The “Iron Lady” didn’t earn her nickname without a few good reasons. Her fans mourn her departure with tears while her haters wish for her to “rust” in peace. It is now a truism that former Prime Minister Margaret Thatcher—together with her accomplice Ronald Reagan—ushered Britain and the West into a new era of unchecked greed with their privatization policies. Water and electricity denationalized. Government housing inhabitants encouraged to purchase their apartments. Banks deregulated. Thatcher released the market genie from the bottle and created a Frankenstein named “Thatcherism” that devoured the capitalist system. But it was this same Thatcher who had advocated the “Victorian” ideas of hard work, savings and the notion that one should “get on your bike and look for a job.” She would not have approved of, and indeed would have been appalled by, the world hijacked by Wall Street as it was before 2008. She even detested the credit card, ridiculing a promotional pamphlet for a Visa card that invited customers to spend on future cars and holidays by cutting the plastic into halves with a pair of scissors in the House of Commons. It is definitely not a credo of “Thatcherism” to get a mortgage from the bank when you are on a part-time bus-driving job, which is partly what led to the credit crunch of 2008. But she is now held responsible for all these felonies. Strangely, nobody thought Thatcher was much of a witch during the decade of the “liberalism” of Tony Blair and Bill Clinton; nor was “Thatcherism” a synonym for diabolical greed and abyssal inequality. “New Labour” conceded that they had lost the argument of socialism, and watched the triumph of de-regulated market forces. Richard Curtis’ rosy comedy “Love Actually” painted a classless Utopian picture of London counting down to the mass euphoric celebration of Christmas—a manifesto of how Thatcherism cloaked in “New Labour” had worked to better the livelihood of the happy-go-lucky Britons at the turn of the century. Only when Iraq was proved to be such a colossal mistake that it could not even compare with the Falkland Islands did people wake up to the reality that Tony Blair was not Thatcher in trousers. Mrs. Thatcher hated the idea of drawing unlimited cash from banks when you have no money. She loved manufacturing and supported small businesses. She was too old to figure out what the term “Cyber Age” meant, or grasp what damage pretentious Harvard MBA jargon and internet banking could bring about. And she could hardly foresee a bull named “Made in China” gate-crashing Cinderella’s party. When Margaret Thatcher designed the story, she had a clear Victorian moral in mind. You don’t join the party, have a good time, indulge in the free food and good music, then refuse to leave on time and blame the fairy tale writer for the hangover. Chip Tsao is a best-selling author, columnist and a former producer for the BBC. His columns have also appeared in Apple Daily, Next Magazine and CUP Magazine, among others.