Douglas Carswell's Blog

Bailing out the banks was wrong

Remember how everyone told us we had to bail out the banks? 

Those of us who objected at the way private debts were being put onto the the public balance sheet had our reservations brushed aside by a torrent of clichés about how they were “too big to fail”.    

How curious that even the Economist should now write of how “the extra cost to a country of not standing by its banks can be surprisingly small. Iceland let its banks fail and its GDP fell by 15% from its highest point before it reached bottom. Ireland “saved” its banks and saw its output drop by 14% from peak to trough.”

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