Should Osborne Apologise To Balls?

After the little local difficulty between Ed Balls and George Osborne, during which Balls mistakenly suggested he has some integrity that can be impugned, a Tory MP no less calls on George to apologise. It seems that the Deputy Governor of the Bank of England has said he wasn't pressured by government to pressure Barclays to lie about their Libor rates.

So not only is the apology rooted in a government official not implicating himself, but also in something Osborne hadn't said. At what point did Osborne say that Balls had pressured Tucker? That's right, nowhere. If you don't think that the Labour government was up to its neck in this whole shebang, then you plainly are easily taken in.

Why, for instance did Gordon Brown, personally and with some urgency, talk Lloyds into taking over HBOS, before it could do proper due diligence? Not least with the bag of worms that is HBOS. There is an awful lot of Scottish involvement with the corruption of the banking system. Presumably it is the rock on which Salmond planned his future.

We haven't got to the bottom of it yet, but we know how the financial crisis was motivated. Firstly, Clinton ordered US banks to give mortgages to people who 'couldn't traditionally get one'. You will know these people as those who cannot afford a mortgage. But, taking the lead from the government, clever and very greedy banking types, came up with a scheme.

Make the mortgage affordable long enough to get a bonus for selling it. After that, who cares what happens? If the buyer can't afford it, caveat emptor. If the bank is at risk, due to non-repayment of loans, bundle the good and bad mortgages and sell them to someone else. Who cares when the music stops, when you have already unwrapped your present and are currently sunning yourself in the Bahamas?

All that was needed for this all to happen was to have supremely stupid and vain politicians in power. Clinton and Blair, that will do nicely. Easily ignored regulators, due in large part to the aforementioned and finally, bosses of banks who are so weak and lacking in quality, that they rely on bonuses whether they succeed or fail, rather than working for a living. With all this in place it was as if the cash register had been left open.

So let's hold off on the apologies, let's really pursue this matter and find out who really did what, when. And please don't recoil in shock when you find out what Labour did with Libor and much else. Mind you, for some mysterious reason we couldn't have an a proper enquiry into the murder of a government scientist, so maybe Balls is right to protest his innocence. He may never be found out.