thatcher financial and banking deregulation ?
Discussion
Channel 4's recent documentary "The History of Money" was pretty good. It might still be available to watch on Channel 4's "watch again" facility.
To understand why banks and other financial institutions were deregulated in the 1980s, you have to understand how tightly regulated and restricted they were in previous eras.
To understand why banks and other financial institutions were deregulated in the 1980s, you have to understand how tightly regulated and restricted they were in previous eras.
Edited by Eric Mc on Wednesday 11th February 17:33
Eric Mc said:
Channel 4's recent documentary "The History of Money" was pretty good. It might still be available to watch on Channel 4's "watch again" facility.
To understand why banks and other financial institutions were deregulated in the 1980s, you have to understand how tightly regulated and restricted they were in previous eras.
thanks ericTo understand why banks and other financial institutions were deregulated in the 1980s, you have to understand how tightly regulated and restricted they were in previous eras.
Edited by Eric Mc on Wednesday 11th February 17:33
ill look it up
deadslow said:
But remember, you're not allowed to criticise Thatcher on here. Everything (and that's ABSOLUTELY every last tiny thing) must be blamed on Brown/Blair 
Its the PH way.
I'd say criticism where deserved is fair - if people want to criticize Thatcher however (and I admit to being too young to appreciate how many of her policies re-shaped these industries) it seems only fair to ask the current regime "You're saying you knew it was broken, you've had 12 years yet you've done nothing to fix it" surely?Its the PH way.
jackal said:
anyone care to summarise what happened and why ? or are there any good articles or tv progs out there to watch ?
Some banks lent too much to people who couldn't pay it back.The government borrowed too much and now we all have to pay it back.
Regulations and a global downturn mean that we're not as able to pay it back as we thought we would be.
It happened for the same reasons that it always does - people thought the good times would go on for ever. Brown thought that he'd solved boom and bust (no idea why he thought that) and the banks thought that we'd have low interest rates and abundant credit forever.
jackal said:
Eric Mc said:
Channel 4's recent documentary "The History of Money" was pretty good. It might still be available to watch on Channel 4's "watch again" facility.
To understand why banks and other financial institutions were deregulated in the 1980s, you have to understand how tightly regulated and restricted they were in previous eras.
thanks ericTo understand why banks and other financial institutions were deregulated in the 1980s, you have to understand how tightly regulated and restricted they were in previous eras.
Edited by Eric Mc on Wednesday 11th February 17:33
ill look it up
deadslow said:
But remember, you're not allowed to criticise Thatcher on here. Everything (and that's ABSOLUTELY every last tiny thing) must be blamed on Brown/Blair
Its the PH way.
I dont blame Thatcher - I blame you. You stand up for that shower and post nothing to ever suggest why.Its the PH way.
Keep apologgising for them. Thankfully you are only entitled to one vote and losing friends a little fast. Hopefully your share of the vote will go lower than 28% and you'll less significant than ever before.
Bring on an election and good riddance to you.
Gunny Sergeant D said:
deadslow said:
But remember, you're not allowed to criticise Thatcher on here. Everything (and that's ABSOLUTELY every last tiny thing) must be blamed on Brown/Blair
Its the PH way.
I dont blame Thatcher - I blame you. You stand up for that shower and post nothing to ever suggest why.Its the PH way.
Keep apologgising for them. Thankfully you are only entitled to one vote and losing friends a little fast. Hopefully your share of the vote will go lower than 28% and you'll less significant than ever before.
Bring on an election and good riddance to you.
Someone remind me... this is the 21st century isnt it?The 1980s were 19-29 years ago.
What ever the Gov of the time did then to banking regulation can hardly be used to explain what happened now.
Thatcher's policy suited the time. We are in different times and it is THIS Gov who have to decide what policy suits THIS time.
...and they didnt do a good job of it, did they !!
Whatever next !?
Swilly said:
Someone remind me... this is the 21st century isnt it?The 1980s were 19-29 years ago.
