Remember all the assurances we were given at the time?
The bank bail outs were an "investment", they said. We weren't just saving the world, we lucky taxpayers stood to make a profit. Apparently.
It turns out to be nonsense.
A report out today by the Common's Public Accounts Committee talks of "monumental failures". Billions of pounds that were extended to the banks won't be seen again.
The officials put in charge of Northern Rock, RBS and Lloyds seem to have compounded many of the problems. Poor management seems to have been replaced by chronic mismanagement.
Nationalised industries, poorly run? Who'd have guessed?
The bank bail outs turned out not to be such a wise investment after all. As some of us pointed out at the time, if you can't get private citizens to put their own money into something, it's not very likely that putting public money into it will pay big dividends.
The key question is not did the bail outs make a profit, but did they actually save the banks? The financial crisis is far from over. I'm not sure the bail outs even fixed the banks.
"A revolutionary text ... right up there with the Communist manifesto" - Dominic Lawson, Sunday Times
Printed by Douglas Carswell of 61 Station Road, Clacton-on-Sea, Essex