Here’s an interesting view from the top banker at Bank of England, Mervyn King:
The governor of the Bank of England said that people made unemployed and businesses bankrupted during the crisis had every reason to be resentful and voice their protest. He told the Treasury select committee that the billions spent bailing out the banks and the need for public spending cuts were the fault of the financial services sector.
“The price of this financial crisis is being borne by people who absolutely did not cause it,” he said. “Now is the period when the cost is being paid, I’m surprised that the degree of public anger has not been greater than it has.”
No kidding. Given that a robust austerity protest movement has developed in the United Kingdom – UK Uncut – it seems that King is suggesting that even more should be done to protest the socialization of loss by bankers. Which, in fairness, is definitely true in the US and likely true in the UK. But if straight protest isn’t enough, then I suppose it’s time for banksters to be told, flat out, “no.”