Jim Graham Posted May 3, 2012 Share Posted May 3, 2012 Or alternatively "David Blanchflower, a former member of the Bank of England's Monetary Policy Committee, accused Sir Mervyn of being "disingenuous". "If Mervyn King had thought more regulation was important he could've done something about it. And because he didn't he must take responsibility for the fact the Bank of England missed the biggest financial crisis in a century," he told BBC Radio 5 live." And here's why Blanchflower has an axe to grind: http://blogs.wsj.com/economics/2009/12/03/boes-blanchflower-kept-in-dark-on-secret-rbs-hbos-loans/ And here's another one: http://blogs.wsj.com/economics/2009/09/10/blanchflower-on-why-the-boe-got-policy-wrong/ Hell hath no fury like an academic economist scorned. The question you have to ask then is if King was so wrong, as Blanchflower claims, why was he allowed to continue doing what he was doing? Of course, it's because Prudence Brown was agreeing with him if not actually telling him to do it. Link to comment Share on other sites More sharing options...
Tony Posted May 3, 2012 Author Share Posted May 3, 2012 Blanchflower was right. Interest rates needed to be brought down earlier and faster than they were. I have some correspondence with him on that subject somewhere, I'll see if I can carbon date find it. Link to comment Share on other sites More sharing options...
Tony Posted May 3, 2012 Author Share Posted May 3, 2012 5/11/08 Dear Prof. Blanchflower, This short missive in advance of today's meeting is a plea to hold fast in your efforts for drastic and immediate base rate cut. Inflation control is an irrelevance today and the MPC has to realise this, address it, and take the appropriate action for today's circumstances, not its remit ten years ago. Our ten year old family owned <snipped> company will shortly be out of business if some measure of confidence is not returned to the wider market. I, and my workers will be unemployed and in today's climate, unemployable. They will be lost to our industry as they are forced into alternative careers to feed their families. We are modern and sophisticated in our approach but old fashioned enough to do business on a handshake. We have a careful attitude to risk and borrowing but we are caught in a maelstrom over which we have no control no matter how smart, honest, reliable, or innovative we are. We are about to go bust, and nearly all of those people that I know in similar companies in Sheffield are in the very same position. No national public works spending contracts will touch us - we will still be bust even if the shareholders of Bovis, Kier, Costain, Taylor Woodrow take heart from an unexpected new motorway or hospital contract. Restored confidence through decisive action is a must. Please do your best for us all. Yours sincerely, Interest rates were cut by 1.5% that day. Link to comment Share on other sites More sharing options...
alchresearch Posted May 3, 2012 Share Posted May 3, 2012 A bit of last minute campaigning its too late for the Lib / Dems they are about to get their comeuppance …….. I hope they have enjoyed their two minutes of fame because it’s all over …….. never mind I am sure the Tories will welcome Clegg with open arms when his own party finally get some balls and show him the door. Its a shame you're too ignorant to know the difference between a councillor and an MP. Link to comment Share on other sites More sharing options...
Jim Graham Posted May 3, 2012 Share Posted May 3, 2012 "No national public works spending contracts will touch us - we will still be bust even if the shareholders of Bovis, Kier, Costain, Taylor Woodrow take heart from an unexpected new motorway or hospital contract". That sentiment should be etched onto the desk of the Chancellor of the Exchequer for all eternity. And it should be tattooed in reverse onto Balls' forehead so he sees it in the mirror every morning. Then perhaps they'll get the message that the economy is about people's lives and not shareholder's wealth. Link to comment Share on other sites More sharing options...
Mecky Posted May 3, 2012 Share Posted May 3, 2012 I don't think the crash could have been averted anyway ... and who deregulated the banks in the first place? Link to comment Share on other sites More sharing options...
Mecky Posted May 3, 2012 Share Posted May 3, 2012 Well blow that then, let's all vote Conservative Link to comment Share on other sites More sharing options...
Grandad.Malky Posted May 3, 2012 Share Posted May 3, 2012 Its a shame you're too ignorant to know the difference between a councillor and an MP. Ignorant …….. get a life. I wasn’t suggesting that anything would or could happen to Clegg in local elections but what do you think will happen in the longer term when the Lib / Dems get a bloody nose today. Anyway back on topic …… is the timely announcement just a bit of last minute “campaigning”? Link to comment Share on other sites More sharing options...
Mecky Posted May 3, 2012 Share Posted May 3, 2012 Ignorant …….. get a life. I wasn’t suggesting that anything would or could happen to Clegg in local elections but what do you think will happen in the longer term when the Lib / Dems get a bloody nose today. Anyway back on topic …… is the timely announcement just a bit of last minute “campaigning”? I guess they're still trying to pin the 2008 crash on Labour, it's the only hope they have. People are not too dumb to realise that any effort made will just be a token effort and won't mean any real change. If they clamped down on the banks, the banks say it will damage the economy further (Can't see them saying their profits will be hit, like it would be) and the chances are it will damage the Conservate vote; I can't see MK voting Labour somehow, can you? Link to comment Share on other sites More sharing options...
Uptowngirl Posted May 3, 2012 Share Posted May 3, 2012 Its a shame you're too ignorant to know the difference between a councillor and an MP. :hihi::hihi: I wasn’t suggesting that anything would or could happen to Clegg in local elections but what do you think will happen in the longer term when the Lib / Dems get a bloody nose today. I expect the Tories will say thank you very much, win the next general election and get another 5 years in Downing Street. I think Labour's next target should be UKIP. Link to comment Share on other sites More sharing options...
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