Winky to head IMF, CMD to block

[s2art]

davepoth said:

Does anybody ever actually pay the IMF back though?

We did, after Labour ruined the economy in the '70's.

[Gargamel]

lauda said:

I'm not fan of GB and agree that the idea of him heading the IMF is laughable. But those that scoff at some of the comments regarding his response to the financial crisis (which I agree he was responsible for, but that's another story altogether) would do well to check their history.

Without doubt, Brown was the one global leader who took the bull by the horns when those around him were in meltdown and the whole global system was on the brink of collapse. Every dog has his day and this one was Gordon's (albeit one that he helped to engineer).

So his decision to prop up Nothern Rock was a good one then ?

Of all the banks that were "to big to fail" NR was assuredly not one of them. Provincial, small scale and with a board of retailers playing well out of their league.

Should have let it go down, even with all the choas it would have caused. Take risks, pay the price.
A salatory lesson for all investors and bank managers everywhere. NR alone cost UK taxpayers well over £1bn to save....

[donna180]

Cameron dismissed Brown's bid.

http://www.dailymail.co.uk/news/article-1378397/Da...

[Digga]

Gargamel said:

Of all the banks that were "to big to fail" NR was assuredly not one of them.

Yes, it was an outlier; failing well ahead of the main crisis and, since savings were guaranteed up to a opint anyway, I'd say you may be correct.

At the time though - I was on holiday in Connemara and vividy remember switching on the news channel in the hotel room to see the queues (of pensioners) outside Northern Cock - it was a bit of a shock to think that a run on a bank was in progress.

Edited by Digga on Wednesday 20th April 09:32

[tinman0]

Gargamel said:

lauda said:

I'm not fan of GB and agree that the idea of him heading the IMF is laughable. But those that scoff at some of the comments regarding his response to the financial crisis (which I agree he was responsible for, but that's another story altogether) would do well to check their history.

Without doubt, Brown was the one global leader who took the bull by the horns when those around him were in meltdown and the whole global system was on the brink of collapse. Every dog has his day and this one was Gordon's (albeit one that he helped to engineer).

So his decision to prop up Nothern Rock was a good one then ?

Of all the banks that were "to big to fail" NR was assuredly not one of them. Provincial, small scale and with a board of retailers playing well out of their league.

Should have let it go down, even with all the choas it would have caused. Take risks, pay the price.
A salatory lesson for all investors and bank managers everywhere. NR alone cost UK taxpayers well over £1bn to save....

Seeing as this is Pistonheads, let puts a car perspective on this:

Gordon Brown was given a very fast car, he drove it as fast as possible, got the best servicing done on it, added bits to it, made it quicker, showed it off round the world. All the time borrowing more money for his car, that he drove ever quicker.

He then crashed it heavily into a brick wall.

Gordon then phones up Direct Line to get a payout for the guy's wall he hit, which has now been paid for.

And he then tells the rest of the world that he's a great guy because he called an insurance company.


(He then loses the car and some other poor bd is left with the problem of fixing the car, that still has a massive amount of HPI on it.)

[Globs]

s2art said:

davepoth said:

Does anybody ever actually pay the IMF back though?

We did, after Labour ruined the economy in the '70's.

Yup, it is how they make their money, and they make sure you pay it back by imposing stringent conditions that the feeble governments failed to do. Like austerity. Real austerity.

Interest on debt is something socialists are blind to.