Wednesday, October 21, 2009

The banks must be controlled

How to manage the gigantic financial cuckoo in our nest

"Either we impose a credible threat of bankruptcy, or institutions we have to support are made safer, or, better, we have both of these. Open-ended insurance of weakly regulated institutions that take complex gambles is intolerable. We dare not return to business as usual. It is as simple – and brutal – as that."

Posted by letthemfall @ 09:36 AM (894 views)
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2 thoughts on “The banks must be controlled

  • If you always do what you always did then you’ll always get what you always got. Simple as that!

    Even the FT is campaigning for a change. I wonder what the bank bosses are doing?

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  • Note that writedowns on UK bank assets will be about four or five times as big, per unit of GDP, as the US or the eurozone. Time to break up the big UK banks.

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