News - Uk
Outspoken fund manager Hugh Hendry was once again at his controversial best on BBC’s Question Time last night, discussing everything from the economy to secret intelligence.
Hendry, who is never afraid to speak his mind, believes everyone should admit responsibility for the financial crisis and stop blaming the ‘bogeyman' bankers.
Europe is a disaster unfolding within our eyes. Europe was created with a vision of the future, not created by people, but created by politicians and bureaucrats.
I am cautious that the private sector will have sufficient dynamite to blast us forward into this promised land. Since the Second World War this is a recovery that stands alone, it is unique. It is the first recovery not being met by us, the private sector, by households taking on more debt. We are deleveraging, that is taking the mojo, energy, momentum out of the economy.
This is a time of profound and historical economic crisis. It is why we have a coalition government and actually we need a wider coalition government, because it is too easy for the guys over there (Labour) - who do not have to take these difficult decisions - just to criticise it.
I am not suggesting people should take on levels of debt they are not comfortable with. In the past we were encouraged to do so. As a society we were too optimistic, we thought the good times were going to last forever. All of us, from bankers to politicians to you lot (public), we were all wrong. We all should take individual responsibility for that decision, rather than to defer it to the bogeyman that is the banking sector.
You never liked bankers, why? Because they always said no. Then we had the socialisation of debt, it did not matter your income or your position in society, the bankers just said yes. So we have found out that we just do not like bankers.
Terrorists are criminals and cowards. Hugh Hendry is someone with three young children living in London, and I do not want to wrap up our intelligence agents with codes of what they can and cannot do.
Click here to watch Hugh Hendry's appearance on Question Time
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