Nov 08 2009
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Bank of England says financiers are fuelling an economic 'doom loop' - Telegraph
The banking sector must be overhauled as profoundly as in the wake of the Great Depression or financiers will “game the state” over and over again, the head of the Bank of England’s financial stability arm has warned.
This is exactly what will (continue to) happen if the financial system is allowed use the society as their parachute when they fail. The fundamental learning feedback loop will be broken!
How to solve it is a more delicate matter, but nobody will benefit from a financial industry “teenager” who grows up to terrorize and lives on extorting it’s government “parents”.
