An article
about the UK government’s enthusiasm for peer to peer lending says “Government
is also keen to encourage alternative finance and last week announced four
peer-to-peer lenders will be given a total of £55m in taxpayers' money…”
So the
solution to the TBTF subsidy and occasional billion pound bail outs for large
banks is to subsidise smaller lending entities as well?
But wait a
moment. That means preferential treatment for ALL LENDING entities vis a vis
other sectors of the economy. What to do?
I know: why
not subsidise EVERY FIRM IN THE COUNTRY with taxpayers’ money!
But wait a
moment (again). That means impoverishing the poor old taxpayer. Now what’s the
solution to that? Scratch head…... I’ve got it: hand out taxpayers’ money to taxpayers.
As Tim
Worstall put it in answer to the politician wanting to know why people hated
politicians:
“Because
you’re ignorant fuckwits who steal all our money” .
_________
Hat tips to Mike
Norman’s blog and Washington’s blog.
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