David Burbage’s weblog

Politics in the Royal Borough of Windsor & Maidenhead

  • About David Burbage

    David Burbage MBE was Leader of the Royal Borough of Windsor and Maidenhead Council from 2007-2016. This blog : Promoted by Geoff Hill on behalf of David Burbage and all other Windsor and Maidenhead Conservative candidates, all of 2 Castle End Farm, Ruscombe, Berkshire RG10 9XQ
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Sound finances

Posted by davidburbage on July 20, 2012

“Cash reserves in the UK held by banks in 1968 represented 20 percent of its deposits. By 1998, the figure was 3.1 percent” – Ferdy Mount, The New Few

It didn’t take much bad news and the looming losses of complex derivatives for the banks to look like failing – and everyone ends up paying a bailout to keep the system working. The FSA didn’t exactly prevent it happening.

Whilst a working system is better than no system at all, one has to wonder why the banks were not forced to be rather better capitalised. Another suggestion is to give bank directors liability . . . .

addendum : another reviewer noted

“The hollowing-out of political parties and the rise of special advisers, the diminished powers of local authorities and the centralisation of public services, the decline of the cabinet and the rise of sofa government, together with the increasing scope of European legislation – these and other developments made democratic resistance to the emerging oligarchy all the more difficult.”

It is true – we fight almost daily trench warfare against centralism and euro-legislation…..  all on behalf of residents….

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