Bankers expecting taxpayer to bail them out

George Magnus from UBS

Gosh, I think these banker types want the entire global financial system all bailed out by the end of the year so that they won’t miss a single mega Christmas bonus.

Agree with much of his analysis with the exception of:

On interest rate cuts:
“It is of great benefit to hard-pressed homeowners”
Nah - banks aren’t passing the cuts on. The cuts are of great benefit to the margins of banks.

On fashion:
A round-necked jumper with a shirt? No, no, no.