While you might not agree with the law and consider the lawmaker to be illegitimate, the news that the British banking system, a network which should properly be operating under the name 'The National Banco Deluxe Royal Lloyds of Halifax', is in the process of being compelled to do something according to what somebody, somewhere perceives to be the law, rather than according to some airy-fairy ideology about light touch regulation, is good news. We could do with some more.
Let's hear it for golden shares empowering ministers to summarily dissolve any bank that fails to provide any pensioner with a penny less of interest on their savings than what is due to them, and to have the power to do this without compensation. After all, they're not normal businesses, so there's no reason why their share capitals should be organised normally.
Let's hear it for a significant strengthening of the UK's weak and unsatisfactory laws on the disqualification of company directors. Let's hear it for mandatory 10 year jail sentences, and both mandatory tagging and mandatory disqualification for life, for every director of every bank that fails in the future. After all, they're not normal businesses, so there's no reason why their directors should be accountable only under normal criminal laws.
Let's hear it for mandatory unionisation at every major bank, with shop stewards being able to close down trading with a text message saying 'Everybody out!' After all, they're not normal businesses, so there's no reason why they should enjoy the proclaimed benefits of a flexible labour market.
Finally, let's hear at least one prominent public figure proclaim that the banking system is founded on the sin of usury, that it's inherently disgusting and wrong and, like all sin, does nothing but pollute the characters of those who engage in it. After all, they're not normal businesses; so there's absolutely no reason why they should be afforded respectability.