Galloway slams Darling's banks rescue plan as too late to stop "mother of all recessions"
PUBLISHED: 14:34 08 October 2008 | UPDATED: 13:40 05 October 2010
Too late and not enough to stop the mother of all recessions. That was George Galloway s verdict on the latest emergency measures to rescue the financial system which has effectively collapsed. The Bethnal Green and Bow MP added: In the midst of this f
Too late and not enough to stop the mother of all recessions." That was George Galloway's verdict on the latest emergency measures to rescue the financial system which has effectively collapsed.
The Bethnal Green and Bow MP added:"In the midst of this financial crisis which threatens us all, at last the government is taking action which may begin to shore up the banking system. I hope that it is not but fear that it is, as many in the City are saying, 'too little, too late'.
"The government's focus has been on the banking system. But we need much more, because everyone now knows that even if these measures prop up the financial system we are heading for the mother of all recessions. This will have a terrible effect on people in Tower Hamlets. There is a grim fatalism, a new consensus, among the establishment parties that recession is unavoidable. Well, the four out of five children living in poverty in Tower Hamlets, and the thousands of pensioners too poor to turn the heating on this winter, cannot afford a recession.
"The City sharks looking to snap up a bargain on the stock exchange, or feather-bedded chief executives can face a recession with equanimity. For the poor, the young, the old and the vulnerable in the East End it promises to be literally lethal.