Up the Workers

 

"A financial sector that generates vast rewards for insiders and repeated crises for hundreds of millions of innocent bystanders is, I would argue, politically unacceptable in the long run."

And that's Martin Wolf, associate editor and chief economics commentator at the Financial Times (and author of the very fine  Why Globalization Works), writing today. God knows what the Socialist Workers' Party is saying.

Oh, wait, they're saying this:

"The sophistication of the financial system had encouraged the major banks to engage in increasingly speculative activities. (...) So a crisis developing in the financial system has the potential not only to hit capitalists’ investments – it can hit workers’ consumption."

(The entire SWP analysis of the financial crisis is here.) 

(The entire FT analysis is here.)

It's a measure of the almost comical enormity of the financial sector screw-up that the banks have managed to provoke the Financial Times and the Socialist Workers' Party into writing practically the same article attacking them.