Brown's support for the laissez faire (Tory introduced) relaxed attitude to bank lending is something they would have stopped. What a load of crap. We now find out that the city financiers profiting from debt misery and speculating are the Tories biggest funders. It must be wonderful being a Tory and knowing that whatever crap you spout will be backed to the hilt by the Tory controlled press. Black really is white in this world at the moment. Everyone knows the whole Tory philosophy is based on slashing regulation, yet they are allowed to get away with the biggest bullshit job in history thanks to our media. Now the laissez faire economic bubble has imploded and left us with a 1929 style crash - we now know how important government really is - small government is the road to hell, just as Soviet state control was flawed so is the opposite. This last week, corrupt Bush and the city cronies have done more for socialism than Karl Marx ever did.
Are you seriously blaming the last eleven years on the Tories?
ReplyDeleteI mean, a joke's a joke, and all that, but seriously ...
Osbourne is using typical sleight of hand. He argues that he has long warned of too much borrowing, but the borrowing he is talking about is government borrowing, not the explosion of private borrowing that caused the crisis. Of coures, the Tories supported the granting of independence for the Bank of England in setting interest rates (but now claims they were allowed to stay too low for too long).
ReplyDeleteAs a result the Tories now want increases in public borrowing due to taking on private debt to be offset by cuts in spending - a neat way of using a collapse in markets and a govt. bail out to engineer cuts in public services. You've got to admire their cheek!
This is nothing at all like a 1929-style crash. This is a short-term crisis brought on by the fact that a number of banks took highly leveraged bets on the property bubble continuing, and lost. The owners (shareholders) of those banks are paying the price, because their shareholdings are now largely worthless.
ReplyDeleteAnon: It was obvious that house prices could not rise faster than earnings in the long term.
ReplyDeleteCity investors (speculators) must have known this, but without regulation to hold them back (scapped by Thatcher), they had to go for short term gains - they also probably knew Banks could not fold (the taxpayer would have to bail them out), so they were on a no-loser - terrible for all of us. It is right wing idelogy at fault for all this.
"It is right wing idelogy at fault for all this."
ReplyDeleteWake up, fool. Get over the leftwing versus rightwing nonsense. Then you might work out what has happened during the decade plus of Labour in government.
'small government is the road to hell, just as Soviet state control was flawed so is the opposite'
ReplyDeleteThe way to Heaven was flawed Soviet State control? You are making even less sense than usual.....
And as for who funds who, for goodness sake do a bit of research and see who has been funding Labour, before you go throwing stones at others glassware
Now you have Mandelson off the bench and back in the main team he can bring his unique 'abilities' to bear on problems just like these.
ReplyDeleteHonestly, if what Labour get upto was happening in another less developed country we would all shake our heads and mutter something about 'gold plated limos' and the unbelievable 'corruption of party officials'.
The best thing anybody thinking of voting Labour at the next election can do is remove themselves from the gene pool for the good of their fellow man.
People are fed up with a shower of shit masquerading as a government screwing up everything.
I look forward to giving the local Labour candidate the hairdryer treatment come election time a little more than I do xmas.
merrsh1