The Labour Government

johnny crossan said:
Correct, but do acquaint yourself with Gordon's version of events, certainly not alone in responsibility for what happened but he made some very big mistakes and our economy in particular was badly damaged because of the importance of the financial sector.

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So, unlike most politicians, he admits making mistakes "but we weren't alone in that the mistake was made by JUST ABOUT EVERYBODY"

"While the Global Financial Crisis (GFC) impacted countries worldwide, some were far more severely affected than others, particularly those with unsustainable housing market bubbles and high levels of debt. Key countries that experienced the biggest consequences include Iceland, Ireland, Latvia, Greece, Spain, and the United States.Most other developed countries were also affected, the UK being one of them"

So far from "our economy in particular".
 
The Future’s Blue! said:
Very good post and gives thought to the differences in wealth. There’s a lot of those people working at the likes of Tesco who are also claiming in-work benefits or some form of housing benefit, yet their CEO takes home a whopping £10 mil a year in various renumeration packages. Just think about that for a second, a company making £3 Billion per year, with the heads of the company getting multi-million pound packages, being subsidised by the tax payer.

If you want to know where all the money goes, this is a perfect example.
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Yep and when people talk of growth and tax cuts they don't realise what that means and what they're really talking about.

It just seems utterly mad to me that there are other people seriously suggesting that we stimulate growth through tax cuts when those tax cuts are then inevitably funded by decreases in public spending.

Imagine if a government came out and was actually honest. We're going to give Tesco a tax cut and you're going to pay for it.

Will that at least mean cheaper food? Err, no not really, it'll mean that the shareholders and the CEO at Tesco get a nice bonus. Will Tesco employees get a big payrise at least? Err no, not really. Well can they at least go on strike to get one? Err, no not really because we're going to ban those.

It's total crazy talk and yet this is Tory and Reform economic policy. And this is why they're utilising the media and firing up social media to get people to blame immigrants for all of the above. It's pro-business and pro-growth at the expense of everybody else.
 
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hampshireblue said:
So, unlike most politicians, he admits making mistakes "but we weren't alone in that the mistake was made by JUST ABOUT EVERYBODY"

"While the Global Financial Crisis (GFC) impacted countries worldwide, some were far more severely affected than others, particularly those with unsustainable housing market bubbles and high levels of debt. Key countries that experienced the biggest consequences include Iceland, Ireland, Latvia, Greece, Spain, and the United States. Most other developed countries were also affected, the UK being one of them"

So far from "our economy in particular".
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Fair enough.
 
hampshireblue said:
My point was that the post I replied to blamed Brown's deregulation for the banking crisis as opposed to reality which was:

"It stemmed from the bursting of the U.S. housing bubble and the subsequent collapse in the value of mortgage-backed securities, triggering a loss of confidence in the banking system worldwide."

Yes, some deregulation had taken place but it was far from being the main reason for the meltdown. Anyway aren't you far right wingers all for a reduced state with a light regulatory touch?
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Well done on posting some AI rubbish on the financial crisis.

The near total collapse of the UK banking system in 2008-09 is as pure an example of regulatory failure, both in terms of framework and oversight, as you’re ever likely to find. Even Brown himself has admitted that regulatory failure was the critical factor.
 
Brewster's millions said:
One of her best speeches doesn’t make it a good speech.

The delivery was terrible, like she was reading out someone else’s speech. And the way she kept on repeating the line about the difference between a Conservative and Labour government was weird- it don’t land the first time she said it and then she kept on repeating it.
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Thanks. Will have a listen later.
 
mosssideblue said:
Agree the delivery wasn't great but what did she announce that was so terrible for you?
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90% of the speech didn’t relate to economic policy, the 10% that did was contradictory and essentially misleading in nature.

Fixing the foundations of the public finances? Doesn’t really fit with the reality of having to raise significant amounts at each fiscal event in order to avoid a breach of her rules.

Her claiming credit for the BoE cutting rates was another example- unfortunate given that the MPC is now explicitly referencing the NIC hike as a factor constraining the scope to lower rates.

