Tuesday, October 28th, 2008
This banking thing just gets worse and worse. Today, I read that the Government is borrowing so much money that borrowings per taxpayer are forecast to rise to £3,225 by 2011 from a figure of £501 in 1997. Yes, I know that our debt as a %age of GDP are below the OECD average but that's just statistics. The debt figures don't even include the recent banking bail-outs.
And you know exactly who is going to fund this? The middle class taxpayers, smokers, drinkers, air travelers, motorists and any other soft target they can think of.
Still don't understand how this happened so quickly. When I ran a business, we got it wrong at times - both ways -nothing like this. Sure we had our own sub-prime issue - it was called 'slow moving stock' so we had to be honest with ourselves and make provisions for that.
I've changed my mind. The Town Hall stocks are too good for these bankers. Bring back 'prison with hard labour', I say.
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