Smell the Starbucks, City!
I don’t want to “hog the blog” but I couldn’t resist reproducing this gem from today’s Financial Times editorial:
Naturally, the need for such a government-sponsored rescue is annoying. Taxpayers may well wish for the imposition of a special tax on recipients of what have turned out, retrospectively, to be unearned dividends and unjustified salaries. But demanding such a pay-back is infeasible. The pragmatic thing to do is let bygones be bygones, though not without paying close attention to the longer-run consequences of the rescue plan.
A trillion or more dollars of public bailout and a global recession and we should let “bygones be bygones” because they still don’t want to pay any more tax. And they say satire is dead.