What ever the Gov of the time did then to banking regulation can hardly be used to explain what happened now.
Thatcher's policy suited the time. We are in different times and it is THIS Gov who have to decide what policy suits THIS time.
...and they didnt do a good job of it, did they !!
Whatever next !?
FFS, how many years have to pass before it is your fault!!??
Swilly said:
Someone remind me... this is the 21st century isnt it?The 1980s were 19-29 years ago.
What ever the Gov of the time did then to banking regulation can hardly be used to explain what happened now.
Thatcher's policy suited the time. We are in different times and it is THIS Gov who have to decide what policy suits THIS time.
...and they didnt do a good job of it, did they !!
Whatever next !?
Swilly said:
Someone remind me... this is the 21st century isnt it?The 1980s were 19-29 years ago.
What ever the Gov of the time did then to banking regulation can hardly be used to explain what happened now.
Thatcher's policy suited the time. We are in different times and it is THIS Gov who have to decide what policy suits THIS time.
...and they didnt do a good job of it, did they !!
Whatever next !?
deadslow said:
But remember, you're not allowed to criticise Thatcher on here. Everything (and that's ABSOLUTELY every last tiny thing) must be blamed on Brown/Blair
Its the PH way.
Brown and Blair are only responsible for the bad stuff. Anything good that might have happened over the past 11 years was all down to the tories, somehow. Its the PH way.
Anyway, OP - google "thatcher deregulated" in quotes and brace yourself. Even the first result that aims to debunk the myth actually admits it.
I agree with the chap who says that Thatcher was in 19-20 years ago and its a bit too far back now, but for me the process of getting Britain to where it is now started then. Maggie opened up the world of finance and scrapped manufacturing as much as she could, and placed all of the UK's eggs into the one basket of the financial industry, and we are where we are now. New Labour, or ToryLite for me, just upped her ideas until we've exploded. Imho of course.
My own small experiences - in 1979 i tried to get a bank loan for a car and was turned down. A year or so later i tried again and was successful, but even though i was 21 i still had to take my dad as guarantor and both applications saw me seeing my branch manager in person.
Then by the mid to late eighties, all that had changed, and you could have mortgages for all sorts of purposes, and i still recall one night having a right howl down the pub when someone was telling us about his pal at work who had put a new Austin Montego on his mortgage. f
k me that still makes my blood run cold now. Jeeez... And i'm pretty certain that back then you still could only get 25 year mortgages, though i'm not 100% about that. I'm sure you couldn't get 5 year contracts like you do now though.
Anyway, just before i left my last job a couple of years ago, a colleague was dealing with the shock of having learnt that his 20 year old son, who had no assets and no permanent full time job, had managed to accrue £15k's worth of debt with not a lot to show for it apart from a Corsa.
I do recall when i wanted to buy my first property, in @ 1983, that i got offered a £23k mortgage, and i was shocked 'cos i couldn't see how i could possibly afford that. My wifey and me got together then and bought our first home together for £21k between us, but that £23k offer was for me on my own. Incredible. Honestly, i truly believe the malaise had started by then.
Just one small aside though, a thought i've had: That business of allowing people to buy council houses at knock down prices - wasn't that a bit socialist?
PS I also know that a certain person already on this thread and who is a rabid maggie worshipper and has her picture above his bed ain't going to agree with me, but i can live with it.
Randy Winkman said:
Swilly said:
Someone remind me... this is the 21st century isnt it?The 1980s were 19-29 years ago.
What ever the Gov of the time did then to banking regulation can hardly be used to explain what happened now.
Thatcher's policy suited the time. We are in different times and it is THIS Gov who have to decide what policy suits THIS time.
...and they didnt do a good job of it, did they !!
Whatever next !?
heebeegeetee said:
deadslow said:
But remember, you're not allowed to criticise Thatcher on here. Everything (and that's ABSOLUTELY every last tiny thing) must be blamed on Brown/Blair
Its the PH way.
