It didn't take long. The doctor of spin is back. This week he tells us that there is no turning back on New Labour policies. At the same time his name comes up in dealing with Russian billionaires, he tells us first that we must move forward with privatizing the Post Office and that the economic crisis is not the fault of market forces but of regulation. You can read this on the BBC website and here's a quote from that article.
"I don't believe what has happened is market failure in the financial sector. I believe it is a regulatory failure."
It might sound good but it doesn't bare much inspection. If the Thatcher/Reagan economics that New Labour followed was the reduction of government interference in the economy and allowing market to regulate itself, then the statement is obviously flawed. If you remove regulation to leave it to the markets and there's a failure, how can you blame regulations that don't exist.
In the end if you believe in a mixed economy, which I suspect most of us do, then it's time the mix was moved away from what are now discredited policies, and that does mean those that New Labour and Thatcher before them pushed.
The grass roots of the Labour Party need to revolt against the leadership in bringing back this man and maybe the best way would be to replace the House of Lords with an elected chamber as New Labour promised.
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