It all sounds very good but he´s missing something.
Instead of propping up the banks we should have just nationalised them. This would have been cheaper.
Well, yes, except that if we´d nationalised them then we´d still have had to pay the losses they had incurred. We. the taxpayer, would be on the hook for all of their losses everywhere.
Now I agree, this might have been cheaper….and of course it might not have been. But to not even recognise this point when trying to work out whether it would or it wouldn´t is rather, umm, Meacheresque.