Monday, July 27, 2009
State tightens its grip on the UK banking sector
Here is a further example how the clammy hand of socialism is gradually taking over the UK financial system.
Mr. Darling has taken it upon himself to tell banks how to run their businesses. "I've made it clear to the banks that we need to get lending going". Remind me again, does Mr. Darling have any experience actually running a bank? Would he know a good loan proposal from a bad one. Does he know anything of credit risk?
How long will it be before New Labour decide to introduce government determined credit growth targets for each bank? Not long, I'd say....