BANKER BASHING: A LETTER TO THE ECONOMIST (July 20, 2011)

Much of your article about Spain’s indignants is marred by a condescending tone (“Europe’s Most Earnest Protesters,” July 16, 2011). “They may not know what they want,” you open, “but they are starting to get it.” Of course, the reason for this is Alfredo Pérez Rubalcaba, the ruling Socialist Party’s candidate for prime minister. According to you, he is starting to bash bankers. “He accuses them of lending to people who they knew could not repay, and threatens extra taxes,” you add. Was that not the case, though? And would extra taxes not help alleviate the problems facings the indignants? One would certainly hope that all the shenanigans that Spanish banks engaged in the real estate boom will never be repeated. Accusing Rubalcaba of “hints of populism” is wide off the mark. Bankers should not be bashed, but they surely should be reined in. This has nothing whatsoever to do with populism.