Sunday, March 8, 2009

Cable: Tories' responsibility for economic crisis

There's an interesting interview with Vince Cable here on the Guardian website. He says that the Tories have been caught completely flat-footed by the economic crisis and didn't expect it.

He says that many of the economic problems we have originate from the Thatcher years. For example, he argues, the demutualisation of the building societies started in the Thatcher years and that policy has been at the heart of the current crisis. He also says that the Tories have argued for years for the lifting of effective regulation of the banks - which has also been a cause of the crisis. So, Vince says, the Tories have "got their analysis utterly and completely wrong".

I am delighted to hear Vince say this, as it fits in with one of my favourite theories.

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