Instead of punishing bankers why not disrupt them?
I'm not the biggest fan of banks. Not content with crashing the world economy my own bank took the time to personally defraud me. The EU is currently planning to cap banker bonuses and this is just nuts.
It feels like an attack on the UK, where the lions share of our economy is banking and people coming to see the Queen.
It feels anti-capitalist - why bankers? Why not footballers or movie stars or orthodontists?
But mostly it feels like the wrong form of revenge, too easy to circumvent and ultimately likely to be toothless. Banks may say they have to pay outlandish bonuses to attract the best talent, but really it means the industry is ripe for innovation. Regulators should figure out and then remove barriers to entry (and throw up barriers to unfair competition, and hold competitions to encourage innovation) so that startups and software can eat the financial services sector.
Too big to fail all at once, but not too big to be disrupted into irrelevance.
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(Published to the Fediverse as: Instead of punishing bankers why not disrupt them? #politics #banks #eu Instead of ignorable fines why not punish bad bank behavior by sowing the seeds of their eventual irrelevance? )
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