Barry Kaye, press officer Newton Abbot Labour Party, of Orchard House, Market Way, Chudleigh, writes:
The statements made by Cllr Hook in his letter are indicative of a once proud British political institution that has lost its way. Now at the whim of wind and tide, the Liberal Democrat Party drifts on rudderless and unloved. On the one hand the Westminster Con-Dem(ed) coalition, sits around the Cabinet table holding hands in the manner of 'kissing cousins', and on the other, here in Torbay, internecine war rages as ever between the members of the 'coalition', and very little gets done.
To shift the spotlight, Cllr Hook proclaims triumphantly in his letter, several times, the £900 billion debt 'NuLabour' (?) had left behind. Yet, the £350 billion deficit left behind by John Major in 1997, had never suffered the worst recession since the stock market crash of 1929.
Our banks, in their greed to buy up the American 'toxic debts' that were a direct result of the collapse of the American mortgage market, had overreached themselves, causing a massive banking crisis.
Had not Gordon Brown stepped in and virtually nationalised the banks to the tune of billions of pounds, they would have gone the same way. The near demise of Northern Rock demonstrated this clearly, the first run on a British bank since the 1930s. If the banks had gone, the accounts of thousands, if not millions, would have been wiped out, along with their savings, pensions and investments, leaving a trail of devastation behind. Unless Cllr Hook, impervious to it all, keeps his fortune under his mattress!
When the right time comes along, the resale of the banks will see the government recoup its investment, which will wipe out a considerable portion of the deficit, and hopefully bring the return of a Labour government.THIS AND OTHER LETTERS IN OUR ONLINE EDITION