You're too kind, your lordship

Adair Turner is trying to spread the ordure around thinly enough that no one person gets too stinky.

The far bigger failure - shared by bankers, regulators, central banks, finance ministers and academics across the world - was the failure to identify that the whole system was fraught with market wide, systemic risk.

Then, having take care to echo Gordon's 'It's global, I tell you!' he spells out the extent of that 'bigger failure'

The key problem was not that the supervision of Northern Rock was insufficient, but that we [ see, that's him being too kind again ] failed to piece together the jigsaw puzzle of a large UK current account deficit, rapid credit extension and house price rises, the purchase of UK [sic] mortgage-backed securities by institutions in the US performing a new form of maturity transformation, and the potential for irrational exuberance in the market price of credit.

Now tell me, whose job alone is it to pull all those disparate elements together and make sure that they work together for the British common weal? Who is paid to take care of all the above?

Come on, come one. There is only one job description covering all that. Only one in which the cry of 'I was not told!' can be nothing more than a gruesomely self-serving, inadequate attempt at arse-cover.

Ah, yes. Chancellor of the Exchequer.

And which delusional derelict held that position during the critical run-up to the crisis? Which historian of Scottish socialism, dishonestly claiming to be an economist, took all the credit for the apparently beneficent outcome of his stewardship?

And who still does - except on paper - even as his criminally insane, cackling claims turn to ashes in his mouth?

And let us never forget that the same Chancellor's compulsive and diarhorreic spending of public money, coupled with his improvident refusal to maintain sufficient reserves of capital to defend the country during the 'bust' he mendaciously claimed to have abolished, the mad bastard, was for the most part funded by his taxation of the very financial sector which he now blames and calls 'criminal', but whose bloated and collapsing condition is attributable to his personal actions, to his purblind and destructive policy of rapid, experimental social(ist) engineering, and to his personal neglect of his duty and of all probity.

He fed them, like his personal fois gras geese, so that he could tax them - tax and spend. Double incontinence economics.

The man should be impeached and jailed.