Vince being Vince
Peter Hoskin 10:55am
A sweeping and utterly typical performance from Vince Cable in his interview with the
Times (£) today. Not only does he plunge his teeth into the exposed flesh of the bankers (criticising them
for their "special pleading" over banking reforms), but he also offers another overarching diagnosis of the British economy (there won't be a repeat of 2008's financial crisis, he says,
in case you were wondering, but slow growth could be a problem). I feel like a spoilsport for pointing out that, only four months ago, the Business Secretary was actually warning that
"you can see" another financial crash happening.
But aside from Cable's fiery rhetoric, it's worth noting that his demands are now more restrained than they have been. Last month, he was still conjuring up the prospect of a complete, Glass-Steagall-style separation between investment and retail banking. Now, as we noted on Coffee House yesterday, the Business Secretary is simply pushing for the proposed ring-fence between the two to be implemented as swiftly as possible. The question is whether this is Cable shifting more towards George Osborne's position, or whether Osborne will meet Cable half way. In any case, as James argues in a cover piece for tomorrow's magazine (more on which soon), the politics of squeezing the bankers and the rich is about to hurry into plain sight.
And there's another question: what is to be done with Cable himself? His demands may be more restrained, but this outspoken, self-confident minister is several shades different from the neutered figure that emerged from last year's Telegraph sting. I can't see David Cameron moving him from the Business department in next year's expected reshuffle, but plenty of Tories will want Vince keeping in check somehow.
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Frank P
August 31st, 2011 11:06am Report this commentNice holiday Pete? Welcome back!
cuffleyburgers
August 31st, 2011 11:22am Report this commentThe thought that this utter arse has his hands anywhere near the levers of power is chilling.
In fact all the libdem ministers are visibly inferior quality to the (admittedly not impressive tories) huhne, clegg ... I rest my case.
Cameron is hige disappointment and Hague seems to have lost whatever he had, and Osborne has become a squeaky , a squeaky... something anyway, he squeaks, or seems to, but for example Gove and IDS are doing so far as one can tell a good job.
saddleworth
August 31st, 2011 11:22am Report this commentWhy give this buffoon the oxygen of publicity? Any move which will [a] reduce banks' lending capacity or [b] put UK banks at a disadvantage with their competitors makes no sense at all in the current climate. [b] would be different if all banking went down the same route, but it seems to have escaped the Anti-Business Secretary that this is not what is proposed.
This man's rise has been based on one good joke about Mrs Rochester. He fails to realise that he too has morphed into Mr Bean.
TrevorsDen
August 31st, 2011 11:25am Report this commentI'm not sure that Cable is saying anything terribly problematical. Despite this being a coalition when will the media realise we are being governed by a more cohesive government than ever we were in the Blair Brown years.
I am a tory and I would be happy to see all the barrow boy bankers strung up from every available lamp post having been castrated first.
Lets face it what else do they deserve after selfishly being complicit with Gordon Brown in ruining our economy our country our society...
2trueblue
August 31st, 2011 11:31am Report this commentI will be impressed if he gets it right. I would also like to see real restraint in any public service pay, quangos seem to be an expensive way of solving anything and seem totally out of order when it comes to apy, bonus or severance pay deals. Who is running that area?
startledcod
August 31st, 2011 11:32am Report this commentWith apologies to Nat King Cole.
VINCE
Insufferable, that's what you are
Insufferable though near or far
Your smug self-regard that clings to me
How the thought of you does things to me
Never before has someone been more
Insufferable in every way
And forever more, that's how you'll stay
That's why, Vince, it's incredible
That someone so insufferable
Is the main flip-flop Minister too
Instrumental interlude...
Insufferable in every way
And forever more, that's how you'll stay
That's why, Vince, it's incredible
That someone so insufferable
Is the main flip-flop Minister too
disenfranchised
August 31st, 2011 11:45am Report this commentspoken like a true rose-tinted, libdim europhile.
dream, dream, dream, vince baby.
you couldn't be more wrong about there not being another crash.
in the words of whoever it was, we ain't seen nuttin yet.....
Pettros
August 31st, 2011 11:45am Report this comment"when will the media realise we are being governed by a more cohesive government than ever we were in the Blair Brown years"
Oh yeah they get on fine. They just achieve nothing.
John Emsley
August 31st, 2011 12:01pm Report this commentI wish that world regulatory bodies would stop agonisibg over this. All that is needed is a world wide agreement that any bank hitting terminal problems will be allowed to fail-however big. The money that would have been used to bail them out would be used to protect the interests of the members of the public who have been affected.
I guess the banks would then do the necessary very quickly.....
Austin Barry
August 31st, 2011 1:03pm Report this commentStartleclod:
I suspect that the conceited Cable sings to himself the plangent words of Don McClean's 'Vince(nt)'
"How you suffered for your sanity
How you tried to set them free
They would not listen then, they’re not listening now
Perhaps they never will."
Too right, old chap.
startledcod
August 31st, 2011 1:19pm Report this comment@Austin Barry
Very good. 'Perhaps they never will' - yep, too right!
addick
August 31st, 2011 1:21pm Report this commentApparently, Cable is the only LibDim with any experience of business....i'm led to believe that he counted paperclips at an oil major.His presence in Government is a dangerous farce and Dave should do the decent thing and put him out of his misery.It is nonsense to suggest that it's better to have this loon inside the tent,consign him to the backbenches where he can continue making an arse of himself to his hearts content without it appearing as if he's talking on behalf of the Government.
michael
August 31st, 2011 1:23pm Report this commentStrange but true, I have a sneaky hunch that Vince could be right.
- without an independent retail banking sector, whose main source of profitability is (shhh...) 'lending', we could well find ourselves remaining stuck in the same old rut.
Chris lancashire
August 31st, 2011 3:29pm Report this commentWell look at this way Pettros, it's better than going backwards under the last lot.
London Calling
August 31st, 2011 4:08pm Report this comment'You can see"...
Is this what my doctor means by a split personality...or is this a U-turn?...
No wonder confusion is so popular...
ROB SHEFFIELD
August 31st, 2011 4:10pm Report this commentGo On Vince you tell 'em!
Number 88
August 31st, 2011 4:14pm Report this comment'...this outspoken, self-confident minister...'
Our Vince is rather more 'self-confident' than he is entitled to be. More of a delusional fantasist in my book - something that he has in common with his (former) party comrade Gordon Brown.
Time he was Brillo'd once again. I must find the clip of THAT interview?
Baron
August 31st, 2011 5:42pm Report this commentJohn Emsley: “All that is needed is a world wide agreement that any bank hitting terminal problems will be allowed to fail-however big”.
That, sir, is the only way to make sure the banks behave, the rest of it is pure crap, if you excuse the poor French.
Startledcod, sir: bravo; Austin Barry: not bad either, my blogging friend.
Captain Christy
August 31st, 2011 7:00pm Report this commentVINCE BEING VINCE ! Remember Blair saying John is John after he punched the heckler. What was his next party trick ?
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