Tuesday, April 20, 2010

Banker Bashing Nonsense


The BBC reports the Lib Dem leader wants to split up the banks, "so low-risk retail banking and high-risk investment banking are never mixed up with each other… So the casino banking of the investment world can never again hold your every day savings hostage, can never again hold a gun to the head of the British economy."

Nonsense.

Northern Rock Wreck was a retail bank. It was the first to go to the wall. We did not see so much as a failure of regulation but a lack of common sense by a Treasury led by a man who thought he had abolished the economic cycle.

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