Mutual Admiration Society silent today

It is interesting that through all of this Brown-induced downturn his apologists have tried to claim that after 30 years of success the current crisis is because of Thatcherite policies after all. Specifically that the conversion of building societies into banks caused them to be exposed to bad risks that mutuals would have just avoided.

Then the Dunfermline collapsed at the weekend and it turned out that it did so because the management made bad decisions and were allowed to do so because of a fundamental lack of oversight from the Brown created FSA.

So it turns out that pre-Thatcher building societies are just as vulnerable to Brown’s bungled management of the economy and that they were just spouting horsehit after all. But we all knew that.