Tradition is the next big idea in politics. But why stop at banking?

The Prime Minister should extend his focus on old-fashioned values to schools and crime, says Janet Daley.

How did that go again? Did Gordon Brown really say that he wanted to see the return of "traditional" savings and investment banks? Traditional? Now there's a word I'll bet you thought you would never hear from a New Labour politician, at least not as a term of approbation.

I can remember when "tradition" itself was one of the main obstacles to national progress: a fusty, reactionary concept standing in the way of Britain fulfilling its true nature as a "young country" (T Blair, 1997). The first step in the battle against the "forces of conservatism" (T Blair, 1999) was to dismantle any misplaced reverence for "traditional" institutions, mores and assumptions.

Some of Mr Brown's media supporters went even further along the road of the unsayable at the weekend: they referred to "old-fashioned banks" (as in, the possible resurrection of) as a positive social good. And since that line was reiterated in almost all the press coverage and in every BBC report of his remarks, we can assume that Downing Street was briefing very heavily that this was the important, populist theme he wished to get across.

Mr Brown has also indicated that he would like to see a corresponding revival of old-fashioned virtues such as prudence and personal responsibility among ordinary borrowers. (In Margaret Thatcher's day, these were known as "thrift" and "duty", and much derided by the Left as "petit bourgeois" obsessions.)

It is time that we should terminate mindless liberal crusade against traditional institutions and culture. It has become an self-perpetuating machine of destruction for no good reason. They have to come up with one crusade after another. Without fresh cause, they fear they will die out.

It has gone too far and is tearing up the society from inside.

Road to catastrophe starts with thoughtless break with tradition. It is actually a break from reality into their own fantasy(utopia.) They also want it clean abrupt and dramatic. It gives them some emotional kick and political dividend. The same mentality is at work in pursuing dangerous leveraged finance, repealing glass-steagall act, and dreaming of economy without downturn and ever-rising asset value.

I hope the current economic crisis does more than destroying dangerous bubble mentality in financial market, and destroy these mindless utopian crusade by liberals and socialists on social/cultural/political front. Their status in the society should be downgraded as well as crooked bankers. We don't need anymore 'enlightenment,' at least the kind they push.

There is a fundamental error in the liberal approach of bailouts in western societies when addressing financial failure.

At the heart of financial failure, there are those who have values credited to them and those with those values debited to them.

Ultimately, when the financial failure occurs, there is a party who is unable to restore value to those parties whom have given the value.

An injustice has occurred in this situation.

Perfect Righteousness demands Perfect Justice. One might forgive a debt or redeem the debt of another and this is very central to the Judeo-Christian theology.

There also exists many unbelievers in the world, who don;t share Judeo-Christian values, but nonetheless very well grasp the concepts of righteousness and justice.

The west has incorporated many aspects of forgiveness and redemption in the schemes of financial bailouts, thinking we can generate a counterfeit for just financial covenants/contracts, without consequence.

The west has devised many schemes over the past two decades to get something for nothing at the expense of global and international markets.

Those in Congress today IMHO, have fallen mesmerized into thinking they can continue the international frauds, with more grandiose schemes, without consequence.

I fear there may come a time when no substance remains in our financial schemes, and those international debts are demanded justly without respecting any notion of redemption of forgiveness of debt. There are financial systems of thinking which are not so forgiving as those from a Judeo-Christian background. Toying with international markets where the players have no shared Judeo-Christian ethic, might brew a far more unforgiving and demanding just recompense than those scheming such affairs have ever considered might arise.

Agreed, but the point I am making is that even if a US contained bailout policy emerges, historically foreign nations have gone to war over such issues.

The vanquished when placed in the hands of the victors, frequently were not forgiven, but placed into human slavery, even torture for several generations consequential to a strict perception of justice by the conquering nation/s.

What appears reasonable to those with food, family, and shelter, simply foregoing some degree of luxury, is not perceived by those who might be losing food, family and shelter as an equitable sacrifice. A perception of injustice is difficult to erase from those not accustomed to forgiveness.

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