What the commentators say... - News - Evening Standard
       

What the commentators say...

Jeff Randall, Daily Telegraph: Amid all the banking gobbledygook about collateralised debt obligations, Tier One capital ratios and structured investment vehicles, it's hard to comprehend the scale of the pain that is about to be inflicted on people who least deserve it. Debris from the implosion of parallel universes in the City and Wall Street is about to destroy innocent lives.

Camilla Cavendish, The Times: This week's events have revealed the staggering incompetence of Britain's financial regulators. "Professional" is surely the wrong word – unless you add "negligence".

Martin Wolf, Financial Times: Judged by the share of the world economy affected, this is the most significant financial crisis since the 1930s. This crisis also affects the world's most advanced economies and financial systems. This is no crisis of backwardness, but one of sophistication.

Simon Jenkins, The Guardian: "Throw away the newspaper. Turn off the radio. Forget the bank. There is nothing else to do at times like this but head for the hills. I would take the denizens of the City of London to the top of Cader (Idris, southern Snowdonia) and leave them to contemplate their sins for a day.

Dominic Lawson, The Independent: Gordon Brown repeatedly declared that a bust could never happen under his "tri-partite" system of bank regulation... These disasters are precisely what you get when financial investment decisions are subject to considerations of the national good.

Richard Littlejohn, Daily Mail: "Not so long ago, councils would have had their account at the Post Office next door, not swirling around on the international money markets. Who could have ever imagined that British taxpayers would end up bailing out the losses of an Icelandic internet bank.

Comments

Don't Miss
Rock star: Erin Wasson

Rock star

Erin Wasson is the ultimate anti-supermodel
Maybe it’s because she’s a Londoner … Happy anniversary, Ma’am

Happy anniversary

The monarchy has become stronger and more respected in the past 60 years
Victoria Coren: My obsession with children, five proposals a week and why David and I are no power couple

Victoria Coren

David Mitchell and I are no power couple
The Royal Academy of Arts Summer Exhibition preview party

Summer party

Stars at the The Royal Academy of Arts
London gets ready for the Diamond Jubilee - in pictures

Diamond Jubilee

London gets ready - in pictures
The Glamour Awards - stars turn on the style

Glamour Awards

Stars turn on the style
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party

Garden party

Duchess of Cambridge is pretty in pink
FIRST review of Ridley Scott's latest sci-fi blockbuster Prometheus

First review

Is Ridley Scott's Prometheus any good?
Fair-weather goths

Fair-weather goths

The sultry shades of summer darks are coming out of the shadows
Dog save the Queen: Corgis surge in popularity

Dog save the Queen

Corgis surge in popularity