Peter Hoskin

“The sun is rising on our borrowing bacchanalia...”

"The sun is rising on our borrowing bacchanalia..."
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Iain Martin highlights it over at Three Line Whip, and rightly so - Jeff Randall's hatchet job on Alan Greenspan is essential reading.  Not only does it flag up Greenspan's role in our current financial difficulties, but it also contains this great quote from Michael Bloomberg:

"The economic uncertainty our two countries [America and Britain] face today is beginning to feel similar to the economic downturn we experienced six years ago...

...But this time the stakes are higher because more people owe more debt and so do our governments. It's time for us all to get our houses in order because the sun is rising on our borrowing bacchanalia."

I still can't believe that - in his article for the Sun today - Gordon Brown spun the Government's mountain of debt as a good thing.  Even from the arch-deceiver in No.10, I expected an embarrassed come-down on the matter - something about how high borrowing is "sadly inevitable" because of "global forces".  Instead, his suggestion that good Government policy has allowed us to borrow "at exactly time when the economy needs the support" is utterly shameless.  Bloomberg's words should be pasted on every lamp-post, lest anyone actually believe our Prime Minister.