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Monday, 22 April 2013

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Oh dear, Duffers, it wasn't Royal Bank of Scotland that the pills at Lloyds TSB bought, it was HBOS.

Thanks, DM, I blame, er, all that Scotch!

It was a Scot who ruined RBS but it was the "Haliban" who ruined HBOS - English, the lot of 'em.

Being the cynical (but lovable) person I am, I think it was a deliberate plan.

So we have two groups of institutions. One run carelessly, gambling and risking whilst rewarding themselves whatever the outcome. The other run conservatively following more 'realistic' rules of finance. The first face collapse and bankruptcy, but your 'friendly neighborhood leftie prime-minister/chancellor' is quite willing to bail them out with everyone elses money but worries that 'it'll look bad' if the other group of viable banks remain as an example, so... they destroy them too. Simples!

Hey, look we 'had' to bail the banks out, as they were 'all' going to collapse (not just the incompetent and corrupt ones).

So 'Capitalism 101' has been bypassed yet again - they really aren't going to learn if there are never any negative consequences, are they? (But isn't that as good a description of how most of modern Britain 'works' now as any?)

I did say cynical you know!

There was a plan?

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