Banking inquiry: Democracy is being demeaned

It’s almost two years to the day — June 26 — since the great scriptwriter Nora Ephron died. She was the creator of Silkwood, When Harry Met Sally, Sleepless in Seattle, and Julie & Julia — and many other wonderfully light pieces that looked at our endless foolishness with kindness and good humour.

She softened the everyday tragedy of human foibles, needless inhibition, and shameless ambition with the balm of humour and charm. Despite her sense of farce, she could not do justice to the bank inquiry fiasco.

It epitomises everything wrong with our political system and, unfortunately, reveals the unattractive character of so many principle players. It reveals the detachment and sense of privilege and, tragically, the self-serving opportunism and dishonesty that shapes the world view of too many politicians. It has become an affront to our political system, our democracy and the mandate given to politicians by the electorate, or at least the one-in-two still bothered to vote. Those expected to be grilled by the inquiry — bankers, regulators, and politicians — and those in a position to offer concessions on the unsustainable bank debt imposed on this country — bankers, regulators, and politicians — must be watching with a bemused indifference: “Nothing to worry about here,” might well be their reaction.