mj.scuba Posted May 3, 2011 Share Posted May 3, 2011 But who caused the 'mess' Wasn't it the bankers? The banks were not in control of Treasury expenditure, that was Gordon Brown. He fueled massive increases in public expenditure with debt. Link to comment Share on other sites More sharing options...
Keith Rich Posted May 3, 2011 Author Share Posted May 3, 2011 So who do you vote for? Regards Doom I can see good and bad in all parties, but could never fully support one particular party. I have lots of threads about the Tories because I honestly believe they are a danger to us. They want to destroy everything that has been built up in this country since the end of the second world war. Why? Because as multi-millionnaires they don't use these services. I believe rightly or wrongly that Mr Cameron wants to take the country back into the horrors of the victorian era. Link to comment Share on other sites More sharing options...
rickiethecat Posted May 3, 2011 Share Posted May 3, 2011 Whats your evidence that I support Labour? Here! http://www.sheffieldforum.co.uk/showpost.php?p=3011946&postcount=9 Get out of that one. Lefty! Link to comment Share on other sites More sharing options...
Doom Posted May 3, 2011 Share Posted May 3, 2011 Here! http://www.sheffieldforum.co.uk/showpost.php?p=3011946&postcount=9 Get out of that one. Lefty! I think it was obvious, he just didn't like admitting it. Regards Doom Link to comment Share on other sites More sharing options...
Geezer Innit Posted May 3, 2011 Share Posted May 3, 2011 Bravo Kieth, I think you've managed to get every single one of those points wrong! That’s quite an achievement, even for the predictable lefty twaddle we normally get on here. We don’t hear this so often anymore because they have realised that no one believes it. We do still hear it. We hear it because there’s some truth in it! In the 80s the Tories de regulated the banks. Labour had 13 years in power to change the way banks are regulated, if they thought the Tory system didn’t work. They didn’t do this. Instead, Gordon Brown introduced an even lighter-touch regulatory system – giving the Bank of England operational control of monetary policy, and handing bank regulation to the unaccountable and widely criticised Financial Services Authority (which he himself created). This meant banks could gamble with our money. Investing is not the same as gambling. Granted, some staggeringly poor investment decisions were made, but this is not the same as gambling. They made such a mess of it with their greed and stupidity that they caused an economic crash. The direct cause of the financial crisis was the collapse of the US housing bubble, which can hardly be attributed to bankers in the UK. In addition, some UK and global banks have come through the crisis largely unscathed, and have had no bailout. The notion that ‘it was the bankers wot did it’ is simplistic and driven more by anti-capitalist ideology than by the actual evidence. The Labour government had no choice but to pump billions of pounds into the banks to save them. They did have a choice. They could have let failing banks collapse, while guaranteeing savings for individuals. In fact the bailout probably made the crisis worse – the banks then knew that they would not be allowed to fail, and did little to sort themselves out. The USA did the same thing and so did many other countries. They did this because there was simply no other choice. If these banks had been allowed to fail then their customers would have lost all their savings. Furthermore, if Mr Cameron had been Prime Minister at this time he would also have had to take this very same action. They did have a choice. Not every bank was bailed out. Some did collapse. Link to comment Share on other sites More sharing options...
Geezer Innit Posted May 3, 2011 Share Posted May 3, 2011 ... as multi-millionnaires they don't use these services. The majority of Tories are not multi-millionaires. The majority of Tories do use public services. Link to comment Share on other sites More sharing options...
crookesey Posted May 3, 2011 Share Posted May 3, 2011 The UK economy was based purely on the feel good factor caused be continually increasing property prices. As soon as property increased in value the owners stripped out most of the equity and went out and spent it. Gordon Brown failed to realise this, and lorded his success in making folk feel wealthy. The FSA was a tiger without teeth, it roared very loudly about endowment mortgages and unit linked investments whilst the oldest insurance company in the world went bust due to unsupervised incompetence. The FSA then took over the regulation of general insurance, unfortunately they knew nothing about it and made insurers/brokers do so much unnecessary and costly work that premiums went through the roof. The FSA adopted a 'light touch' approach in respect of regulating the banks, and basically let them do whatever they wished to do. They bought such things as thousands of wooden shacks in the back woods of the USA, that wouldn't have looked out of place in the film Deliverance, without even seeing them. Now you blame who you want to, but these are the facts. Link to comment Share on other sites More sharing options...
Ms Macbeth Posted May 3, 2011 Share Posted May 3, 2011 I can see good and bad in all parties, but could never fully support one particular party. I have lots of threads about the Tories because I honestly believe they are a danger to us. They want to destroy everything that has been built up in this country since the end of the second world war. Why? Because as multi-millionnaires they don't use these services. I believe rightly or wrongly that Mr Cameron wants to take the country back into the horrors of the victorian era. He'd have to do away with huge swathes of legislation to do that! And I'm pretty sure no woman would agree to returning to the age when we were considered inferior to men and had few (if any) rights. Some bankers were partly to blame for the financial situation in the UK. But anyone who has been paying attention to other things over the last few years would realise that banks are not the only players in the game who have caused problems with our economy. Link to comment Share on other sites More sharing options...
lil_m Posted May 3, 2011 Share Posted May 3, 2011 He'd have to do away with huge swathes of legislation to do that! And I'm pretty sure no woman would agree to returning to the age when we were considered inferior to men and had few (if any) rights. Some bankers were partly to blame for the financial situation in the UK. But anyone who has been paying attention to other things over the last few years would realise that banks are not the only players in the game who have caused problems with our economy. I agree. There were many contributary factors that caused the massive black hole we are now in.One of them was the toxic debt that was passed on to us which started in America, and I can remember in the late 90s, people had a shift in attitude about debt and it became perfectly normal/acceptable to have huge mortgages based on the fact that they could borrow 4 times a joint salary. Of couse if they lost the job for any reason, they are still saddled with the debt. Link to comment Share on other sites More sharing options...
TJC1 Posted May 3, 2011 Share Posted May 3, 2011 One good thing the tories are doing is trying to regulate the banks, if we hadnt built our economy around city boys moving data around a computer screen we wouldnt be in this mess... Link to comment Share on other sites More sharing options...
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