Corporatist Bailouts Have Not “Nationalised” Banks Nor Are They “Socialist”
|A taxpayer counts the cost|
From Dr Hugh Goodacre.
Sir, The central issue that the financial crisis has brought into public debate is that banks’ losses have been effectively “nationalised” while their profits remain private. John Kay, in “The nightmare of taking on ‘too big to fail’” (April 13), totally fails to address this. In confronting regulatory issues, he writes, “the devil is in the detail”. On the contrary, the devil is in the big picture
Department of Economics,
University College London, UK