Today\’s Ritchie

He doesn\’t fail us yet again.

So, man calls for tax on banks. Or bonuses. Or, well, just make the bastards pay more money, right?

Tax levied.

Man complains that tax is not actually being paid by banks or bankers. Nope, it\’s our pension plans which are paying this tax.

Remember, this is the man who tells us that tax incidence is simply an invention of the right wing neo-liberals who want ensure a good supply of starving babies for our fricasses.

6 thoughts on “Today\’s Ritchie”

  1. Tim,

    Until recently I would’ve agreed with you, but Wat Tyler at BOM did point out recently that we are effectively subsidising the entire banking guarantee quite explicitly with taxpayer money, without which several banks, including apparent “private” banks, would quickly fold without the prospect of huge amounts of tax payer cash were they to fail.

    That said I think we deserve more money back; not punitive amounts but enough to serve as a reflection of this free insurance premium Brown gives on our behalf.

    Heck it’d be much better indeed if this guarantee was privatised, as were the losses; failing that unthinkable death knell to Labour and it’s banker doners businesses, I’ll settle for higher taxes.

    Tim addfs: Hey, great. Charge a risk adjusted insurance premium then…..

  2. Taxing banks is not “insurance”. Insurance companies do not immediately spend the money they receive in insurance premiums on, for instance, bribing shareholders to vote to keep the board of directors in office. As with “national insurance” there is and will be no “fund” created out of bank taxes. If and when the next UK bank goes belly up and the taxpayer wades in to save votes north of the border or just in the North East, the rescue will be paid for by printing more money, selling gilts and/or adding to the general taxpayers’ burden.

  3. “the taxpayer wades in to save votes north of the border or just in the North East”

    Hey, don’t blame me; we didn’t all vote for the bastards.

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