The blame the bankers gambit

One of the political themes of 2009 is going to be how Labour tries to shift the blame for the fact that the economy is not recovering. Just before Christmas, Pete highlighted how Brown was suggesting that the forecast that the recession would be over by the third quarter might be too optimistic because the banks aren’t lending again. Today in The Sun, David Blunkett—widely expected to soon make a comeback in a campaigning role—goes into full hang-a-banker mode, peppering his column with references to “latter day gold diggers” and “these modern money-changers”.

Here’s the key section:

“Of course, people are right to look for someone to blame.

But this time economic collapse has nothing to do with trade unionists or incompetent managers of small businesses, or the failure to invest in new technology.

Along with the Government, business has been doing the right things — with one exception, the bankers.

Like the oil in the sump of your car, they are responsible for keeping the engine running. Yet despite having billions of your money poured into them, the banks show no sign of helping put the nation’s wheels back in motion.

They want the Government to sort out the mess they have created.

And isn’t it strange that the very same people who have always demanded less government interference in the economy are now the ones calling on the Government to intervene and save their necks?

And no doubt they will then BLAME ministers if anything goes wrong.”

However simplistic Blunkett’s analysis is it is actually quite smart politics. If Labour can provide people with a villain and an explanation for why the economy isn’t out of recession, the more of the blame it will be able to deflect away from the government’s economic management.