Oh, yes, competition... forgot about that

Banks again.

Four of the idiots were up before the beak today. Sir Fred Pisspot, Sir Tom Dickhead, Andy Pratt and Lord I Know Nothing About Banking But The Lunches Were Awfully Good appeared before a Commons committee to explain how they were very sorry, but it really wasn't their fault as they didn't know anything about banking and anyway it all came from America.

By the by, I really can't be bothered with them. As indeed should you not be, as the solution to the problem of the banks is simple. People have forgotten about the mechanism of competition.

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About Experts

One of the interesting things is how inexpert the experts have been throughout this recession. I don't remember how good or bad they were in 90 and 81, but this time they're truly appalling in two ways - they can't predict what's going to happen, and they can't explain what has happened. Why is this?

I think there are 3 main reasons

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Nothing much happened today…

Nothing much happened today…

15-Sep-08

Nothing much happened today – oh, apart from a Yankee blue-blooded bank that had survived the Great Depression and a couple of world wars filing for bankruptcy, and another fleeing into the arms of a competitor, and an insurance company asking for a float of $40bn. It’s all going horribly wrong.

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