“You can’t wash your hands of the consequence of your actions” said Mathew Hancock MP this afternoon on Radio 4′s PM program. The topic was the financial crisis but Mr. Hancock was not talking about the bankers, he was talking about the protesters!
Mathew Hancock, Conservative MP for West Suffolk, was interviewed by Eddie Mair along with Richard Murphy of Tax Research UK. Mr. Murphy was sympathetic to the protesters, talked about changing the financial system and got in a plug for his book The Courageous State.
Mr. Hancock was not sympathetic and went on to say some very stupid things. He said that it was fair to ask the protesters what they’re campaigning for and how it should be achieved. He said that it was reasonable that they’ve made their point but that now it is time to look forward to the detail of achieving the world that they want to create.
Mathew Hancock was TALKING BOLLOCKS.
Firstly, the idea that the protesters have made their point and should leave him and his buddies to address the situation is self satisfied tosh! If the protesters just pack up and go home then the bankers and the politicians will merely carry on as usual. The current Conservative pre-occupation with getting out of the EU is evidence that the unfairness of the bailout has slipped right off the governments agenda.
Secondly, the idea that it is not possible to protest unless you have a solution is utter rubbish! It is like the triage nurse at a hospital telling a sick man to go away until he had developed a cure for his ailment.
It is an indication of how out of touch our politicians are that Mr. Hanock expects ordinary men and women to do a better job of running banks than those paid millions for their supposed expertise. It was not the job of ordinary tax payers to keep an eye on the banking industry and we should not expect them to set policy but it is their right to protest and make themselves heard so that those who do have the knowledge and the power can recognise their concerns and adjust policy.
However, it was another of Mr. Hancok’s statements that really angered me but first let me tell you about another Radio 4 program over the weekend. In BBC Radio 4′s, The Bottom Line on Saturday Evan Davis interviewed the chairman of a boutique merchant bank, the chief executive of a financial advisory firm and the chief executive of a savings and investment group. When these men tried to dismiss the accusations that the bankers were to blame for the financial crisis Mr. Davis got fairly miffed and stated that just prior to the credit crunch, after a boom which had run on for ten years (and was therefore due to bust), a major bank had lent £40 for every £1 it had in deposits. This meant that if the value of its investments were to fall by just 2% the bank would be insolvent. This is incompetence and complacency on a massive scale. Further, at the same time, while the economy was booming, the Chancellor, Gordon Brown, was running a deficit. (If you can’t repay debt in the good times then when can you?)
This evening on PM, Mr. Hancock said that the protesters outside St. Paul’s had caused the cathedral to close, losing the church around £20,000 a day, that actions have consequences and “You can’t wash your hands of the consequence of your actions”!
According to Wikipedia, before becoming an MP, Mr. Hanock was an economist at the Bank of England, specialising in the housing market. It is further testament to his utter hypocrisy that he can utter such statements without a hint of irony. This out of touch pillock is quite content to let the politicians and bankers destroy a whole industry then walk away with fat bonuses yet has the gall to accuse others of not taking responsibility for their actions.
Even now, the bankers do not understand that they only have jobs because they were bailed out by ordinary citizens, such as those spending their nights outside St. Paul’s.
Something’s gotta change.