Nope. The reporting in the media and the general comprehension of the financial system is so bad, the majority "couldn't handle the truth". If you look at the route cause of the current credit crisis, it is the decision by Clinton and his liberal cronies to force lending to the poor in the US. Add in a vast proportion of the populace living on Credit Cards, and you might start to see a picture of collective stupidity, not just a few hundred (globally) cowboy traders.
Many of the safeguards banks pay for failed, but you don't see the Rating Agencies getting berated, or the Shareholders i.e. Pension funds (whom forced profit chasing and cost cutting), or the regulatory regimes (forcing banks to hold this type of AAA rated Mortgage backed debt) take a large share of the blame. Nope let's just hit an easy target - bankers en masse; of which 99.5% had FA to do with the crisis.
Take the 50% bonus tax, that only hits the little people (yes I realsie that the banks themselves have to pay if, but they will just divert funds from the bonus pool to do so). Anyone culpabale for running up huge losses already got a donut or their P45. As for the Senior Execs, well they will probably take their bonus in stock options in a tax haven. Was a windfall tax on banks necessary? Yes, it was (after all Tax payers money that kept the system afloat); but not the employee's in general. Strange though that the Govt could quite easily double it's investment in the banks (Jan 09 Lloyds shares trade at 24.9p today they are at 49.2p). Bit of a better use of tax payers money than ID Cards, or subsidized healthcare for economic migrants?
Sure the 50% tax makes great reading to the great unwashed, but all it's done is to take money out if the wider economy. I mean I don't shop for a new kitchen in the Bahama's or buy my BMW's in Iceland I support local business.
At the end of the day anyone whom takes credit or is involved in any form of investment is in someway culpabale for the current crisis. Sure a small proprtion of bankers must take a large chunk of the blame, but do you say all doctors are scum because of Harold Shipman? I suppose in that vain you could say the system is failed, but if you want to change it you have to jump in your time machine back hundreds of years and undo financial activity from the first taxes (and let's face it Government finances these days are just one giant Ponzi Scheme of which make Bernie Madoff look a saint, but I digress).
Right, so relevance to X Factor. Sure it does on the surface look a bit unfair, but launching an artist is a major financial exercise, and a lot more goes on than just the simple production. Not only does he keep many people employed, raise millions for charity from the singles and phone lines (not too mention the Governments VAT take everytime someone votes). Look also at the benefits to the TV stations. If X Factor draws in 19m viewers then, advertsing sells at a premium, hence reinvestment in (arguable) quality program making. Sure it's low brow entertainment, but there is obviously a frikkin huge market for it!
Oh, and finally Simon has to pay his shareholders too!
(The support bankers require is also similar, IT people, news service providers, rating agencies, regulators, ladies of the pole etc etc all need to be paid before we do a single trade; we also have a cottage industry to pay for!!!).
Yes, the X Factor song is dogpoo for the ears and I am glad didn't get to No 1; but it's very easy to pick holes in easy targets such as Simon (or bankers) with little comprehension of what actually goes on.
