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Of course it was right to rescue the banks

Politicians who now criticise the bailout forget there was no alternative

By George Magnus  

Labour Leader Jeremy Corbyn Photo: Matt Crossick/Matt Crossick/Empics Entertainment

Systemic banking crises are not pretty. They have dire economic, and often political, consequences. We have seen a few in the last 25 years, including in Japan (1990s) Mexico (1994/95), Asia and Russia (1997/98), and Argentina (2001), but none as systemically serious as the one that rumbled through the western world in 2007/08. So why did aspiring prime minister Jeremy Corbyn use his keynote speech to the Labour Party conference last week to attack the…

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