Wednesday, January 07, 2009

Quote of the month so far

In case you missed it

"We need a reboot not a bailout, as the man said. It’s time to think different. The fantasy that the answer to one housing Ponzi is another is profoundly barmy. Debt fuelled growth is problematic. It makes everybody feel good for all the wrong reasons.

The wealth is like fairies in Peter Pan — fine as long as you believe it really is wealth, but every time a house is undersold, a fairy dies. It’s certainly no substitute for hard work, added value, goods and services. Borrowing to bailout has to be paid for by future taxation.

If we must borrow heavily off our children, perhaps even our grandchildren, as the UK did to defeat fascism in the 1940’s, at least let it be for a rational and worthy cause, not just more of the same."

Bishop Alan, on the credit crunch, Labours record, and critical bishops.

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