Let's be fair

Mr Gordon Brown personally fashioned The Financial Services Authority to oversee the financial system and, by its own admission, the Financial Services Authority has not been doing a very good job. It is so easy to knock the naughty bankers but the fact remains that the Bank of England (who understood the tricks of their own trade) did a better job of regulating bankers. Brown decided to tamper with a sound regulatory mechanism that had worked extremely well for generations. In doing so, his “bright idea”, fundamentally weakened the British financial system with predictable results. Things were never as bad as this in the days of the Bank of England.

It is no surprise therefore to find that Brown was doing the bidding of his EU masters' directives when he took the job away from the Bank of England. He did this because the EU wanted Great Britain to fall in line with practices in mainland Europe. This was a masterstroke. When Brown replaced long-serving, qualified professional people with petty, inexperienced, jobs worth bureaucrats, he sowed the seeds of the current crisis.

Yes, the bankers have indeed been naughty, and should not escape criticism, but in my opinion, Brown and the FSA should never have allowed them to run around in the playground unsupervised.

In order of priority, for creating the conditions, I blame:

1 The EU
2."Prudent Chancellor" Brown
3. The FSA

Only then can I point a finger at the Banks who undoubtedly took full advantage of them.

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