Sunday, November 08, 2009
Great piece by Nick Cohen. He's absolutely right, MP's expenses has become a distraction from proper City regulation. I presume health reform is distracting the Americans from the same goal. Nick rightly mentions Larry Summers as one of the Americans standing in the way of bank reform. It is worth noting something Summers said in 1991:
'Spread the truth - the laws of economics are like the laws of engineering. One set of laws works everywhere.'
Dolly Parton said it cost a lot to look as cheap as she did. Equally, it takes a lot of education to be as wrong as that, Larry. Anyway, in case you were wondering whether the City boys were working on the next ruinous scam - yes they are. Of course, bonuses are back up there and, in New York, the bankers have even jumped the queue for H1N1 vaccine. This time it's much more fun because there is less competition and more cash to play with thanks to quantitative easing. This is what it sounds like, a laxative. Assuredly, the bitch that bore them is in heat again.
Posted by Bryan Appleyard at 8:42 am