The majority of people are still puzzled why they were able to book two holidays a year in 2007 and then found themselves struggling with mortgages from 2008 onwards. Banking crises, financial crises, economic crises, recession are words floated with impunity for the perpetrators. Bankers are getting bigger bonuses. Fatcat Executives are becoming fatter. Governments are printing more money. So why are ordinary people losing jobs, houses and self respect? Why are small businesses going bust? And what has LIBOR got to do with all this? We need answers not political theatre. We need a judge led enquiry not a parliamentary investigation.
A politicians led investigation into Libor and Banking will be a farcical soap opera that will entertain but leave us no wiser. We will get a five way cast. There will be the bankers and their crew, the Coalition pressgang, Labour filibusters, a sprinkling of independent Lords and ladies and a judge with some juniors.
The 'coalition forces' will be briefed to ask such questions of bankers that answers point to bad regulation by Labour, lay blame for the economic mess on Labour policies and incriminate a couple of ex Ministers. The bankers will get a bit of flak and slap on the wrist.
'Team Labour' will attempt to search responses that reveal Coalition cosiness with Bankers and reword Coalition questions to get answers that take the blame off Labour and onto the free market, deregulation etc. In other words blame Tory Capitalist mantra. The bankers will get a little flak and slap on the wrist.
The Bankers will cleverly play the Coalition against Labour and vice versa to get pressure off themselves.
And there will be a coterie of 'independent' Lords who will struggle to smuggle in a real question. Bankers will give answers full of wind to waste their questions.
Meanwhile a judge will be attempting to come out of all this with his/her reputation intact as 'impartial'.
The media undoubtedly will add its own twist to every response.
Whats the point of this investigation. We need a real enquiry shedding some light on:
How come a host of sub-prime mortgages in USA can lead to job losses and mass youth unemployment in UK?
How come a 'banking crises leads to businesses going bust but banks, bar a couple, surviving?
People lose houses, but Bankers get bigger bonuses in a Banking crises!.
Government has pumped in £375 billion into the economy throwing us into further debt. But where is this money going ? Is there a financial version of 'black holes' into which quantitative easing has a one way track without creating any jobs, saving any businesses or subsidising any mortgages?
How come banks get saved but people and industry don't?
Banks give us money with conditions, why has government given banks money unconditionally ?
Most people think investment banking is about investing in people, businesses and industry based on sound lending practices. It turns out that it is mostly gambling and speculating without our consent, how come?
Why is 'Austerity' necessary if so much money has been pumped into the economy?
To some, like Mervyn King, the issue and the answers may seem much too obvious. But to the vast majority of people, they are more mysterious than the Higgs-Boson.
Unless these simple questions are answered in the public domain without a political dogfight, people cannot make informed views on what regulations and laws can be supported to prevent a crises in future and reign in the current rogues.
Admittedly any enquiry will focus on LIBOR, but a judge led enquiry has a way of getting to the basics. It will simplify a whole lot of the complex issues that seem to be affecting the lives of millions. A parliamentary enquiry will not. The public deserves one having paid a heavy price for trusting the system.
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