Today we welcome a report from the University of Bath to the effect that the financial crisis was not caused by bankers' 'bonus culture'.
It was caused by poor regulation - not too little regulation, but ineffective regulation. That regulation was imposed by governments we elected (and this explains why it was worse in the UK than in other places).
It is our problem - Gordon Brown and the cackhanded tripartite regulatory structure was our problem - and we must take responsibility for what has gone on, not push the blame on to some invented bogeyman.
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