It's been a tough week in the city, and indeed on Wall Street and around the world, all summed up in the Financial Times' headline on Thursday, “We're all F*****d!!” However, I am happy to say that the worst is over.
I must say that it is very wise of the taxpayers on both sides of the Atlantic to bail out those poor chaps in the financial sector who have had such bad luck lately. After all, if it had not been for the generous lending practices of these great financial institutions many of those same taxpayers would never have had the experience of owning their own home, nor of having that home repossessed. Lending non-existent money to people who can't afford to pay you back may seem like criminal stupidity to the untrained eye but you must remember that bankers have their trophy wives to pay for and the bonuses one makes when one restricts oneself to sane practices just don't cut the mustard. One doesn't want to have to make do with a Filipino. Besides, if the banks go out of business then the government won't be able to borrow the money they need to prop up the banks! Then where would we be?
Some of the chaps have lost their jobs, though. We shouldn't feel too sorry for them, however. After all, they apparently were not very good at it and they will probably all be much happier following careers running whelk stalls, or in politics. The recruitment agencies have been busy – there was great excitement when a rumour went round that there may be one now former banker from Ireland who once successfully organized a piss up in the Guinness factory. Sadly, the story turned out to be apocryphal.
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