Now I'm no genius when it comes to finance, or anything else to be honest, but I understand enough to worry when a Secretary of State talks crap such as:
The current economic problems have the neo-liberal intellectuals on the run. But that doesn't mean voters will inevitably turn to the Left for answers.
We need to show that we can not just diagnose the roots of this problem but provide the right answers.
But for 12 years Gordon Brown and co have been telling us he'd solved boom and bust and everything will be perfect for eternity. They know the root of the problem, they are it.
Then how's this for a strange contradiction:
The purpose of the Left in politics has always been opportunity and security. Those twin beliefs are more necessary now than ever. People are worried about the extraordinary instability that was bubbling below the long boom of the last two decades.
In my lifetime the purpose of the left has actually been to balls up the economy to be swept aside for the Tories to clean up their mess, at a cost. Take it to the extreme and look at the economic mess the extreme left bequeathed the people of Eastern Europe.
The last 12 years of Labour have now left us in the shit. But Purnell, incredibly, says in the article:
We can't promise to end instability. But the crisis does reinforce three key progressive arguments of the last decade. They should give us confidence that our political thought is a good guide to recovery.
That's been the absolutely fundamental boast of New Labour since 1997 and earlier. I always they were very serious liars, now I know.