While being grilled (as the newspapers like to put it) by the Treasury Select Committee, the new Chief executive of Barclay's Banks spoke a truth that needed to be spoken. It is a great shame - for all of us - that no-one was listening to folk like him a couple of years ago:
"It's not okay for taxpayers to have to bail out banks. They should be allowed to fail,"
Yes, yes and a thousand times yes - banks are just businesses. Businesses made over large by the terror of default and the indulgence of governments. Businesses resting snugly under a protective arm of state-directed central banks. But businesses nonetheless. And business doesn't work if there isn't the possibility of failure.
So thanks Bob for reminding us of this fact. Let's hope it sticks in people's minds this time.
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