What’s London Labour’s Excuse Now?

Today President Barrack Obama after losing the safest of Democrat Senate Seats has responded by remembering the bold radical politics which ushered him to power on a wave of unprecedented popular support. Effectively today, the President of the US introduced a Glass Steagall Act for the 21 Century – based on the banking reforms of the 1930s in the US in response to the Great Depression in which commercial and investment banking operations were divorced. Obama’s reforms today will ensure that commercial deposit high street banking and casino capitalism in the US are kept apart thus solving the problem of moral hazard. Plaid in response to the systemic malfunction of the banking system called for such a policy in our paper ‘Recover, Reform, Renew’ last year – and I have pledged on this website to campaign for such a policy if elected to serve the people of Carmarthen East and Dinefwr.

Obama also announced another progressive policy to reverse consolidation of the banking system in the US by breaking up monopolies. He is right to point out that we can not have a situation where banks and financial institutions are too big to fail; that there can be no return to business as usual; and that the economy can not be held to ransom by handful of self serving and reckless speculators.

The question is where does London Labour stand now? After deriding the policy interventions proposed by Plaid which have now been implemented by the US – is Gordon Brown going to continue to be a lap dog of the spivs or will he show some political courage and eat humble pie? After the events of the last week in which New Labour based their General Election campaign on appealing to middle England I’m not holding my breath. Today’s events just show that New Labour in their obsession with Thatcherite doctrine have lost all claim to be the party of ordinary working people.

One Response to “What’s London Labour’s Excuse Now?” [latest first]

  1. Good column , I am going to spend more time learning about this topic

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