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Private V Public ?


observer
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Having been weaned for the past 20 years on the idea that the private sector is the bees knees, and the public sector is inefficient; I'm somewhat bemused by the current banking crisis, where it seems banks are allowed to keep their profits but the tax-payer is now expected to fund their losses. Talk about the cake, and eating it!

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Not only have they taken the cake and eaten it I suspect they will come back for seconds. Of course the problem has arisen because Government has encouraged reckless lending by weakening regulatory powers whilst at the same time encouraging the gullible to spend now and pay sometime in the future in order to prop up a weak economy. Of course the problems being faced are not unique to individuals, businesses and public bodies such as Councils have been on a borrowing binge ( WBC borrowings now ?106 million and rising and no current Councillor willing or able to discuss the matter....although I know of one candidate who if elected certainly will be....along with the pension deficit).

 

With regards to the private sector, whilst it is not perfect I know of no other system that would be better to supply the goods and sevices required, but accept that for certain services, a customer focused, properly regulated and managed state supplier has its place. In the past, our banking and building society sector has always worked well but then it had a simple and effective regulatory body...in the late 90s that all changed...for the worse.

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The "old" Labour Party was derided for it's "Clause IV"; but given the anarchy and greed of the "private sector" as recently exposed; Labour's founding fathers had a point?! :? Control of the commanding heights of the economy and all that! :) I have no difficulty with the private sector, as it provides the dynamic for economic advance; provided that that energy is harnessed under democratic control by regulation. :? Certain "essential" "services" are precisely that - "services" and thus are not necessarilly meant to be profit making concerns - alas Maggie's mass sell off of state owned utilities and transport services, that has gone uncorrected by New Labour, as witnessed an era of private profit being funded by public (tax payers) loss. :x

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Observer,

 

Not sure public sector is doing so well - think their pensions are a mess and joe public will be paying for that one for a long time to come.

 

Also interesting about all of the council officers earning above ?100K and those earning more than Gordon Brown. Nice work if you can get it.

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It's not that "their pensions are in a mess"; they've discovered that, as more folk retire and live longer, the pension scheme starts to become more expensive. :shock: Of course, they (the employers) didn't say that when these schemes started up, and most were contributing. :roll: Alas, "private " companies (aside from the golden goodbyes to bosses), are feeling the pinch too - hence the current refinery strike! :wink:

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