Its all going to go horribly Albanian Pyramid Scheme at some point, and all the people pretending that we'll revert to Pre-Crisis growth models are in industrial strength denial mode. Me, I favour the idea that, instead of covering the deficit with spending cuts to public services that were blameless in creating the current situation, we take a more vindictive approach and confiscate monies that were paid out as bonuses from, say 1999-2007, whether in money or assets, from those who were paid said bonuses at institutions that have been propped up by the government*. By crikey they WILL feel our pain. Not that it'll ever happen, due to a morass of legality and zero political will.
*If healthy conpanies pay ridiculous bonuses, then thats a matter for regulation, but being paid them out of fantasy non-existent profit, even if 'made' during the Bubble Era, can't be reconciled. |