But arguing, in
effect, that they should be allowed to continue to bend or break the rules as
and when it suits them, and take reckless short term decisions in the hope of
making a quick buck, and do all that with impunity, is surely an illustration
of how far they have become removed from the real economy in which most of us
live.
I’m not
entirely convinced that the proposals to claw back bonuses for up to seven
years go far enough to rein in the gamblers and speculators who masquerade as
bankers, but it’s at least a start. The
real requirement is for multinational action to bring the money markets back
under control and make them work for society rather than for the bankers. But the problem we face is that those making
the decisions genuinely seem to believe that the crash was just the result of a
few bad decisions, rather than an inevitable consequence of the way in which we
have allowed people to turn markets into casinos.
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2 comments:
To sort the banks out the politicians just need to stay out of matters.
One small bank disaster will have such a ripple effect throughout the world it'll never happen again. Carnage for a while, yes. Innocent victims, most certainly. Problem solved from then on, without question!
As for private savers, it's up to us to choose wisely. No need for investor protection schemes that just add to the problem.
Isn't it time, and especially at this time, politicians learnt that the best thing to do is to do nothing! Markets are self correcting. Always!
"Markets are self correcting. Always!"
All markets work to a set of rules, it just isn't always obvious who's setting them. And they're only self-correcting within the limits of those rules.
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