Anyway, OP - google "thatcher deregulated" in quotes and brace yourself. Even the first result that aims to debunk the myth actually admits it. Its the PH way.
btw: wasnt making any statement about thatcher/current wolrd situation
just wanted to find out bank dereg
Gunny Sergeant D said:
deadslow said:
But remember, you're not allowed to criticise Thatcher on here. Everything (and that's ABSOLUTELY every last tiny thing) must be blamed on Brown/Blair
Its the PH way.
I dont blame Thatcher - I blame you. You stand up for that shower and post nothing to ever suggest why.Its the PH way.
Keep apologgising for them. Thankfully you are only entitled to one vote and losing friends a little fast. Hopefully your share of the vote will go lower than 28% and you'll less significant than ever before.
Bring on an election and good riddance to you.
Its only a little internet chat about politics/history.
jackal said:
Randy Winkman said:
Swilly said:
Someone remind me... this is the 21st century isnt it?The 1980s were 19-29 years ago.
What ever the Gov of the time did then to banking regulation can hardly be used to explain what happened now.
Thatcher's policy suited the time. We are in different times and it is THIS Gov who have to decide what policy suits THIS time.
...and they didnt do a good job of it, did they !!
Whatever next !?
heebeegeetee said:
deadslow said:
But remember, you're not allowed to criticise Thatcher on here. Everything (and that's ABSOLUTELY every last tiny thing) must be blamed on Brown/Blair
Its the PH way.
Brown and Blair are only responsible for the bad stuff. Anything good that might have happened over the past 11 years was all down to the tories, somehow. Its the PH way.
Anyway, OP - google "thatcher deregulated" in quotes and brace yourself. Even the first result that aims to debunk the myth actually admits it.
I agree with the chap who says that Thatcher was in 19-20 years ago and its a bit too far back now, but for me the process of getting Britain to where it is now started then. Maggie opened up the world of finance and scrapped manufacturing as much as she could, and placed all of the UK's eggs into the one basket of the financial industry, and we are where we are now. New Labour, or ToryLite for me, just upped her ideas until we've exploded. Imho of course.
My own small experiences - in 1979 i tried to get a bank loan for a car and was turned down. A year or so later i tried again and was successful, but even though i was 21 i still had to take my dad as guarantor and both applications saw me seeing my branch manager in person.
Then by the mid to late eighties, all that had changed, and you could have mortgages for all sorts of purposes, and i still recall one night having a right howl down the pub when someone was telling us about his pal at work who had put a new Austin Montego on his mortgage. f
k me that still makes my blood run cold now. Jeeez... And i'm pretty certain that back then you still could only get 25 year mortgages, though i'm not 100% about that. I'm sure you couldn't get 5 year contracts like you do now though.
Anyway, just before i left my last job a couple of years ago, a colleague was dealing with the shock of having learnt that his 20 year old son, who had no assets and no permanent full time job, had managed to accrue £15k's worth of debt with not a lot to show for it apart from a Corsa.
I do recall when i wanted to buy my first property, in @ 1983, that i got offered a £23k mortgage, and i was shocked 'cos i couldn't see how i could possibly afford that. My wifey and me got together then and bought our first home together for £21k between us, but that £23k offer was for me on my own. Incredible. Honestly, i truly believe the malaise had started by then.
Just one small aside though, a thought i've had: That business of allowing people to buy council houses at knock down prices - wasn't that a bit socialist?
PS I also know that a certain person already on this thread and who is a rabid maggie worshipper and has her picture above his bed ain't going to agree with me, but i can live with it.
The causes of the problems now are over-expansion of the money supply and a shambles regulatory system (that's not to say too little regulation), both of which were made possible by Brown. The subprime debacle was caused by regulation, too.
And no, right-to-buy isn't socialist, as it furthered the cause for clearly defined property rights which is, by definition, against Socialism's principles.
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff