When will the malefactors be brought to justice?
July 5th, 2010What a crisis! Bank profits + 20%, public spending – 25% (might it be – 40%?). The nation (or at least the government) seems to have forgotten about ‘moral hazard’ – that if people aren’t punished or properly brought to book for their bad bahaviour, they may draw the lesson that they can do it again with impunity. The City of London is certainly an immoral place, but we should hardly encourage it – yet that’s exactly what the government’s doing. And it’s not just an abuse of morality, it’s hard-headed economics that is being abused, in two clear ways. (more…)
