Quote of the day

From City AM (here):

Nobody has learnt any lessons from the failed bailout culture of the past four years. No bank is being allowed to go bust. Bad debt is not being written off, it is being transferred from the private sector to the public sector. This is madness: eventually, even the stronger European countries could be overwhelmed. The recession and falling house prices mean that there will be hundreds of billions, if not trillions, of bad loans across the EU in the coming years, especially when assets begin to be priced more realistically – if all of this ends up on governments’ books, some sovereigns will go bankrupt.

The old old story.  We learn nothing; we forget nothing.  What is the point of guaranteeing the funds of depositors if banks always have to be saved?  Meanwhile, the poor bloody taxpayer gets in the neck once again.