Monday, July 20, 2009

What has the City ever done for us?

Ace Labour and Capital blogger Tom P has reverted here to his calm and measured ways after last month’s explosion over public pensions. He exposes now the cant and hypocrisy shown towards "City interests" and the failure to bring about much needed change.

Imagine if the economic crisis had been caused by trade unions, by constantly pushing for higher wages and using industrial action in support of short-term objectives, regardless of the long-term consequences.

Imagine if at every stage in the run-up to the crisis when government or regulators or the public had tried to curb their behaviour, or urged restraint, they had simply responded with threats to withdraw their labour (in the traditional sense, not by relocating overseas...).

Imagine if that behaviour had left the country saddled with debt that would take years to pay back, with related cuts in public services.

Do we really believe legal curbs on their behaviour wouldn't be introduced? Do we have any doubt that legislation would be enacted to hamper their ability to do such damage again in future? Do we seriously think society would be satisfied with voluntary codes of conduct which they could choose to comply with, or explain why not?”

I'm actually just using this as an excuse to post again my favourite YouTube clip. There is also a serious message - somewhere.

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