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Brilliant banking speech by Miliband

(149 Posts)
claig Mon 09-Jul-12 11:03:44

Miliband wants a British Investment Bank and tighter regulation of banking and separation of high street and investment banking. He is addressing the elephant in the room, the real scandal that the public wants addressed. He has real integrity and wants the banks to have integrity again.

Miliband is an excellent Labour leader. I think he will win the next election if he carries on like this. Love the new logo too - a British flag with "realchange" as the logo - no Tory party green tree image, no polar bears, no global warming, no more "building a progressive future", no more spin - just simple, true, "real change". Brilliant

JuliaScurr Mon 09-Jul-12 13:42:02

flatpack 'Militant Tendency pushing it's way back' - I think you got your Trots mixed up. The Socialist Party (inc D Nellist) is in TUSC. We like them. They aim to stop the cuts (made to pay for bank bail out). Why would they want to 'push back' in to Labour which also supports cuts, just slower?
If you must talk nonsense, please base it in logic.

claig Mon 09-Jul-12 14:03:37

'Newspapers are 100x easier to understand than the slippery ins and outs of high finance.'

Have you ever read one of the Guardian's articles on sustainability and the 'carbon footprint'?

I defy anyone to come away from that with an inkling of understanding or sense - collateralised interest rate swap portfolios are far easier to grasp.

niceguy2 Mon 09-Jul-12 14:06:52

* I think he believes that we need "real change", that things can't go on as before,*

Dur! I think we can all agree upon that one. The harder question is what does real change look like? And can Labour be trusted to deliver it.

Right now they've completely failed to convince me that they would do anything significantly different, let alone better.

Sorry I just can't take Milliband seriously.

claig Mon 09-Jul-12 14:09:44

'Right now they've completely failed to convince me that they would do anything significantly different, let alone better.'

Well, Miliband has asked for a full-scale judge-led public inquiry into the issues. He doesn't yet know all the answers, but he is asking the questions.

Hopefullyrecovering Mon 09-Jul-12 14:11:42

I find it unlikely that Ed Milliband has anything intelligent to say about the banking crisis, but do please link and let's have a read.

EdithWeston Mon 09-Jul-12 14:14:31

But RBS didn't have a casino arm. It's retail only, and still got itself into one of the worst over-extended bad debt situations, which would (without intervention) have ruined its ordinary customers.

Separation may be a desirable step, but it's not the Holy Grail panacea that sound bite politicians would have us believe.

claig Mon 09-Jul-12 14:14:59

This is from teh newspaper that has been right, is right and always will be right on nearly every issue facing the country.

'This paper, which can rarely be accused of supporting Labour, commends Ed Miliband’s bravery in calling for a full judicial inquiry into the conduct and ethics of the City.

His demand is right because, as the Mail argued yesterday, the token Parliamentary inquiry ordered by the Government into the single issue of the interest rate-rigging scam is so clearly inadequate, in the light of the huge crimes bankers committed against society over the past decade.

But it is courageous, too, because he knows his own party has far more to lose than the Tories from public disclosure of all the facts about the run-up to the credit crunch of 2008 and its aftermath.'

www.dailymail.co.uk/debate/article-2168404/DAILY-MAIL-COMMENT-Ed-Milibands-brave-example-Tories.html?ito=feeds-newsxml

claig Mon 09-Jul-12 14:18:32

'By calling for a full inquiry, no matter how much damage it may do his party, Mr Miliband has stolen a moral march on the Tories, leaving them vulnerable to accusations that they are protecting their powerful plutocratic friends.

After all, the Coalition was quick enough to call the Leveson Inquiry into the Press, following the voicemail hacking at the News of the World. So why this refusal to demand a similar investigation of a sector whose crimes have damaged the prospects of everyone in Britain?'

claig Mon 09-Jul-12 14:21:29

Ed Miliband is a great man and a great leader, and Labour are lucky to have such a leader. He rises above party allegiance in his allegiance to the public and the country. He has integrity in spades. It is a shame we don't have many more like him.

flatpackhamster Mon 09-Jul-12 14:24:30

JuliaScurr

flatpack 'Militant Tendency pushing it's way back' - I think you got your Trots mixed up. The Socialist Party (inc D Nellist) is in TUSC.

