Thursday, 11 April 2013

Adam Smith and bankers.



I do like this article on a British Banking Association site which claims “We have long been agitating for a full legal framework to ensure that never again will taxpayers have to bail out failing banks.”
Bankers “agitate” for the removal of taxpayer funded backing / bail outs / subsidies? Absolutely hilarious.
A point made by Adam Smith is of relevance here. He said “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”
Although with the above “agitation” point in mind, the wording might be changed to something like: “People of the same trade seldom meet together but the meeting leads to the formation of a mutual admiration society resulting in very deluded ideas as to the virtues of those at the meeting.”

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