It is disappointing to notice that Ed Argar (Oxford Mail, October 14) fails to acknowledge the origin of the credit crunch in corporate greed in the United States and in the City of London.
I appreciate that it may be difficult for a Tory to admit that, especially in view of the fact that it was the financial deregulation initiated by Margaret Thatcher in this country and by Republican administrations in the United States that made it possible for corporate greed to flourish unchecked. The credit crunch demonstrates all too clearly the utter bankruptcy of Thatcherite economics.
It is possible to argue that the Government should have acted to control City excesses sooner, but the Tories are in no position to complain about that.
They opposed every previous attempt to deal with those excesses and, I suspect, only support the Government now because they dare not be seen any longer to defend the City.
The true attitude of the Tories to the credit crunch is seen in the embarrassingly unguarded statement of Shadow Chancellor George Osborne when he said that it was a function of financial markets to make large sums of money out of the misery of others.
In similar mould, Mr Argar appears to regard the misery of others as an opportunity to make easy political capital.
CHRIS ROBINS (Councillor) Foxdown Close Kidlington
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