It's so hard to keep track of whether you're in the People's Front of Judea or the Judean People's Front.

We like them. They aim to stop the cuts (made to pay for bank bail out). Why would they want to 'push back' in to Labour which also supports cuts, just slower?

Because that's their way back in to power.

If you must talk nonsense, please base it in logic.

This, from a socialist. snort

niceguy2 Mon 09-Jul-12 17:41:00

I haven't given the idea of a judicial review much thought. I am not sure if it's a good thing or bad. My immediate thought is that it would be like asking for a judicial review on whether or not Fred West is a bad man. Of course he is and you don't need to spend millions on it to figure that out.

The more I think about it, the more it sounds like a political booby trap which the Tories have been surprised with. If they now announce one, Labour can look all smug. If they don't, they can accuse the Tories of protecting their rich mates. It sounds like the 50p tax all over again. It's quite cunning really.

As for Milliband being a great man, he doesn't really come across like that. Each time I hear him, he seems to say all the right words...ask the right questions but on the all important question of what would Labour do differently the silence is deafening.

The few policies that Labour have actually announced are weak, populistic and do not stand up to any real scrutiny. It's not even close to a comprehensive solution.

Shame really. Right now we really need a credible opposition to make the coalition fear and pull their socks up.

ContinentalKat Mon 09-Jul-12 17:55:32

Claig, Ed should count himself very lucky to have such a devoted supporter behind him who applaudes every platitude he utters...

CogitoErgoSometimes Mon 09-Jul-12 18:12:33

"Of course we as a country have the ability to hold an inquiry on the banking scandals and are able to hold the bankers to account."

If fraud has been going on at banks we need individuals to be prosecuted and not just amiable inquiries where various people in suits sit about saying 'isn't it awful' and 'we must learn lessons'. The Leverson inquiry has provided lots of newsprint but I predict it won't achieve very much that's tangible. The bent coppers, reporters and PIs up before the courts, on the other hand, will get dealt with properly.

EdithWeston Mon 09-Jul-12 18:15:40

"commends Ed Miliband’s bravery"

If you think that's a compliment, then you've never watched "Yes, Minister"

claig Mon 09-Jul-12 18:23:33

' it would be like asking for a judicial review on whether or not Fred West is a bad man. Of course he is and you don't need to spend millions on it to figure that out.'

The point of a judicial review is to find out exactly what went on, who was involved and to create new rules and regulations and laws to stop it ever happening again.

When there is a plane crash, every avenue is investigated, the black box is recovered, and every possible cause is investigated in order to make sure that it does not happen again. It is not good enough to say that aciidents are bad things.

What the banks have done to us is created a financial crash of huge proportions that nearly destroyed our entire economy and which has cost the jobs of thousands of people. This is why a judicial review is important, in order to ensure that it can never happen again.

The MPs questioning Paul Tucker right now on our TV screens are doing an excellent job. It is a shame these excellent MPs aren't seen by us more often on Newsnight and Question Time etc. They are all doing an excellent job, and most of us will probably never have heard of any of them. That is a shame.

But Ed Miliband is courageous and right to call for a full judicial review on the entire conduct of our banking industry.

There is an article written by someone or something called "Daily Mail Comment". When "Daily Mail Comment" speaks, the world listens, and this is part of what "Daily Mail Comment" says

"it is no exaggeration to say that the banks stand accused of a series of crimes against society itself."

www.dailymail.co.uk/debate/article-2167956/DAILY-MAIL-COMMENT-This-token-inquiry-restore-trust.html

As something that I have never heard of called 'Prime' says

'“[T]he systemic corruption in the City goes so much deeper – and affects so many millions of livelihoods around the world – that the case for a separate, Leveson-style judicial inquiry into the conduct and ethics of the financial sector is quite simply unanswerable”.

