"There are many lessons to be learned about what has happened over the last 10 years. There are many interrelated things that we have got to think about. I think at the macroeconomic level we probably allowed a boom to go on for too long, with too much rising house prices, rising share prices etcetera. There are issues that we need to think about about the whole macro-economy."
This wasn't a Conservative politician (or even a blogger) trying to apportion blame today. It was the chairman of the FSA, Adair Turner (Hattip Paul Waugh). Reading through the comments on the previous thread I do wonder which country I am living in, or if I occupy the same plant as some of the commenters. Many of them (anonymous, natch) put the entire blame for the crisis on Margaret Thatcher, almost as if the last 18 years hadn't existed. They also try to convince us that David Cameron and George Osborne have been mute. What absolute rubbish. It was Osborne who first suggested in public the idea of recapitalisation. Of course they won't get as much media coverage as Gordon Brown at the moment, but to say they have been silent is ridiculous.
And can we destroy the myth about the Conservative attitude to regulation? No Conservative I know believes in the law of the jungle which implies no regulation at all. Neither do Conservatives believe in overregulation. What we do believe in is effective regulation. For several years Conservative politicians (and Vince Cable) have warned that the tripartite system is not working, yet the Prime Minister (who created the system) ignored those warnings. There were many warnings that debt was getting out of control and that mortgages were being awarded too easily, with little reference to people's ability to pay them back. They were all ignored both by Brown and the FSA, who had the power to intervene.
This whole crisis happened on Brown's watch, and that is what most people will remember. The three day week happened on Ted Heath's watch. It wasn't the miners, or the world oil crisis which got the blame, it was Heath and his government. And yes, I obviously realise there are some differences and I am not comparing like with like - but it's the nearest analogy there is.
If Brown his allies cannot be allowed to persuade the British people that he and his government had no part in allowing this crisis to happen. The British people are more intelligent than that, but Conservatives spokespeople need to get out there on the media and tell it like it is. No pussyfooting around. Give it to people straight. They can take it, and above all, they want their government held to account for the disastrous errors of judgement they have made.