well you can say that about pensions, poverty, houses, health service, schools, cars, the government does have an interest in looking after people and ensuring people do not lose all their savings and investment to ensure they do not fall into poverty. Especially small business men who have to make their own investments and do not have a lump sum from the government to rely on. Investments should be protected. Full nationalisation with no compensation would be ok for those no affected but nightmare for those who invest in banks.
Small investors should be protected they do not have big salaries.
But also small savers should be protected, Dirty Euro.
At least when shares are sold there is a health warning that the value of shares can go up or down. It's up to the shareholder to keep an eye on their stock. And let's face it, many "ups" have been experienced in the last 15 years or so.
But for a savings account there is a "no risk" clause. So if necessary the banks should be nationalised to stops runs on it.
I dissagree. The government got lloyds to buy Hbos so they have no right to close down Lloyds and destroy the shares, whrn they Lloyds bank would have been OK otherwise.
I have never seen the no risk clause on a savings account.
Putting money in a savings is in reality as safe, when a bank collapses, as putting money in savings. There is no real difference. Savings in a bank that has collapsed is worth as much as the shares. It is only the government have decided they will protect small savers, but not small shareholders why? what is the difference? There is no legal reason why they should protect a small saver over a small shareholder, other than more voters have savings. That is not morality or law. And many millionaires have had their savings protected by nationalisation while middle or working class people will see their shares wiped out, so it is not class issue.
Plus no one invested in banks expecting a 500% profit for no work they just expected well run blue chip companies to hold a steady investment for when they retired. We are not talking up some high risk internet company, we're talking about banks, which are supposed to be well run.
Why do you expect small savers who put their money in HBOS to be protected but not small shareholders. The small shareholers are just the same people.
And if you say well it serves them right for making these risky investments, well you can say the same about savers, why not let the banks collapse and not give any small savers their money back if that is the attitude as obviously they should have known what derivatives trades, and bonus payments the COEs were doing at these banks using that logic.
Do you think small savers like pensioners and retirees should be punished for not knowing what funny trades the bosses of the banks were tolerating, or is it just the shareholders who are also often pensioners who should be punished for not knowing what trades the bank heads are doing.
I meant savings in a bank that has collapsed are as worthtless as shares. So why should savings be protected but not shares. There is no difference. You could argue a pensioners should have known what trades the bankers were up to, so it is their fault if they lose all their savings. That is a harsh attitude.
Why should middle class savers be protected so much that middle class shares holders lose everything.
There is no legal obligation on the government to compensate savers in any way at all. So why do you thin there is.
lets not forget that bankers bonuses and pay is purely symbolic in this case. they might be easy to attack but it doesn't actually do anything to help deal with the crisis, so it maybe isn't hard to see why parliament didn't take mcdonnell seriously.
yes, it should be done, but it still seems like 'outdated socialist blather' to bang on about it. there are bigger targets.
I think bonuses are still important for those banks that have failed. They should not be given bonuses. Do not be bigotted against those from the left. Be open to ideas.
But ordinary workers should be given bonuses if they deserve it even in failed banks. Just not those at the top.
Just want to say John you're a real inspiration and if you suceed Gordon Brown I will must definitley vote labour once again. Please, for all our sakes keep up the good work!
we need to make a stand aginst New Labour who are guilty of sending peopel to torture in Guantamo Bay/Morroc etc
just been to An Audience With Tony Benn in High Wycombe - he did a clever show which convinced everyone from young socialist students to the typical Tory types you tend to get in Home County territory that war shoudl be outlawed and that there was hope for the world...see www.celecbrityproductions.info for the rest of his tour dates whihc are on adn off till November...go and see it!
Here are two more issues for the pot. Comments welcome -
http://dronfieldblather.blogspot.com/2009/02/our-submissions-to-compass.html
The Government should nationalise failing banks without compensation, and use taxpayers money to protect savers, and people in danger of losing their homes and jobs.
Yes, it would be tough for shareholders, but people who play the stockmarket surely know that it's a risky game. Shareholders didn't complain when the banks were playing roulette, because they thought they were on a winning streak, but everyone knows gambling is a fools game.
Savers on the other hand put their money in the bank (rather than under the mattress), because they think a bank is more secure.
Also as an aside Brown needs to apologise, because he actively aided and encouraged the liberalisation/globalisation that has made our Country susceptible to this state of affairs.
There is no difference between small savers and small shareholders at all. How is there any difference? How can a saver be given the excuse well it is not your fault that you did not know how well the bank was being run, but if exactly the same person puts the money in shares they should just have their entire investment take off them. There is no morality there. You could take all the savers money off them and claim it serves them right for not knowing how the bank is run. Not all savers are being saved just small savers small shareholders should also be compensated.
Investing in shares in not gambling, and never has been, you might as well claim pensions are gambling and tough luck if people lose their pensions.
Derivatives is gambling but shares, is investing in companies to build new industries.
Not all of us have government pensions provided for us. Most of us work in the private sector where we have to manage our own finances do not punish us for that.
Especilaly when the government asked for lloyds to buy up the HBOS, so it would be unacceptable to destroy the shares now. Investing in shares is not gambling. Just as pensions and investment in bank accounts are not gambling.
People playing the stock market are gambling with their money, frankly I have no sympathy whatsoever. They backed the wong horses and they have no more right to get hold of tax payers money than your average joe who lost his money at the bookies.
It is people who are forced on the dole because of these fat cats who need the help from tax payers.
It is moronic to want to nationalise the banks. If the state took over these banks, whose balance sheets exploded because of Labour, they were in surplus under Thatcher and Major, they would be taking on trillions of bad assets in the public's name. John, get real, stop preaching socialism, it is a dead ideology that is economically impossible to accomplish. Capitalism works and it works fine
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