11 December 2009

City Warning: Financiers Unhappy

Have not been following the news lately, but did see a brief item on the tv about city financial firms "warning" the UK government about the perils of too much debt. Yes, a stern talking to from the same geniuses who brought us catastrophe. Why is there no outrage about this? Who are they to lecture anyone? How many billions of dollars do they need to lose, how many bubblicious bailouts will these banks require, before they finally lose credibility? And they pretend to be speaking from some vantage point of wisdom, on behalf of the public, but it should be abundantly clear by now that financial firms don't give a toss about the public, they speak only from their own wallets. As a general rule, anything investment banks think is a really good idea (e.g. carbon trading) should be treated with the utmost skepticism. And many issues banks don't really care about (e.g. unemployment!) do in fact deeply affect the general public.

No comments: