Despite consisting of nearly 1/2 a trillion taxpayers pounds the announcement of the Governments bank bailout seems to have had a "mixed" reaction in the city.
This irritates me no end. How ungrateful these chancers are who got us into this mess in the first place. I heard a so called "economics expert" on Good Morning Scotland this morning (sorry but I can't find the exact link) say first that the problem was that there were too many banks so there was too much competition but this intervention was bad news because it would remove competition. He then went on to say it would be better if instead a bank went down.
So let me get this right, competition is all except when there's too much of it. Government should stop this sort of thing but not intervene to sort the very thing that's been identified as the problem and its better if instead a bank goes bust, folk loose their jobs, mortgages savings pensions all in the name of improving competition which has been shown to be the problem in the first place. I knew I distrusted capitalist economics but these last few days have hardened then into outright dislike.
Keith Simpson's Christmas Reading List
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