The Governors Admission of Failure

The Governor of the Bank of England gave a speech last night in which he lambasted the banks for their role in the current financial crisis.

It was a huge admission of failure - as Governor of the Bank of England he is Britain's top banker and many of the issues that he raises exist because he didn't do what he needed to do.

Interestingly one of the issues that exist at the moment, that banks are lending, is partly caused because the banks are torn between the FSA who are being extremely tight in ensuring responsible lending and the Government who want more lending. Mervyn King should be working on this and working out how we can avoid becoming a bankrupt Nation.