Wednesday, 18 March 2009

Dangerous Financial Dogs Act

Do you remember the Dangerous Dogs Act? A couple of children were sadly mauled by a couple of dogs some years ago. It was a slow news day. The tabloids ran with the story hard for a few days. The net effect? Politicians queueing up to criticise and pontificate and then the Dangerous Dogs Act.

These last two posts show depressingly similar behaviour.

Now that global financial markets have calmed, our governments, politicians, regulators and quangos have gone through the wide eyed, bunny caught in the headlights phase and are now all turning their attention to pointless closing of stable doors. Hence much of the FSA guff announced today and little Cleggy having a shouty session with a banker.

This is the fundamental problem with having created a professional political class who have little to no business experience. They don't understand the real underlying issues. They've never hired anyone. They've never sacked anyone. They've never made anyone redundant. They've never been profitable. They've never been unprofitable. They've never fought with stupid regulation. They just opt for knee-jerk, headline grabbing initiatives.

As Fun Boy Three said: 'the lunatics have overtaken the asylum'. God help us.

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