Graham Turner has published The
Credit Crunch.  (The credit crunch by
Graham Turner, published by Pluto Press) Turner is an independent consultant
who worked in the City of London for many years.  What singles out this book is that it claims
to approach the problem from a socialist perspective, or at least it has been
adopted by the left.  Turner has spoken
at many left forums in recent months.

What is Graham Turner’s message?  He outlines his aim in the preface: “the
roots of this crisis must be understood to ensure there is no repeat of the
flawed economic policies that have created the biggest credit bust since the
1930s.  If we understand the causes, the
damage can be mitigated”.

At Lloyds TSB, Daniels’ strategy is to pay back the
government preference shares that are currently propping up the business in a
year or so. Then they can really party! Shareholder dividends, swollen bonuses,
and vast salaries will be dished out while the banks ruthlessly cut back loans
and repossess homes in honour of the new age of austerity.

US Democratic Congressman Dennis Kucinich described the
$700bn bail-out of the US banks by the Bush administration as: “The largest
single act of class warfare in the modern history of this country” In Britain £50bn is being doled out in a similar scheme.
That’s approximately £833 for every man, woman and child in the country, or
£1,500 for every taxpayer. If someone was to help themselves to £1,500 of your
money and spend it wouldn’t you at least want to know how and why? Yet the
language saturating the media is full of panic and obfuscation.