Banks again!

Terry Smith, Chief Exec of London brokers Tullett Prebon, was interviewed on BBC radio 4 this morning.

He told us that 'the markets' (remember those God-like instruments of fate?) are acting as though the banks are in a worse position than in 2008.
'Fears of default are greater now than they were then.'

"Government rescue' he told us 'is played out. Governments are not credit worthy themselves now.' He cheerfully added that 'In the end ... we are all going to have to accept ... we will be quite a lot poorer ...' for some time to come.

In case this spoils your day, Warren Buffett, ancient US squillionaire says he believes taxes on the mega rich need to go up.
'In the name of fairness and debt reduction.' (FT)
He paid under $7 million in federal taxes last year, about 17% of his taxable income. But his employees pay 36%. (In 1992 the top 400 'earners' in the US made $16.9bn and paid 29.2% in taxes. Today their income is $90.9bn and they pay 21.5%.)

Can we all rely on old Warren and his cronies to step up and be counted when the next banking default hits? Sadly I think not. Like the Rothschilds and Carnegies before him, Warren's itchy pants have more to do with an imminent meeting with his maker than a desire to soak the rich.