Should the public be angrier at the bail outs?

The financial world is dull. It is also complicated. Before the financial crisis, that was the justification the Masters of the Universe gave for their sky high salaries, that they were performing financial rocket science that others were unable or unwilling to do.

After the crisis that justification appeared to be filled with crater shaped holes, especially after we learned that many bank chiefs didn’t understand the billion pound bets their firms were making. It was as if the bankers were paid handsomely for pretending to play golf blindfolded; only to be exposed aimlessly swinging sticks blindfolded, hitting only each other and requiring urgent medical attention. While, still being paid handsomely.

So in order to save us from themselves, the bankers asked for a bail – out of £1.2 trillion, a number so stratospheric that we can’t really make sense of it. It is apparently 2/3 our annual GDP. No, I’m not fully sure what that means either but yes, we can all agree we’ve given the banks a hell of a lot of money.

Quite where this money has gone we don’t really know. We keep hearing the banks refuse to lend to small businesses and bonuses keep being paid. Some say the cuts are this severe in order to save money for the next bail out. Yet, we are not that angry. Course, Bankers are not winning popularity contests. – but we’ve moved on. That Vickers report, the one on firewalls and the like, will sort it out we guess. And there’s other news: cuts, riots, phone hacking, the Arab spring; these things we can understand. Finance, well, it’s just quite dull and complicated.


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