We’ve got a team in Paris today – they’ll broadcast from a place overlooking the Place de la Republique – the big, open square is where French protesters gather for demos.
A million-plus people were marching on the streets of the capital last week and one of the chief reasons for their anger ; the banks.
They’ve spoken to one restaurant owner who needed 6,000euro ($6,000) loan to tide his successful business over. The bank refused. He broke down in tears. His business is now in jeopardy.
His story isn’t unique. In countries where the tax payer has bailed out the banks (in some countries more than once) there’s real resentment if those same banks then don’t help them out when they need a loan.
More than one economist – and a few Government spokespeople – has said that governments should go the whole hog and take the banks into state ownership. After all, the people effectively own them anyway so why not formalise it ?
Some like the idea as a punitive measure : look, you fat cats, the argument goes ,you got it wrong, we bailed you out and now the gravy train has been derailed.
Here’s one article looking at the pros and cons. Now it’s your turn…