City Trader, BGC Partners
Conservative Party Donor
David Buik said during the election campaign that the Tories would be correct to put over a million people out of work by cutting back on the public sector. Now the Tories have formed this coalition with the Liberals because they did not win an overall majority, Osborne made his first £6.75 billion of cuts as promised and already this relatively small cuts to the economy has pushed thousands out of work, in places like Liverpool, yet strangely hardly anything about this is reported in the right wing press in the UK and stranger still, nothing about it from the man with all the "trap", David Buik, who has plenty to say about "everything Tories do is good, and everything Labour did is bad", but apparently nothing to say about the Tories abject failures which are now already beginning to surface in the economy around the £6.75 billion cuts! Buik backed Osborne's £6.75 cuts splurge and the result? Not good!
All the sets of economic data from the last months of the Labour's government's administration have clearly and unquestionably shown that the Labour PM Gordon Brown and the then Labour Chancellor Alistair Darling, had managed the economy exceedingly well during the GLOBAL financial recession, the sub-prime mortgage selling fiasco in the US, and the banking crisis, and the fact that George Bush when he was president, stupidly did not bail Lehman Brothers when it collapsed (look what then happened!) Because of labour policies and good results, the first few months of this coalition have been fairly steady in terms of where the world is financially, but now the labour administrations policies have been cut, axed and thrown out by Osborne, Cameron and Clegg, it is plain to see that the country is now teetering at the jaws of a double dip recession. Osborne has taken stronger than expected growth, falling unemployment, a falling claimant count and a steady improvement in the housing market and completely reversed them, and to add to this, Cameron and Osborne's scaremongering and stupid idiotic talk of the country being almost bankrupt and comparing us to Greece, which they know fully well is just plainly stupid and their proclivity to say; "it is all labour's fault", and the "mess they inherited is much worse than they thought" (all abject nonsense) has caused a collapse in consumer confidence. What has Buik to say about this? Er NOTHING! Take last August, the £6.75bn cuts that was supposed to reduce Government borrowing actually did not happen, and Government borrowing was a record £15.9 billion, a rise of £3 billion, not only this but the claimant count rose sharply (those claiming benefits) by 3.600. There was an increase in those entering part time work and the number of full-time vacancies fell. This happened without a rise in NICs for employers, so what has David Buik to say about this? If this is the effect on the British economy of a relatively small amount of cuts, then what will be the effect on the economy of Chancellor George Osborne's £82 billion? Why has David Buik nothing to say about the British taxpayers being forced to subsidise the private sector's poor wages, especially with all the part time jobs (that are suddenly appearing)? Or is it OK for the British taxpayer to subsidise the private sector's propensity to pay wages barely at the minimum wage rate? So poor that those with families are forced to claim tax credits in order to get by, tax credits that will no be cut, housing benefit and council tax rebates that will now be cut. What has Buik to say about the thousands that could now lose their homes as well as their jobs? Or is that OK because it is mainly those demon public sector people that have had the audacity to work for a living and receive a decent salary? Or it is OK because it is only those plebs in the private sector doing menial jobs and their families and their homes mean nothing, just as long as the Government protects the bankers and allows them to continue awarding themselves huge telephone number bonuses, "golden hellos", "golden goodbyes" and "gold plated pensions"? After all the bankers are good people and "must be rewarded" eh David Buik?
