Mark Steel: Quick! These bankers need rescuing
Wednesday, 1 October 2008
The next move, presumably, will be to nationalise the country's gambling debts. To revive confidence amongst blokes in betting offices, the Government will hand over £300bn to cover the money they've lost. Then a leading gambler will be quoted as saying: "This package goes some way towards restoring calm. The last week has been horrendous. One of my friends lost a ton on an 8-1 shot he'd been assured was a banker by a minicab driver."
Another method might be to let the world's share-dealers go bankrupt, and see if we manage to carry on without them. One advantage of this strategy would be the entertainment of seeing them fight the job losses. City traders would carry placards saying, "Stop the axe on Goldman Sachs!" Support groups would be set up that could hold collections in which people would be asked to donate riverside apartments to a fighting fund, as some of the bankers were undergoing such hardship they hadn't bought one for over three months. But organisers of the fighting fund would have to be careful to keep some donations back until handed out as the Christmas bonus.
They'd certainly deserve our backing, as you get an idea of the nature of share traders from yesterday's Daily Telegraph, which told us that after the rejection of the US recovery plan "there was disbelief among US traders who accused politicians of putting their own interests ahead of the American people".
You see – even in this crisis, all they're thinking about is the American people. They've never wanted the burden of accepting unimaginable salaries for buying and selling the same stuff, but they've soldiered on out of love for the American people. Well it's time they understood there's such a thing as being TOO selfless, and took a moment to consider themselves for once.
Their complaint was the failure to approve a $700bn bailout of failing finances, but it's even worse than they fear. Because according to one commentator, one reason why politicians rejected the deal was that "they were receiving letters from the public running at 40 to one disapproving it".
So it's not just politicians, but the American people who are against the American people. Some of them, for example, might consider that $130bn to provide a National Health plan for all Americans for two years would be a better use of funds. Those poor traders must hold their heads in their hands and sigh: "It's just 'me me me' with some people, isn't it?"
So maybe there's another solution. It seems that world governments will do anything at all, no matter how desperate, to revive "confidence" in the markets, as these markets, which are run by the dealers, control the economy. This means the dealers are far more powerful than governments. In which case, in the interests of democracy, instead of wasting time electing governments why don't we elect the dealers? They could make speeches such as: "Let me assure the British people that, if elected, less of the wealth created by hard-working families will be taken by the state, and far more will stay where it belongs, with me." And: "I apologise to my constituents for the embarrassing revelation that I've not been seen in an exclusive lap-dancing club for over a week."
And one day we'll all look back and wonder why we'd never thought of it before.
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Comments
17 Comments
Hilarious!
Posted by Suhasini Sakhare | 01.10.08, 21:13 GMT
Fat Cats Should Receive The Biggest Cuts/
We Had Enough Getting Our Money Stolen As Easily As a Light Puff/
They Moan and Cry Like Old Ladies, The Difference is Their Swiss Accounts Reveal Eight Figure Deities/
Where Was Their Real Stress When the UK Cold Was Killing Real Old Ladies That Survived on 600 Quid A Month And Had No Shares In The Midst of The Swiss Deities?
Life Is A Circle And They Would Return To Point One Where They're Gonna Get Respect From No-One/
Tony Blair Used To Make Frantic Speeches About Respect And Other Abstract Peaches/
Where Is He Now To Defend The DisRespected, Perhaps He Thinks That Only If You're Rich And Famous You Must Be Respected/
Posted by Spyros The Athenian | 01.10.08, 20:32 GMT
Spot On! Taxpayers should ensure that the shareholders and bondholders of the banks, not to mention the best and brightest of all employees anywhere, do not suffer losses. With the risks they take and the hours they work, and the stresses they are under, having them take losses would be just too much. That's why we people must be prepared to rescue them from this crisis. And after trading arcane products and inventing non-applicable risk structures and all those other sophisticated exotic activites what would they do if they lost their jobs? We would have to foot a re-education program - and just think how much that would cost. And worse yet, we might even have to put up with them as one of our fellow employees! The horrors of it - just pay up now.
Posted by J Lee | 01.10.08, 19:21 GMT
look here you little toe-rag - who on earth is going to trickle down menial salaries to the poor people if there are no bankers? eh have you thought about that one? I for one, will have to think about shooting the cleaner, the gardener and the driver - and I might have to put the wine cellar extension on hold! bloody commoner - haven't got a clue have you!
This crisis was created by uneducated people buying houses which were inflated by 100 percent - thus the origins of the crisis lie with the government's education record and poor legislation - poor people should simply not be permitted to buy houses - bring back the feudal system - I say!
Posted by Charles Timpkin Smythe | 01.10.08, 18:55 GMT
It's easy to snear at "merchant bankers" but who complained about the money these traders made for the UK economy over the past decades? It's trade that pays for your health service, schools and services, not the government.
Posted by Neil | 01.10.08, 18:24 GMT
I blame the poor people: working and under classes.
If they had worked HARDER, studied HARDER and had a grasp of decent Latin and wines, and not sponging off the state they would be pouring in money into the stock markets right NOW supporting our plucky bankers. And we wouldn't have a crisis.
Feckless, lazy, ignorant, ungrateful wretches. All they do is borrow and refuse to invest. I don't know. Bring back the rope, that's what I say and another thing if you
Posted by Travis | 01.10.08, 18:13 GMT
Well done Mark, I,m a big fan of yours. Just think those poor bankers going to the jobcentre and finding they have to take a job as a traffic warden as there are no Bankers jobs left, no more socialist thinking it's just me me me now. You had a chance and you fluffed it
Posted by James | 01.10.08, 17:52 GMT
Meanwhile, those of us who saw it all coming...I'm a little confused by Ash's posting - what are you trying to say?
Posted by d | 01.10.08, 15:00 GMT
Yes, this outbreak of democracy has been puzzling and deeply shocking. Let's hope we don't get any of that sort of thing over here with people who don't know where their best interests clearly lie.
Posted by colin buchanan | 01.10.08, 14:37 GMT
If a business is "too big to be allowed to fail", then there is only one logical answer, which is that it has to be nationalized.
Otherwise we are left with these drongos having the one-way bet, as young Mr. Steel so deftly caricatures it.
Profits go into private pockets, while losses are "socialized".
I keep all my winning bets and some other bugger pays for the ones that go down. Nice work if you can get it.
All other bollix about keeping X or Y afloat, consequences to serious to contemplate, etc. is no more than eyewash.
Nationalize all the banks. Then use the profits to subsidize stuff such as pensions, health, education, and so on.
Posted by Trevor | 01.10.08, 14:01 GMT
17 Comments