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Strong stuff from Will Hutton in yesterday's Observer taking to task the structure of our banking system for the collapse in the markets over the past week. He's stinging in his criticism of the inherent greed at work that has taken economies to the brink of all-out recession. "We need the financiers to serve business and the economy rather than be its master," he writes. There is a one-sided bargain between banks and the rest of the economy, according to Hutton which sees the form profit to ridiculous degrees when times are good but then look to Government, the taxpayers and the rest of business to bail them out when things go pear-shaped.
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