European banking shares have dropped after President Obama announced far-reaching plans to curb the activities of the biggest banks in the US. Some of these activities are akin to a Las Vegas gambler. He's not proposing restrictions other than on those deemed risky. Bank chiefs have appeared goggle-eyed recently at the prospect of their casino days ending. They threaten all manner of stuff like "leaving the country".
Obama's plans could lead to a worldwide reigning in of these profligate merchants who use the citizen consumer as fodder for their fun. Proper banking is to be welcomed. No modern society can exist without banks and it would be stupid to suggest otherwise. However, what we have here is not an issue about banking as such, but about a certain industry's right to have it all their own way every day of the year.
If a bank goes pear-shaped, then the bosses expect to be bailed out. If they make huge profits then they whine if questions are asked. I'm all in favour of the labourer being worthy of his hire, but I draw a line in the sand when it comes to scam artists considering they are worthy also.
But the biggest question of all is who calls the shots in a democratic society. Is it the elected representatives or a selected cabal of bankers? It's getting very close to High Noon!
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