Her inaccurate characterisation of the gilt market as foreign investors and hedge funds was also odd; if she so resents paying interest to these people, why did she choose to borrow hundreds of billions more last October?

I’m afraid that the few areas of the speech where she did reference policy didn’t really make much sense.
 
Brewster's millions said:
90% of the speech didn’t relate to economic policy, the 10% that did was contradictory and essentially misleading in nature.

Fixing the foundations of the public finances? Doesn’t really fit with the reality of having to raise significant amounts at each fiscal event in order to avoid a breach of her rules.

Her claiming credit for the BoE cutting rates was another example- unfortunate given that the MPC is now explicitly referencing the NIC hike as a factor constraining the scope to lower rates.

Her inaccurate characterisation of the gilt market as foreign investors and hedge funds was also odd; if she so resents paying interest to these people, why did she choose to borrow hundreds of billions more last October?

I’m afraid that the few areas of the speech where she did reference policy didn’t really make much sense.
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Personally, I think your obvious bias clouds what she says and what you hear
 
Brewster's millions said:
Well done on posting some AI rubbish on the financial crisis.

The near total collapse of the UK banking system in 2008-09 is as pure an example of regulatory failure, both in terms of framework and oversight, as you’re ever likely to find. Even Brown himself has admitted that regulatory failure was the critical factor.
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Brown said it was "partly to blame" and that the regulators got it wrong AROUND THE WORLD

But as we all know: Brewster knows best!!!!

Here's a pre AI article to satisfy you.

What were the main causes of the global financial crisis?

The global financial crisis of 2008, also known as the Great Recession, was caused by a combination of factors. Some of the main causes of the crisis include:

  1. Loose monetary policy: Low interest rates and a large increase in the money supply in the years leading up to the crisis made it easy for individuals and institutions to borrow and invest heavily in real estate and other assets.
  2. Lack of regulation: There was a lack of oversight and regulation of the financial industry, particularly in the areas of mortgage lending and securitization. This allowed risky practices to go unchecked, such as lending to borrowers with poor credit or packaging and selling risky mortgages as securities. This is a good example to use of regulatory failure.
  3. Subprime mortgages: The widespread use of subprime mortgages, which are home loans given to borrowers with poor credit, was a significant contributor to the crisis. These mortgages had a higher likelihood of default and were often packaged and sold as securities to investors.
  4. Housing market bubble: The rapid increase in housing prices in the years leading up to the crisis, particularly in the United States and parts of Europe created a housing market bubble. When the bubble burst, many homeowners found themselves with mortgages that were worth more than their homes, leading to a wave of foreclosures and a decline in housing prices.
  5. Leverage: Many financial institutions had high levels of leverage, meaning they had borrowed a large amount of money to invest in assets. When the value of those assets declined, they were unable to meet their financial obligations and faced bankruptcy.
  6. Complex financial products: The use of complex financial products, such as collateralized debt obligations (CDOs) and credit default swaps (CDS), made it difficult for investors and regulators to understand and manage the risks in the financial system.
  7. Global interconnections: The financial crisis quickly spread globally due to the interconnectedness of the global financial system, as institutions had large exposures to the US housing market and the crisis had a domino effect on other countries.
These were some of the main causes of the global financial crisis of 2008.
 
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mosssideblue said:
Personally, I think your obvious bias clouds what she says and what you hear
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If I’m so biased, then perhaps you should offer an opinion.

Do you think that Reeves can legitimately take the credit for the interest rate cuts of the past year?

Do you believe that the gilt market is dominated by foreign investors and hedge funds?

Do you believe that Reeves has fixed the foundations of the public finances?
 
hampshireblue said:
Brown said it was "partly to blame" and that the regulators got it wrong AROUND THE WORLD

But as we all know: Brewster knows best!!!!

Here's a pre AI article to satisfy you.

What were the main causes of the global financial crisis?

