Install the app
How to install the app on iOS

Follow along with the video below to see how to install our site as a web app on your home screen.

Note: This feature may not be available in some browsers.

Hilary Benn Sacked From The Shadow Cabinet - wider political debate

Status
Not open for further replies.
peteblue said:
Without Maggie we'd still have the union activists running wild with bodies going unburied. I really hope you're not suggesting that Blair or Brown were even in the same league as Thatcher. Both of whom contributed to the biggest overseas disasters and financial crash we'd seen in years........
Click to expand...

The banking crisis of 2008 was caused by massive lending to sub prime home owners in the US that ended up unable to afford the repayments.
 
peteblue said:
That's what Brown said, consistently. "this crisis, which started in America'..........
Click to expand...

But Pete, I am sure they had problems there first with the lending for property. Over here Brown failed to pick up the signs emanating from Northern Rock and dismissed it as one of those little hiccups. If he had jumped in then a great deal of damage could have have been lessened.
 

The Esk said:
It was Brown who provided the solution (QE, bank mergers and renationalisation of the worst banks) copied across all major economies post 2008.
Click to expand...

This is still causing problems now 7 years down the line because of the massive debts involved. Plus some banks being forced to split due to EU regs which is also causing problems.
 
The Esk said:
It was Brown who provided the solution (QE, bank mergers and renationalisation of the worst banks) copied across all major economies post 2008.
Click to expand...

The saviour of the world, that's why we threw him out. He created absolute financial mayhem in the UK, ruined the pension funds and destroyed no end of large commercial businesses.......
 

peteblue said:
The saviour of the world, that's why we threw him out. He created absolute financial mayhem in the UK, ruined the pension funds and destroyed no end of large commercial businesses.......
Click to expand...

Brown did create problems. His last act as Chancellor was to get rid of the 10% tax band which plunged millions into paying more tax. To correct that, Darling had to borrow £5 Billion. Did that not help to increase the divisions between rich and poor?

Add to that the fiasco over tax credits which cost the country billions.
 
Another one of his interventions.....

Lloyds TSB has given the government a pledge that it will keep lending to first-time buyers, in return for assurances that its £12bn bid for HBOS, announced today, would escape the scrutiny of the competition authorities.

Sir Victor Blank, the chairman of Lloyds TSB, revealed that he struck the deal with Gordon Brown at a City drinks party on Monday. The prime minister promised that the deal would not be investigated if the enlarged bank continued to provide funds to would-be homeowners. HBOS owns the Halifax and is Britain's biggest mortgage lender.

Blank, who is to chair the combined bank following the deal, was speaking after Lloyds TSB confirmed that it was taking over HBOS in a "landmark day in financial services history" that is intended to create one of the strongest banks in the UK but will cause thousands of job losses and branch closures.
 
Toffeelover said:
But Pete, I am sure they had problems there first with the lending for property. Over here Brown failed to pick up the signs emanating from Northern Rock and dismissed it as one of those little hiccups. If he had jumped in then a great deal of damage could have have been lessened.
Click to expand...

In hindsight it's clear that the brakes should have been put on long before it went pop. Governments usually left it to the banks to protect their interests and make sure they have liquidity, but they all saw ££ signs and went with it. Cheap interest rates and the banks allowing massive amounts of borrowing was driving economic growth, but as house prices rose in turn more borrowing was needed to afford these properties. Add to that credit cards and personal loans and it was just a matter of time.

But the main damage was done in the US and even if we didn't have a credit problem we would have still been caught up in the financial crash anyhow.
 
The binman chronicles said:
In hindsight it's clear that the brakes should have been put on long before it went pop. Governments usually left it to the banks to protect their interests and make sure they have liquidity, but they all saw ££ signs and went with it. Cheap interest rates and the banks allowing massive amounts of borrowing was driving economic growth, but as house prices rose in turn more borrowing was needed to afford these properties. Add to that credit cards and personal loans and it was just a matter of time.

But the main damage was done in the US and even if we didn't have a credit problem we would have still been caught up in the financial crash anyhow.
Click to expand...

"Sir Victor Blank, the chairman of Lloyds TSB, revealed that he struck the deal with Gordon Brown at a City drinks party on Monday. The prime minister promised that the deal would not be investigated if the enlarged bank continued to provide funds to would-be homeowners."
 

Status
Not open for further replies.

Welcome to GrandOldTeam

Get involved. Registration is simple and free.

Register
Back
Top