Cameron Totally Out Of Touch.

[speedbirdone]

If it hadn't been for the Tories mates the Bankers, the percentage of national debt to GDP would have been LESS than Labour inherited from the Cons.

 

To be fair Labour did have 13 years of power to rain in the bankers and keep a better eye on them, but didn't.

[Magilla]

Boring,boring,boring. Same old excuses. If it was Labours fault how come it always kicks off when the tories are in power?

 

It doesn't. The 2005 Birmingham race riots were under a Labour government, and there was plenty of protest against the Iraq War.

 

This riot is simply about people taking what's not theirs, there isn't any protest, it's blatant thievery.

 

It's because the tories always take it out on the poorer end of society and create resentment which then leads to anti-social behaviour and rioting. I do not condone any of this; all I am saying is that if Labour were in power this probably wouldn't be happening.

 

Your opinion, but like your opening statement, not actually a reality.

 

What is your opinion in the recent slump in the stock market over the last week? Following your usual logic it must be the coalitions fault since they are in power now and it is a different type of economic crisis to the last one. Of course both could be due to international factors beyond the control of individual governments.

 

Indeed, though it wasn't helped by having a chancellor who bet everything on the markets only going one way, then spent until the cupboards were bare.

[Rampent]

Yes, but had we not been running a deficit before the global recession, we would not have been affected by it anywhere near as much as we were.

 

Labour were not to blame for the global recession (well, perhaps their deregulation of the banking sector contributed in some way) - I grant you that. But the way they carried on spending in the blind belief that the bubble would never burst was uncomprehendingly reckless in the extreme. They might as well have gone down the bookies and gambled our entire economy on a 3-legged horse.

 

And what other Nation felt different? We had the BOOM YEARS!! Everyone did great, including poorer folk. The fact that Tories and kindred, hated that others could move on in their lives, makes you feel bitter??

[I1L2T3]

But if we wasn't running a deficit we may have been in a better position to see out the recession.

 

Agree. But the recession itself was a direct result of the banking failure. The treasury and the BoE were at fault for poor forecasting and not tackling the deficit sooner but they did not cause a global banking failure.

[Joe-b-1]

Didn't a Chancellor say he'd put an end to boom and bust? This lies at the heart of the problem, he didn't believe that the bust could happen and as such the country was not prepared for it.

 

As I've mentioned earlier "prudent" economic management would have ensured that we'd have been in a far better state to face the recession rather than going into the recession running a budget deficit.

 

Same old tune; you answer nothing

[speedbirdone]

Agree. But the recession itself was a direct result of the banking failure. The treasury and the BoE were at fault for poor forecasting and not tackling the deficit sooner but they did not cause a global banking failure.

 

Isn't the treasury a government department and which party was in government at the time.

[JFKvsNixon]

Same old tune; you answer nothing

 

You assumed that I blamed the Labour government for the recession, I haven't so how can I answer your question?

[Smithster]

And what other Nation felt different? We had the BOOM YEARS!! Everyone did great, including poorer folk. The fact that Tories and kindred, hated that others could move on in their lives, makes you feel bitter??

 

Yes we had the boom years. Everyone was doing great purely because all of a sudden they were getting credit thrown at them left right and centre. The amount of personal debt of the UK population is over a trillion pounds now. I can't criticise anyone for this because I am in the same boat; I fell for the sales pitch as well and got myself mortgaged up with probably more than I could realistically afford.

 

How on earth do you come to the conclusion that I am bitter? I'm just pointing out the truth as I see it. As someone else has already pointed out, the UK economy was built on cheap credit, and it seems that Gordon Brown was the only person in the country who couldn't see what was so obvious to everyone else - that the bubble would eventually burst - and he carried on borrowing and spending like it was going out of fashion. It was like trying to put out a fire with a flame-thrower.

 

Please don't mistake me for a Tory supporter either. I have no political allegiance, which means I am able to look at both sides of the argument objectively.

[JFKvsNixon]

Agree. But the recession itself was a direct result of the banking failure. The treasury and the BoE were at fault for poor forecasting and not tackling the deficit sooner but they did not cause a global banking failure.

 

Don't you agree that the policy of relying upon cheap and easy credit to grow the economy is the underlying reason as to why the banking crisis has hit us so hard?

[Rampent]

Don't you agree that the policy of relying upon cheap and easy credit to grow the economy is the underlying reason as to why the banking crisis has hit us so hard?

 

I agree with that. And what system provides such deadly 'goodies'?