Credit Crunch v. South Sea Bubble

Almost 300 years ago the British people were subjected to an elaborate con. It became known as the South Sea Bubble. As it was the case then, so it is now. In 1720 another dodgy Chancellor of the Exchequer put great stock (literally) into the monopolistic trading company which went by the innoccuous title of The South Sea Company.

The sale of shares to raise cash caused such fevered financial overheating of the company that a great implosion was caused.

Joseph Spence, an author of the time, wrote that Lord Radnor reported to him "When Sir Isaac Newton was asked about the continuance of the rising of South Sea stock, he answered 'that he could not calculate the madness of people'. (Spence, Anecdotes, 1820, p368). Madness of people did he say? Sir Isaac Newton would see very clearly that nothing much has changed in that department 300 years on.

As then, so it is now. The legalised crooks get off. How come it has been right for these sub-prime loans (modern versions of south sea Bubble shares), which have been granted to impecunious people, to be parcelled up and sold on as something worthy of financial purity. It is a monumental scandal.

On top of that the bosses of the banks and loan shark operations, who enjoyed mutual back-scratching sessions, continue to rake in bonuses and bottom-line benefits. The madness of people is still with us. Why have we not demanded that these legalised crooks, who have almost brought our countries (it's vitually global!) to their knees, be arrested for high treason?

If I was sold an old rusty BMW, recently sprayed and cleaned, as a brand new vehicle, I'd complain. If a supermarket sold me a piece of meat that was unfit for human consumption, I'd have something to say. How come the banks and financial institutions are so much different?

Oh, of course, THEY JUST GOT DRUNK!

Taxpayers' cart put before bankers' lame horse!

Last night on Channel 4 News there was a chap from the Leek Building Society talking to Jon Snow. Snow is like Paxman. He can spot waffle and weasle words. The chap in question (didn't get his name) said he thought this injection of taxpayers' money was a "start". Jon Snow, asked him how much money was required. "If you're going to drop cash in the ocean, how much is needed?" The answer seemed less than satisfactory, but he did say one thing that I thought, well, that sums it all up.

This money is to rebuild confidence. Apparently, it's all down to us, the suckers who feel we can't trust the banks. It's all our fault! We should be thinking more positively. House prices aren't falling, it's all a bad dream. But when this money finally comes across from the sticky fingers of Mervyn King and his coffer keepers, we are all to be good boys and girls. Be thankful and think good things!

Are these bankers completely devoid of a culpability brain cell? "Oh, we did no wrong. We just lent to fools like you!" So now they get bailed out by us, yes US, the taxpayers. Want to know where the 10p tax band's gone. Into the pot, to be cooked up with some other delectable ingredients, such as stealth taxes and VAT increases.

It's about time, as Ron Paul keeps telling Americans, that we took our country back. It's not Alistair Darling's money, Mervyn King's money, it's OUR MONEY!! Billions going into propping up a financial system that has all the hallmarks of the South Sea Bubble! Well, it's popped and we need to make sure they don't get greedy, risky, and reckless again.