The global financial crisis of 2008, also known as the Great Recession, was caused by a combination of factors. Some of the main causes of the crisis include:

  1. Loose monetary policy: Low interest rates and a large increase in the money supply in the years leading up to the crisis made it easy for individuals and institutions to borrow and invest heavily in real estate and other assets.
  2. Lack of regulation: There was a lack of oversight and regulation of the financial industry, particularly in the areas of mortgage lending and securitization. This allowed risky practices to go unchecked, such as lending to borrowers with poor credit or packaging and selling risky mortgages as securities. This is a good example to use of regulatory failure.
  3. Subprime mortgages: The widespread use of subprime mortgages, which are home loans given to borrowers with poor credit, was a significant contributor to the crisis. These mortgages had a higher likelihood of default and were often packaged and sold as securities to investors.
  4. Housing market bubble: The rapid increase in housing prices in the years leading up to the crisis, particularly in the United States and parts of Europe created a housing market bubble. When the bubble burst, many homeowners found themselves with mortgages that were worth more than their homes, leading to a wave of foreclosures and a decline in housing prices.
  5. Leverage: Many financial institutions had high levels of leverage, meaning they had borrowed a large amount of money to invest in assets. When the value of those assets declined, they were unable to meet their financial obligations and faced bankruptcy.
  6. Complex financial products: The use of complex financial products, such as collateralized debt obligations (CDOs) and credit default swaps (CDS), made it difficult for investors and regulators to understand and manage the risks in the financial system.
  7. Global interconnections: The financial crisis quickly spread globally due to the interconnectedness of the global financial system, as institutions had large exposures to the US housing market and the crisis had a domino effect on other countries.
These were some of the main causes of the global financial crisis of 2008.
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Again, you’re posting generic AI guff, where the relevant point relates instead to the UK banking sector and why it suffered quite so badly.

Instead of the tosh you got from AI, you might instead want look at the customer funding gap which developed across the UK banking system and the manner in which some UK banks were funding themselves.

RBS for example, funding itself with overnight money for years before Lehmans collapsed. Are you suggesting that this wasn’t in fact a catastrophic failure for UK regulators?
 
Brewster's millions said:
If I’m so biased, then perhaps you should offer an opinion.

Do you think that Reeves can legitimately take the credit for the interest rate cuts of the past year?

Do you believe that the gilt market is dominated by foreign investors and hedge funds?

Do you believe that Reeves has fixed the foundations of the public finances?
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I believe nothing she said today warranted your outrage. But we know why
 
Brewster's millions said:
Again, you’re posting generic AI guff, where the relevant point relates instead to the UK banking sector and why it suffered quite so badly.

Instead of the tosh you got from AI, you might instead want look at the customer funding gap which developed across the UK banking system and the manner in which some UK banks were funding themselves.

RBS for example, funding itself with overnight money for years before Lehmans collapsed. Are you suggesting that this wasn’t in fact a catastrophic failure for UK regulators?
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You can't help yourself can you? As I said it was an article pre-AI(but you chose to ignore that) from the FT. So not "tosh from AI".

But as we all know: Brewster knows Best (BKB)
 
blueinsa said:
This sudden turn of posters hating a political party just because of who they are and them not being their side has got to stop.

This forum was always well balanced in that respect and its upsetting to see such partisan posting all of a sudden tbh.
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It's happened in my local Facebook Group where every other poster is now Anon posting anti- Govt pro Reform bullshite. Admins seem to be totally complicit in what is happening
 
Brewster's millions said:
Well done on posting some AI rubbish on the financial crisis.

The near total collapse of the UK banking system in 2008-09 is as pure an example of regulatory failure, both in terms of framework and oversight, as you’re ever likely to find. Even Brown himself has admitted that regulatory failure was the critical factor.
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Not AI....

The Daily Mail when it still had a modicum of political balance...

Nobel winner: How Gordon saved the world

Gordon Brown's rescue plan was hailed worldwide but perhaps the most notable endorsement came from Paul Krugman, who yesterday won the Nobel Prize for economics
www.thisismoney.co.uk www.thisismoney.co.uk
 
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