“The conduct and ethics of the financial sector” – that could have been us in Prime banging on again… but it comes in fact from this morning’s Daily Mail, whose editorial is entitled “This token inquiry cannot restore trust” – a reference to Prime Minister Cameron’s “promise” of a Parliamentary inquiry. Let’s confess, we do not always see eye-to-eye with the Mail on economic policy issues, but they are right on the nail here.

And there’s more:

“No, this is also about the integrity of a system on which our whole way of life depends. Indeed, it is no exaggeration to say that the banks stand accused of a series of crimes against society itself.”

Amen.'

and

'But we note that – unlike Prime, the Daily Mail or the Labour Party, 38 degrees have not explicitly called for a Judicial Inquiry. We think this precision is necessary not for its own sake, but to take the inquiry out of hands of the intertwined financial and political sectors.'

www.primeeconomics.org/?p=1200

Miliband is right and 'Daily Mail Comment' agrees with him. That is good enough for me!

claig Mon 09-Jul-12 18:49:58

Just clicked on About on Prime's website, and unfortunately it is quite obvious that they are way off the mark on some very important issues as shown in the quote from their website given below, but at least they are right in backing Ed Miliband and the Daily Mail on this issue.

'We note the outstanding failure of current economic policy to provide society at large with work; or with policies to deal with the gravest threat facing us all: climate change.'

EnjoyResponsibly Mon 09-Jul-12 18:52:59

Labour had 13 years to regulate the Banks, and did not.

Let's count how many Labour MPs that could have done something about that, and then let's see how many are still in the Commons and the Shadow Cabinet.

There's two ways to stop the Banks playing with Client money and it means going back to the system that was in place 20 years ago:

1. Fully segregate retail vs investment Bank funds and ensure firewalls are in place.

2. Sack the FSA and get a regulator with teeth, knowledge and balls (but not Ed)

ContinentalKat Mon 09-Jul-12 18:59:03

Sorry, but the fact that the DM backs him does not prove he's right! au contraire, mes amis..

claig Mon 09-Jul-12 19:02:57

'Labour had 13 years to regulate the Banks, and did not.'

Labour got lots of things wrong in their time and that is why the British public chucked them out of power. But, Ed Miliband recognises their mistakes and does not want to be condemned to repeat them. Labour's new logo is "real change" and that is what Miliband wants to deliver. He wants to ask questions and find solutions that deliver "real change".

Paul Tucker just said to the MPs questioning him

"can't be confident of anything after this cess pit"

That's why Labour's 'light touch regulation' is no good and Ed Miliband is not denying that. He wants to find something better; he wants "real change", no more tinkering about with small change.

EnjoyResponsibly Mon 09-Jul-12 19:04:14

Real change....He can start with his Shadow Cabinet then OP.

claig Mon 09-Jul-12 19:06:32

'Real change....He can start with his Shadow Cabinet then OP.'

I wouldn't disagree with that smile

EnjoyResponsibly Mon 09-Jul-12 19:07:54

Because I simply cannot imagine he gets any traction in any changes to Banking reform whilst he has Ed Balls-up sitting on his left.

claig Mon 09-Jul-12 19:13:53

Everyone makes mistakes, and Lord knows that Ed Balls has made a few, but the public is fair and just and does not hold it against Labour. They like the talk of "real change" and are prepared to give the benefit of the doubt to those that repenteth. But teh public does draw the line at talk of "catastrophic climate change". They are prepared to swallow a lot, but not a whole camel.

EnjoyResponsibly Mon 09-Jul-12 19:21:13

Hahahahahahahahahahahaha

Oh God, you're serious

Hahahahhahahahahahahahaha

claig Mon 09-Jul-12 19:27:25

The public knows that Labour is not perfect and far from the Conservative dream. The public knows that it cannot have its cake and eat it (unless it buys the Daily Mail). The public knows that with New Labour it must take the rough with the smooth, the false with the true, the wrong with the right, the progressive with the positive, the camel crap and climate catastrophe with the common sense.

The public knows that along with the "real change" there may also be some "false hope", but the public is an optimist and always lives in hope.

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