September 2, 2010

TOOK FOLKS LONG ENOUGH TO REALIZE HE WAS A TORY:

Tony Blair, New Tory, Defends His Reign: The former Labour leader sounds a conservative note in his memoir (Robert Hutton, 9/02/10, Business Week)

The most startling section deals with Blair's rejection of "the whole package of massive Keynesian deficit spending," as he writes in the book. "If governments don't tackle deficits, the bill is footed by taxpayers, who fear that big deficits mean big taxes, both of which reduce confidence, investment, and purchasing power." Sounds like a line from the office of Conservative Prime Minister David Cameron. The current Tory PM, who has startled the world with his vows to shrink government spending massively, is doubtless pleased to get support for his plans from a three-time election winner: His aides put choice sentences from Blair's memoir on Twitter throughout the day of publication.

Blair, now a millionaire and an adviser to JPMorgan Chase (JPM), also comes out against taxes on the rich and defends the big banks in the wake of the credit crunch that battered Britain. "Government also failed," he writes of the crisis. "Regulations failed. Politicians failed. Monetary policy failed."

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Posted by Orrin Judd at September 2, 2010 6:03 AM
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