The Treasury pursued the folly of tipping public money into a black hole of bank speculation.
The smug tossers who run these institutions, and the wannabes at the Treasury who have been much too close to them for years, have a few hard lessons coming.
This was a disasterously stupid policy from inception; it fails on every level.
First, government never should have got involved so a bank goes bust? So they do as BCCI did and the world didn't end.
We should have let the failing British banks go bust and see their assets sold on. Their squandering of our money was never going to produce the effect they say they wanted with banks lending again.
The banks took it and stuffed their pockets as any fool could see.
Secondly, the banks without government support were then seen by the markets as weak, even though Barclays are still profitable.
Thirdly, the intervention has removed a moral hazard from banking, bankers now know they won't suffer if they mess up. This is income support for bankers which is insane.
Look at Darling, who is getting greyer by the day and wonder if he won't disappear altogether into a puff of smoke, just as the dung hits the fan big time. The mealey mouthed words from his kakikaze leader, depression, oh sorry, I ment recession, god almighty he ment an effin disaster who cares, it is what it is and connotations of words won't make it any different.
There is an old saying, if it looks like dung, smells like dung chances are ..... well, the economy is dung at the moment, so call it what you like.
There is no way that kamikaze leader and his side kick both of whom have been on the bridge steering UK PLC these last ten years can turn round and say "it wasn't me guv""it started in America" " It was the FSA wot dunnit" "we didn't see it coming" It is all a load of codswallop what we want is the truth.