So Brown did not abolish boom and bust...

[foxy lady]

Gordon Brown's time as Chancellor was famous for his boast that he had abolished "boom and bust".

 

It appears that the bubble is now completely burst.

 

http://www.independent.co.uk/news/uk/politics/brown-goes-from-boom-to-bust-1242579.html

 

Brown goes from boom to bust

 

Business leaders lose confidence in Labour, Independent poll reveals

 

By Andrew Grice, Political Editor

Friday, 9 January 2009

 

The business world is losing confidence in Gordon Brown and Alistair Darling amid growing evidence that the recession will last much longer than the Treasury predicted only six weeks ago. A ComRes poll of leading businessmen for The Independent shows that trust in the Prime Minister and the Chancellor, which rose after the Government rescued Britain's banks last autumn, is now on the slide.

 

 

Only 28 per cent of respondents said they were confident in the Prime Minister's ability – down from 42 per cent last October – and only 16 per cent voiced confidence in Mr Darling, down from 25 per cent over the same period.

 

The poll results came on another black day for the economy yesterday as:

 

* The Bank of England cut interest rates to 1.5 per cent, their lowest ever;

 

* The Japanese car-maker Nissan cut 1,200 jobs at its Sunderland plant, the most productive in Europe;

 

* The Cabinet was warned that the global downturn would be worse than previously expected;

 

* Another high street retailer, Sofa Workshop, admitted that it was on the brink of administration;

 

* The chief executive of Sainsbury's, Justin King, predicted that further cuts in interest rates would not pull Britain out of recession;

 

* A senior Labour MP expressed "deep unease" about the Government's anti-recession strategy.

 

 

 

 

This is already a week old and things have got much worse.

[Olive Tree]

browns a bankers trollop never beleive a word he says. hes robbed peter (us) to feed paul (bankers). thought politicians were supposed to be power of the people. my foot.

[splodgeyAl]

Surely anyone with an iota of economic knowledge knew that Brown was lying back then?

 

After all, his lips were moving

[marshlad]

It winds me up that when Brown talks about the recession he always says it's a Global recession, but in the previous 10 years when there was a boom which was GLOBAL he claimed the credit for it. Labour got into power by telling people that there was 3 million unemployed under the Tories and they would never let it happen again. Now it is happening again they are trying to dodge the blame. This recession is worse than the those of the 80's & 90's under the tories because back then it was only mining , steel works and other manufacturing industries that went to the wall, this time jobs are been lost in all sectors of the economy.

[ChrisTodd]

This is probably the most talked about recession in the news and media as this time all of the country are affected.

 

In the 80's when the problems were essentially in the north the media didn't seem as concerned as they are now.

 

Gordon Brown was foolish to say he had elimindated boom and bust.

 

No one can really affect the economy as there are too many worldwide outside influences.

[foxy lady]

No one can really affect the economy as there are too many worldwide outside influences.

 

They can affect the economy by excessive borrowing undermining confidence in the currency and the country.

[alchresearch]

Does this ring any bells:

 

http://farm3.static.flickr.com/2273/1501512188_45ebf9c14c.jpg?v=0

[foxy lady]

Does this ring any bells:

 

http://farm3.static.flickr.com/2273/1501512188_45ebf9c14c.jpg?v=0

 

 

 

Correct title wrong cast.:mad:

 

This is the reality

 

http://news.bbc.co.uk/1/hi/business/7838347.stm

 

The government's latest plan to counter the economic downturn by encouraging lending has been criticised, and sent banks' shares tumbling.

 

Opposition MPs argued that the government's measures were inadequate and too many details remained unknown.

 

Meanwhile Prime Minister Gordon Brown said the move, which centres on state insurance for banks, was essential to help protect jobs.

 

Business leaders have raised concerns over how much the plan will cost.

 

The latest government package is the second major set of measures to encourage banks to lend to individuals and businesses, as credit remains scarce or expensive to obtain.

 

The news sent banking shares down sharply, with Royal Bank of Scotland closing down 67%.

[splodgeyAl]

This is probably the most talked about recession in the news and media as this time all of the country are affected.

 

In the 80's when the problems were essentially in the north the media didn't seem as concerned as they are now.

 

Gordon Brown was foolish to say he had elimindated boom and bust.

 

No one can really affect the economy as there are too many worldwide outside influences.

 

Erm, I think you'll find it was nationwide - I lost £20K on my house in essex back then, and so did plenty of others

[epiphany]

You can tell Brown's the same old neo-liberal puppet because, rather than use the good times to restructure private finance for public dividend, he let's the banks run riot and reep massive profits through hyper-fractional reserve banking practises.

 

Where was the support for local credit unions and mutual societies? The government should have been helping people to move their money out of private institutions and into public co-ops. Now 80% + of small businesses use those top 3 mammoth City of London institutions, and rather than the public being the benefactors and investors of land and industry, private financiers are profiting from their chartered power to create credit out of thin air.

 

Brown is a neo-liberal dressed in red. His inaction and lack of support for the correct sectors of finance proves he is reluctant to change the status quo in any meaningful way (until perhaps we get to the stage where he can no longer justify such a system, by which time people have already suffered).