Quote of the day

... [I]t's interesting to note a comment made by Harriet Harman in The Independent yesterday. Answering a series of questions from readers, Ms Harman came across exactly as you’d expect a New Labour MP to come across – arrogant, bristlingly defensive at any hint of criticism, and also frighteningly ignorant. When asked by one reader if it was true that she had remortgaged her house to fund her campaign to become deputy leader, she answered: “Yes. And I trust Alistair Darling will keep interest rates low!” We’re always complaining about financial literacy, or the lack of it, in this country. But when even a member of the cabinet doesn’t know who’s responsible for adjusting the country’s most important economic variable – in case you’re reading Harriet, it’s Mervyn King, the governor of the Bank of England - then what hope is there for everyone else?

John Stepek in Money Morning