It’s a theme that the BBC has been hammering all year in as many programmes as possible; our financial woes have been created by the bad and evil and greedy Bankers. There was a remarkably one-sided discussion on the BBC this morning here, nice prime time slot and full of the usual tripe and hype about the alleged evils of the financial class. Funny how BBC experts all manage to agree on the substantive issue being promoted by the BBC, isn’t it? But the BBC is smart and in order to cover any allegations of bias they ran an item here suggesting that “bankers bonuses” were NOT the cause of the global recession. At 6.50am. You have to get up early to hear disssenting voices on the BBC!
From my own perspective, the bit of the BBC coverage that most alarms is the elephant in the financial room – namely the role of POLITICIANS in creating the circumstances that encouraged poor decisions by bankers. Gordon Brown’s role has been entirely sanitised by the BBC and it one could be forgiven for thinking that there was absolutely no political involvement when nothing could be further from the truth. The Dear Leader has been removed from the picture and all opprobrium is now heaped on the Banks.
The BBC also likes to retrospectively claim that it was essential to save the Banks but in fact some people (Including me!) argued then, and now, that no institution is so big that it cannot be allowed to fail. Banks that made poor decisions do not deserve to survive – but it was Labour that moved to prop up these failed entities with our cash and now the BBC whinges about how awful it is whilst insisting it was vital. Talk about conflicted!
I was invited to take part in a BBC discussion a few weeks ago on the issue of bankers. I explained my view – namely that Banks are only part of the problem, politicians have been just as bad if not worse, and that a bad bank should be allowed to fail. The producer decided not to proceed with me, you can figure why.