The Esk
Player Valuation: £70m
Batman back to your cave!!
Notice no one has said anything about Brown. So lets be clear on this. The credit crisis was not caused by Brown but he certainly sowed the seeds in this country with the deregulation of the financial sector. Brown's so called strong and resilient economy was based on the back of rising house prices which was fueled by poor lending strategies which meant that this was all based on debt so when it all starts to go pearshaped you get the opposite of boom, bust.
What comes first? Falling house prices which lead to bank losses, or bank losses which lead to falling house prices?
The banks initially lost money on their exposure to CDO's (read American subprime). That in turn lead to banks not willing to lend to each other, which lead to the Northern Rock crisis, a massive tightening of the mortgage market and a more aggressive attitude by the banks re arrears and subsequently repossessions.
All of the above lead to a fall in house prices and the subsequent contraction of the economy and to where we are today.
Unless you expect Government to monitor banks' attitude to risk and lending in good times as well as bad, there's little to point the finger at Brown, in my opinion.