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WILL LESSONS BE LEARNT?
on 15 July 2014
The emphasis of this excellent financial diary is mainly confined to the frantic attempts between 2008 and 2010 by the UK Treasury to stave off the bankruptcy of major parts of the banking industry which would have caused untold havoc, misery and hardship to the economy.
It takes the reader on the roller coaster stress loaded white knuckle ride of Alistair Darling, The Chancellor, his senior civil servants and government team, myriad of Investment Banker advisors, and, of course the inevitable teams of lawyers, in their frantic efforts to stabilise the financial system. It is gripping stuff that puts the reader in the front stalls of this, perhaps one of the most critical moments in British Economic History, one which if not satisfactorily resolved would have brought the country to it's knees.
Hugh Pym, displays his immense experience as an investigative journalist, author and broadcaster, in producing this excellent book, a masterpiece of good easy readable economic history.
Will any lessons be learnt from this frightful episode for the future? No, of course not, within a relatively short space of time the credit shackles will loosen, the bankers will run riot again in pursuit of fast illusory profits which bring huge bonuses, and the Politicians and Regulators will be bamboozled yet again. And we all know that the Taxpayers will pick up the tab. Pathetic isn't it?