Gordon "Winky" Brown admits he destroyed UK economy
Discussion
I know he’s just confirming what most intelligent people in the UK know already, but the former supreme leader has now admitted that his meddling with banking regulations was one of the primary causes of the recession. . . . . . and yet there are still some people who want his party back in power 
http://www.telegraph.co.uk/news/politics/gordon-br...
http://www.telegraph.co.uk/news/politics/gordon-br...
rich1231 said:
Banking regulation wasnt the issue, overspending is of far greater importance.
That's right, coz the average man on the street is far too savvy to get himself buried up to the neck in debt if the banks (the ultimate capitalists) just keep on lending due to relaxed regulation. You have seen some of the morons out there who need to be protected from themselves?It was a 2-way stretch with blame on both sides, but the banks are not the complete innocents in all of this.
jshell said:
It was a 2-way stretch with blame on both sides, but the banks are not the complete innocents in all of this.
They have absolutely nothing to do with the public sector overspend. I fear this is another classic Brown trick of apologising for one thing, in order to distract from a bigger issue. Brown's deregulation at least made alot of money for a decade, at the expense of a large hit at the end - whereas the £billion chucked into Education, Health and Quangos will never be recaptured.He's obviously read the kind comments left by Amazon readers for his latest piece of cr8p book and has had a rethink on how to reshape the [hi]story.
So i really think the topic title should be changed to "Winky admits to both destroying the economy via lax regulation AND profligate public spending".
rich1231 said:
Banking regulation wasnt the issue, overspending is of far greater importance.
Government overspending and giving chavs enough money or the idea to think they can afford a 51" flatscreen without working.... bring back labour camps or the workhouse for the lazy chavs...!!! and prison for all Labour politicians for destroying the country...fido said:
They have absolutely nothing to do with the public sector overspend. ...
Because of the housing/credit bubble the private sector appeared wealthier than it was, so more tax money from that bubble that expanded the public sector too much.Something we are seeing as being difficult to shrink...
Zod said:
andymadmak said:
Which in turn is rooted in Glass Steagall - a product of the politicians
Well, considering that the Glass-Steagall Act was US legislation, I think that its abolition is one thing that Winky and Blinky cannot be blamed for. 
There is no way Gordo would apologise for anything in his political life without another motive to his benefit, he firmly believes he did no wrong, it was all the fault of bankers and the global credit crunch, in fact he banished boom and bust remember.....
This is a political play, which most likely will become much clearer in a day or two.
This is a political play, which most likely will become much clearer in a day or two.
Edited by Traveller on Monday 11th April 21:28
I think people are confusing two things.
a) What caused the global financial crises
b) Why the UK economy is in such a hole, and why we have such a massive deficit.
Lax UK regulation made its contribution to the first issue, but the latter issue is what GB bears the greatest share of the blame for.
But Labour will never admit the latter point, because to them the massive overspending up to 2010 is the normal state of affairs and only heartless Tories would want to cut this neccessary spending.
a) What caused the global financial crises
b) Why the UK economy is in such a hole, and why we have such a massive deficit.
Lax UK regulation made its contribution to the first issue, but the latter issue is what GB bears the greatest share of the blame for.
But Labour will never admit the latter point, because to them the massive overspending up to 2010 is the normal state of affairs and only heartless Tories would want to cut this neccessary spending.
jshell said:
That's right, coz the average man on the street is far too savvy to get himself buried up to the neck in debt if the banks (the ultimate capitalists) just keep on lending due to relaxed regulation. You have seen some of the morons out there who need to be protected from themselves?
It was a 2-way stretch with blame on both sides, but the banks are not the complete innocents in all of this.
The banks shouldn't have lent to the morons in the first place it is true. This shouldn't of happen'd even with lax regulation. The biggest 'crime' of the banks was the failure in their fiduciary duties to the shareholders.It was a 2-way stretch with blame on both sides, but the banks are not the complete innocents in all of this.
JagLover said:
I think people are confusing two things.
a) What caused the global financial crises
b) Why the UK economy is in such a hole, and why we have such a massive deficit.
Lax UK regulation made its contribution to the first issue, but the latter issue is what GB bears the greatest share of the blame for.
But Labour will never admit the latter point, because to them the massive overspending up to 2010 is the normal state of affairs and only heartless Tories would want to cut this neccessary spending.
But we are SUCH a rich country it doesn't really matter............<dripping sarcasm mode off>a) What caused the global financial crises
b) Why the UK economy is in such a hole, and why we have such a massive deficit.
Lax UK regulation made its contribution to the first issue, but the latter issue is what GB bears the greatest share of the blame for.
But Labour will never admit the latter point, because to them the massive overspending up to 2010 is the normal state of affairs and only heartless Tories would want to cut this neccessary spending.
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