At a time when the global economy is teetering on the brink of collapse again and President Obama is talking about another round of QT (quantitative easing) and the British economy is showing signs of slowing down, what is going to happen? Perhaps the man with all the mouth and self confessed "Conservative Obsessive" David Buik can tell us? After all as he was so free (along with his mates Sir Stuart Rose, Simon Wolfson, Sir Christopher Gent and Sir Peter Gershon etc etc etc) who each tried to influence the outcome of the British general election by appearing on TV channels like Rupert Murdoch owned [wonders will never cease-not] Sky News to be fawned all over by "Sadam" Boulton and Kay "Surly" and by signing letters to Tory right wing newspapers about NICs and just recently 18 of them crawled out from the Tory woodwork to sign a letter backing Osborne's CSR (comprehensive spending review) cuts, they should at the very least have an opinion as to what this country is likely to be pushed into because of the dolt Osborne, Cameron and Clegg and be able to make suggestions about how we put this "right" Tory mess - quickly, after all they back them and made sure they were in positions to influence the electorate at the time. Sadly and frighteningly, this time, there will be no British Prime Minister Gordon Brown, to step up to the plate and sacrifice his own personal reputation in order to save Europe and many other countries outside Europe, there will be no Labour chancellor Alistair Darling to calm the markets and reassure the people of this country that there are steady hands on the helm. All we have is the idiot chancellor Osborne and the equally doltish David Cameron and Nick Clegg and a gaggle of people like David Buik, who pretends to know a lot about the economy of this country, but actually knows nothing, but this has not allowed him to steady his tongue.
After the chancellor Osborne had delivered his CSR and put Britain onto the road of a serious double dip recession, if not a depression, Buik was interviewed almost apoplectic, muttering something about not attacking the bankers and when will people realise they make the wealth etc (not verbatim), I gather from that, that Chancellor Osborne's plan to pass a ridiculously modest levy on the banks, did not meet with his approval? Perhaps Buik thinks the banks should just be allowed to go on and do as they wish? It comes to something in this country, when those that did not cause this problem, who do not have two pennies to rub together, who live on the bones of their arses and from hand to mouth, are forced to pay for the excesses of the industry that Buik protects! That is basically children and women who are paying for the bankers greed and their sub-prime mortgage selling in the US and the banking crisis of toxic debt in this country. It would be hilarious if it wasn't so bloody sad, demoralising and frightening, that the people who the banks would NOT even allow to hold a proper current account with, are the people who are now being forced to pay for the crash. There is an all out attack on those forced to live on benefits and this government are making sure that these people, our most vulnerable, are thought of as "benefit cheats" and "welfare scroungers" and this government have mercilessly attacked those who cannot fight back and the likes of David Buik supports it, so excuse me if I do not weep for the financial industry in this country and the likes of David Buik and his mates!
It is the short sightedness of the banking industry that was motivated by greed that got us into this mess and now their same short sightedness is going to cause the biggest depression this country has ever seen and Conservative David Buik knows it, he is just too much of a coward to say it, as are all the other Tories and lack lustre wimps the Lib Dems, because never forget, if it were not for the Lib Dems, then this government could not do what it is now doing and that is a fact that David Cameron loses no opportunity to stress, it is of course his get out clause and is blatantly using the Lib Dem saps as "fig leaves". This from the man that thinks it is perfectly acceptable to sack public sector workers and has shown not a scrap of humanity towards all those people (yes surprise, surprise, public sector workers and civil servants are people too, with real lives and real families). Last Wednesday on the day of the CSR, Buik was at it again on national TV, this time running the last government down for their profligacy, it wasn't the bankers that caused this bloody mess and nearly pushed us off the edge of a financial precipice then? It would be really great to know what Buik terms as "profligacy" too, does he mean the over 4000 new and refurbished schools, the 120 brand new state of the art modern hospitals that Labour built? The urban regeneration, the lifting of thousands of children out of of poverty, the money labour invested in sink estates, all the youth programmes and programmes designed to get young people into good decently paid jobs and learning trades and business? The regional Development Agencies set up by labour that have found thousands decent well paid jobs, the jobs for the future that has found thousands of youngsters jobs all over this country? etc etc etc. Is this what Buik means as profligacy? The fact that our NHS had to be rescued from the absolute parlous state it was in after 19 years of Tory underinvestment, the fact that we were thousands of nurses, doctors and police short, which had to be rectified, is this what Buik and his cohorts mean by profligacy? I suggest if David Buik wants to talk about profligacy, he looks no further than his own investment banking industry and how structured finance has fed into that before he starts accusing the previous labour government of profligacy.
" David Buik - 8th February 2009 - We need bankers. Don't tar all bankers with the same brush - we MUST have rewards to encourage good staff to help us out of recession"