Posted by jj on August 25, 2011 at 08:52:11:
In Reply to: re: bad bank lending at the root posted by NW on August 24, 2011 at 19:49:29:
If that is what you think I meant by posting the comment then I must apologise and state that is not my intention. My father was a council worker (and I have attempted to defend the council and council workers several times on this site).
My point is similar to yours though - the spending increases through the boom on the back of "false" tax receipts need to be reversed. Those jobs in effect, were never real, those services never really affordable, and now we have the uncomfortable truth of trying to unwind them.
My point also is the current crisis of confidence across Europe and in the US has more to do with current account deficits as oppose to capital expenditure (which bank bailouts were/are, and obviously didn't help overall sentiment).
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