Len Rum said:
de niro said:
i dont love dave, i love his quality and endevour at sorting out the mess labour left.
Don't you mean 'the bankers' instead of 'labour'?
PS No onanistic puns please!
I am not sure the benefits of posting on here factual stuff that would inform healthy discussion. I have done so occasionally previously - but it seems that whilst some people are capable of discussion, others just vent against anything that they do not want to hear if it challenges their desire to just shout easy sound bytes (not particularly meaning you LR), but anyway........
Yes, IMO, certainly the banks should shoulder the blame for the issues that we are recovering from.
Also Labour were economically/financially delinquent leading up to 2008 so they simply cannot claim (IMO) to be credible custodians of the economy until they put forward detailed policies and announce a team to run the economy and the actions they would take.
Having Ed Balls as the front man (again IMO) negates any chance of a positive opinion of Labour in this area by objective thinking people - he was right at the heart of the previous incompetence.................
But in any major country what keeps banks in check? Simple - effective regulation/governance/penalties etc. - and for that there was the FSA.
Whilst not front-line facing off against the banks, during 2004 - 2006 I worked to a main board member of the FSA planning the transformation of key business systems and processes and was therefore privy - or at least directly aware - of a number of top-level debates/issues.
I can state as absolutely fact that Gordon Brown acted directly and on several/many occasions to overrule the FSA when they were considering action against banks or individual traders - to summarise it seemed that every time the FSA was considering calling the execs from a major bank to get a bollocking a quick call to Gordon led to the FSA having to back off.
During this period the FSA became increasingly toothless - certainly not perceived as the authoritative regulator that such an system requires - more of an admin body bringing in standards, regulations and processes for lower level banking staff to adhere to/pass.
The country may have fallen ill in 2008 but the poison was taken years earlier - yes it was a global financial crisis and we would have been in the shit with everyone else. But without Labour's financial and economic incompetence and Brown running scared from the banks then it would not have been so deep.
Unlike some on here, even though coming from a dyed in the wool Labour background, I can still recognise what a job has been done in recent years to rescue the economy. The Tories may be absolutely distasteful in some areas - but on the economy - well, thank fuck there was a change.
There is a reality to be faced - and this in a sense explains Brown's acquiescence. The UK is majorly dependent on the strength of its financial services 'industry' - the tax receipts we secure are a major contributor and without which we would be 'well fucked'. At the time (2006) the government and FSA were and I am sure still are, obsessed about the risk of any loss of status and power from London to Frankfurt and any impairment to the status of the LSE.