Anorak News | Labour’s Michael Meacher Will Not Speculate On His Speculations

Labour’s Michael Meacher Will Not Speculate On His Speculations

by | 29th, September 2008

THE overarching reaction to the banking crisis is that so few of our elected representatives have a clue about the money markets.

It’s not just Sarah Palin who is utterly ruderless, but also ambitious Michael Meacher, our Labour MP for Oldham West & Royton. This is what he writes in the Times:

For Labour to have a fighting chance at the next election, radical demands surfaced at Manchester for significant policy change. Not just a crackdown on short-selling, but action against speculators in general.

We must cut down on speculators. Go it? Now read on:

Not just providing local authorities with social grants to build 2,500 social housing units, but allowing them to borrow against their housing stock as collateral to launch a housebuilding programme for the 1.7m applicants on waiting lists.

So no speculation, but councils should borrow money against existing housing stocks. No, he didn’t want to run Bradford And Bingley; Meacher wanted to run the country

Posted: 29th, September 2008 | In: Money, Politicians Comments (18) | TrackBack | Permalink