The too big to fail 2008 bailout of the banks, in real terms, cost more than the Marshall Plan, the Louisiana Purchase, the Race to the Moon, the Savings and Loans crisis, the Korean War, the New Deal, the Invasion of Iraq, the Vietnam War and NASA combined.
On this week’s Delingpole, James talks to fund manager – and, bizarrely, fellow Oxford English graduate – Tim Price about the iniquities of global finance. These guys get paid gazillions for doing little more than rip us off. Price explains how all those too big banks should have been allowed to fail – and how we’re still paying the price for bailing them out. Price, a Perma Bear, warns James that we haven’t even begun to address the problems of the 2008 financial crisis: we’ve just kicked the can down the road.