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"The unacceptable face of capitalism"

Mad Cyril

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Why is this unacceptable - because he trousers a fortune each year and you (presumably) don't?
 
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Tangled up in Blue

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Why is this unacceptable - because he trousers a fortune each year and you (presumably) don't?

I certainly don't unfortunately.
Check out the "casino" banking references in the article.Barclays savings bank is being led by their investment division.They can afford to buy shares,trade in future securities etc at an exceptionally low interest rate, safe in the knowledge that if their "investments" go bottom up, then the taxpayer will be forced to pay the bill to bale them out.Whereas,if they continue to make a profit then the taxpayer gets nothing.Robert Peston was making pretty much the same point on the BBC last night.
 
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I certainly don't unfortunately.
Check out the "casino" banking references in the article.Barclays savings bank is being led by their investment division.They can afford to buy shares,trade in future securities etc at an exceptionally low interest rate, safe in the knowledge that if their "investments" go bottom up, then the taxpayer will be forced to pay the bill to bale them out.Whereas,if they continue to make a profit then the taxpayer gets nothing.Robert Peston was making pretty much the same point on the BBC last night.

I agree with you about that, but this isn't the 'unacceptable face of capitalism', it's the unacceptable face of state intervention in business. The banks should be made to sink or swim like any other business, and under a pure capitalist system, that's what would happen. It's a system based on merit and hard work, which is generally why it has such little appeal to soap dodging tree huggers.
 

osymandus

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I agree with you about that, but this isn't the 'unacceptable face of capitalism', it's the unacceptable face of state intervention in business. The banks should be made to sink or swim like any other business, and under a pure capitalist system, that's what would happen. It's a system based on merit and hard work, which is generally why it has such little appeal to soap dodging tree huggers.

Under a pure capitalist system you would also get corporations that become their own states , and probably have their own armies . Unlike teh 3 private armies you can hire these days (ah Mercenary capitalism ).

I agree this guy isnt the worst , but like anyone with a desire to control everything they are and fund themselves with out understanding the repercussions of their actions , believing probably the means justify the end's . Cuasing a bloody huge mess as they go along.
 

Mad Cyril

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No they wouldn't as who ever had the largest army would be in charge . Accountability comes from individual responsibility

North Korea has an army nearly four times the size of the US yet I don't see them spreading their particular brand of freedom around the world.
 

steveo

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Just so your aware that can mean :
–adjective 1. having a value beyond all price; invaluable: a priceless artwork.

2. delightfully amusing or absurd: a priceless anecdote.

or 3. ****ing ridiculous.
 

Tangled up in Blue

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I agree with you about that, but this isn't the 'unacceptable face of capitalism', it's the unacceptable face of state intervention in business. The banks should be made to sink or swim like any other business, and under a pure capitalist system, that's what would happen. It's a system based on merit and hard work, which is generally why it has such little appeal to soap dodging tree huggers.

Good,I'm glad you agree with my initial analysis.
You're also quite right to criticise my use of the "unacceptable face of capitalism" as a headline.It was a typo*.I had originally intended to use the Vince Cable quote in the article"the unacceptable face of banking", which would have been a lot more appropriate in context.

(*Note to Mods-Yogi(in another thread)yesterday raised the difficulty involved in changing thread headlines.Surely it should be possible to allow people to do this)?

I hope you would also agree that the investment sections of all the High Street banks(not just Barclays) should be broken up and kept separate from their savings and loan(ie retail) divisions?
In that way, they would genuinely function as investment banks without the unfair competitive advantage they currently enjoy.
Failing that, the Government should bring in a "Robin Hood" or windfall tax on the Banks excessive earnings, which accrue from this unfair competitive advantage, asap.
 
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