PPI- a long con?

I recently imagined that there was much more to PPI than just a bunch of greedy bankers trying to con customers out of a few bob.

Imagine;

Someone (extremely manipulative and clever) in a position of power projects that the bubble will burst around 2008 and plots an ambitious way for banks and the government to kill plenty of birds with one stone.
PPI is invented and the banks are free to charge customers for protection that doesn't exist on loans leading up to 2008.
The money taken from these customers is re-invested and as shares continue to rise till 2008, they make plenty of money from their scam.
When the scam is finally 'discovered' by the government, the banks are ordered, after expensive law-suits, to pay back the money they brazenly stole from their customers.
The govt and democracy is hailed as a saviour and the banks get egg on their faces, although they've already doubled their income from investments made from their theft and not one banker goes to jail for the nationwide crime.
With the economy in freefall, unemployment rises but, thanks to PPI, tens of thousands of jobs become available for the unemployed to pounce on.
These people sign off the dole, return to work and relieve the govt of their need to pay their rent and council tax. They buy suits and train tickets, sandwiches and coffee, and call people all day long trying to get them to use their services to recover money from PPI loans. Unemployment figures are eased by the hoards of people doing this soulless job. Staff turnover is very high, allowing for the quarterly unemployment figures to be carefully manipulated in the govt's favour.
Not only are commercial premises being filled and telecoms companies thriving, but fantastic salespeople are being discovered through PPI, oh, and income tax and national insurance contributions are being paid into the public purse too.

I reckon PPI's a long con, devised between government and banks as an economy-saving exploitation mechanism, and I'm sure it'll happen again.
If you think this is a wild conspiracy theory, that's OK. I just wondered if this made sense to anyone.