What happened to your endorsement of the title which read 'We should encourage the rich to get richer'. You posted a reply under that title without objecting to it!
Let's clarify your position: do you beleive that we would have been BETTER off and WILL be better off if we REDUCE the restrictions on banks even further and allow the 'greedy is good' policy of 'Gordon Gecko' to run EVEN FURTHER?
You are quite correct, UN-restricted bankers WOULD do stupid things.... and that is EXACTLY why we NEED STRONG regulations of the banks.... which has been my point from the begining!
No.... the BoE does NOT set UPPER limits for rates ... it sets the LOWER limit. On that basis, the banks COULD have lent at a higher rate if their 'responsible capitalism' had been working..... and in which bank do you SEE that 'responsible capitalism'? NOWHERE! The banks offer all MANNER of HIGHER rates of interest.... if not, what the HELL: is the 27% to 35% on 'credit cards'???? That PROVES that banks can lend at ANY UPPER rate.... particularly to the STUPID!
I love your idea of Mervyn King being 'power hungry'.... the man who MOST looks like 'Penfold' out of Danger Mouse! If you think HE is 'power hungry' you have met VERY few politicians! Mervyn is a WIMP .... and that's ANOTHER reason why we had the insane bank policies!!
Ian
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