Friday, 4 January 2013
Let’s subsidise banks and everything else.
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.