At this evening's Cabinet meeting, Cllr Stuart Collins, the Deputy Leader of the Labour Group, branded "the fools in the City" responsible for the looming recession.
Whilst it's true that the senior executives of a number of banks have behaved recklessly, that's no excuse for insulting the hundreds of Croydon residents who work in the City. And whilst it's also true that this isn't just a British problem, Gordon Brown's decision to split the regulation of financial services between the Bank of England, the FSA and the Treasury clearly didn't help.
Presumably Cllr Collins' criticism is that the senior executives of some of our banks assumed the good times would never end and failed to build up sufficient capital for the bad times. Remind you of anyone?