Tuesday, September 26, 2006

Economic idiocy

Or simply political posturing? Probably both from Harriet Harman. Calling city bonuses 'obscene' during the Labour conference is right out of the 'tickle an activist's tummy' handbook. However, there is always the nagging fear that these politicians might actually believe what they are saying - or, worse, try and do something about it. It is equally easy to raise a cheer by the 'something must be done' method, provided no-one gets nosy about the specifics. Is this woman - a candidate for the DPM lest we forget - actually proposing legislation to prevent private companies and partnerships from paying bonuses? Or to restrict them to 'reasonable' amounts - as specified presumably by the Government?

The problem is that she seems to see financial reward as a giant economic pizza - if the city bods get such a large slice the rest of us are left eating the box. But there's a term for that sort of thinking (apart from mercantilism) and, politely, it's called stupidity.

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