The Curmudgeon


Monday, October 20, 2014

Oh, the Unfairness of It All

Evidently the deputy governor of the Bank of England has not been adequately briefed on the causes of the late financial crisis. As we are all aware by now, the crash of 2008 was caused by migrants, the public sector, the Euro-wogs, the possibility of a yes vote in the Scottish referendum, excessive taxation of the extremely rich, and everything to do with the last Labour government. Sir Jon Cunliffe apparently thinks greedy bankers had some sort of hand in the affair; and more outrageous still, he has suggested that they might now think about taking a pay cut. Partly because of the alacrity with which the economy has recovered during the Osbornomic miracle, and partly because of penalties for past misdeeds, there is less money to go around; so of course the bankers have been taking most of it for themselves while throwing a few scraps to the shareholders. This campaign of responsible redistribution culminated in Barclays' recent reward of a ten per cent increase in bonuses for a thirty-two per cent drop in profits. Sir Jon Cunliffe thinks it's time for an end to that sort of thing until we have an underclass who can pay for it properly. It is certainly quite inexcusable for respectable stock-market gamblers to be treated with the same contempt as NHS personnel and other scroungers and shirkers.


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