Well, what a momentous week! It started with the 'invincible' Lehman Brothers going bust and moved on through AIG and HBOS, not to mention Merrill Lynch and Goldman Sachs - both of which are still reputed to be in trouble.
But it gets even better because after the $200 billion bail out of Fannie Mae and Freddie Mac we now have the US government planning to buy up all those toxic mortgages to the tune of $700 billion dollars! How they have managed to come up with that figure I don't know, but it may be more, just as Lloyds TSB's takeover of HBOS my yet run into difficulties. That makes George W Bush just about the biggest socialist in history. Of course American citizens are right to be worried about where all this is going to lead. We are not out of the woods yet.
In the UK, Robert Peston the BBC's Business Editor said - "The UK's unsustainable economic dependence on the City and financial services is coming home to roost." But who has been Chancellor for most of that period? None other than Prime Minister Gordon himself. And Gordon has been hamming it up this week trying to absolve himself of any blame. In fact, he is trying to take the credit for the buy out of HBOS by Lloyds TSB, something which may well yet rebound on him. But lets look at what Gordon has done since the collapse of Northern Rock a whole year ago .... er ... exactly zip, zilch, zer0 ... er ..... one big fat NOTHING. Only now, after the wheels have finally come off, has Gordon, on the eve of a Labour Party conference, said he will do what it takes to sort out the mess. Oh, well, that's alright then.
You can bet Bush, Blair. Brown, Bernanke, McCain, Greenspan et al will all be doing their level best in the coming months to airbrush their role in this debacle out of history. But if the panelists of BBC Radio Four's Any Questions have their way it will be a very easy task. When Friday's panel was asked whose fault the meltdown of the financial system was - Bridget Roswell, who, apparently, is an economist, said that it was the "fault of all of us". Well thank you Bridget, now we know. It was our fault that thousands of dodgy mortgages were sold in the USA (and UK), it was our fault that governments did the bankers bidding and deregulated the financial system , and it was our fault that regulators did nothing. Now I guess it is 'our fault' that we are having to stump up billions of taxpayers money to prop up the fat cats. Of course non of the other panelists, including Menzies Campbell, had either the guts or gumption to challenge Bridget's erroneous view. No Bridget, it wasn't 'our' fault it was the fault of the aforementioned individuals, the fat cats of Capitalism and their flunkeys.
I tell you what - it is our fault, though. It is our fault that we have tolerated the politicians and financiers that have lead us into this mess. Its time for change. Join the Green Party and help make that change happen.