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On the contrary, the government needs to stand firm and create a bank of the sort we need rather than the kind the private sector wants to be. You seem to be saying that when a bank goes bust we should recapitalise it and give it back to private owners...so they can bankrupt it again and we can pay out and give it back again. Do you think we should make a limit on how many times we will do this?
ROFL :biglaugh:
What's this Marxist idea that governments can create a type of bank? The capitalist system is stronger than any government whatsoever, and any government that thinks it can create a certain type of bank would also believe boom and bust has been abolished, and no government could be that daft! Of course we should recapitalize banks that go bust - we have no choice. And of course we should get them back into private ownership ASAP - if possible breaking even or with a profit, but if this cannot be managed the priority is still to get them back into private ownership at any cost - for governments can't run commercial banks. I think the old boy system suggests that banks can only be bailed out once in a generation, and as long as we ensure that gentlemen run the banks this will be honoured.
I'm only partly joking. The verdict of the twentieth century is that Marxism - and Communism and Socialism - has failed. We are now seeing the slow failure of euro-socialism, in UK terms of new Labour. Instead we have to work with people and the markets. The Big Society is an idea ahead of it's time, but let's hope this is coming. Miliband's crusade against bonuses may well win him points in polls but is a policy born of profound ignorance. Its effect is to hurt the poorest in British society.