“Whatever else yesterday’s great budget gamble aspired to do, one thing was left unattended to: the thing which is the central disaster at the core of the financial crisis. That thing is, of course, the lack of credit coming from the banks. And there’s no sign that anyone is going to be able to force the banks to do anything. But tonight we’re asking why.“ Indeed, there are an awful lot of “whys” when it comes to the banking sector. I’m beginning to wonder whether I’ve been in some way asleep for some portion of it. Did I miss any senior bankers being arraigned in front of the Commons treasury select committee? Have I missed the attorney general sizing up who she can move against in the criminal law courts?
“It seems that whilst these activities have been going on across the Atlantic, nothing is to happen here. Faisal Islam is looking at how credit might be got moving, and we’ll see what we can do on the other matters. — Snowmail, Channel 4 News, 25 November, 2008
Now who is speaking with forked tongue here? Let me get this straight: is Jon Snow giving us his opinions on the cause of the capitalist crisis, or is this the editorial line of Channel 4 News, because I know I’m baffled by this admission of total ignorance of the facts of the situation?
Either, Snow is saying that Channel 4’s ‘news’ mavens, have, over the preceding years, misled the viewing public into thinking that the economy was solid, when in fact they had no idea one way or the other what the economy would do, except on a day-to-day basis, and even that could go pear-shaped.
Or, he’s admitting to the editorial bias implicit in every piece of news ‘analysis’ as being fixed from the getgo, simply because ‘news’ is a business, just like every other business and hews to the line in its almost mystical belief in the power of the ‘market’. ‘Cept when it fails of course.