Wednesday, February 01, 2012

Fred the Human Shield

As political thoughts drift to the next election and UK economic growth appears as dead as a parrot (it has ceased to be) the voters could be forgiven for to some extent blaming the solution applied by the Govt to the problem (lack of interest in and allocation of resources to the promotion of growth ). The time has now passed for Gordon Osbrown to be a credible target.

That time has not passed for Fred Goodwin. Few will defend him, the legions of the great and good regulators lawyers, accountants, PR's and regulators who profited from his deals have busily re-written history so we are all being asked to answer the question Why is the economy so crappy ? - its Fred's fault - look he lost his gong.

Will the voters fall for it ? Well probably much depends on how the economy goes over the next months but interestingly a key assumption in the current Govt plans was that the UK consumer would borrow increasing sums to protect their lifestyles and therefore spend and create growth - latest figures show the opposite.

One of the justifications for stripping Goodwin of his gong was that he has become a "symbol of what was wrong with the british economy". Unfortunately this totally subjective approach is a step closer to the kangaroo courts and show trials of those who are "not in the National Interest" in this time of "Economic War". Goodwin did very stupid things but it will be very interesting to see who is next on the hit list. Hester spotted this and decided he didn't fancy it.

To matters media - Sky are launching an online media service for Movies and will no doubt make a great success of it - the form of delivery is not really at the heart of the model.