I1L2T3 Posted August 25, 2015 Share Posted August 25, 2015 It's so unkind that Labour get blamed for it just because it was their fault. There was no recession in India, China or Australia. They're in the world. The UK has 6 straight quarters of negative growth. Almost nobody else was hit that hard. The FTSE has only lost 7%. It's at 6080. I'd be surprised if it took more than a matter of weeks to recover. It's a blip, nothing more. Labour's great recession pushed it down to 3530 and it never got anywhere near 6000 before they were most deservedly booted out even though that was a year later. There's no comparison. How did Labour cause a world recession? Did Labour have regulatory control over Lehman, Fannie Mae, Freddie Mac, AIB and all the institutions that triggered the crash in 2008? Did Labour force millions of poor Americans to take on sub-prome mortgages? Did Labour have control over the Fed when it let Lehman go bust triggering a confidence/liquidity crisis? Nope Link to comment Share on other sites More sharing options...
Anna B Posted August 25, 2015 Share Posted August 25, 2015 :hihi: Have you ever thought about stand-up? I'd appreciate a more incisive response rather than simply being insulting. Link to comment Share on other sites More sharing options...
TJC1 Posted August 25, 2015 Share Posted August 25, 2015 Did you notice that Britain gave up the lease on Hong Kong? We don't have any say on their laws any more. Hong kong and shanghai banking corporation or HSBC. Link to comment Share on other sites More sharing options...
*_ash_* Posted August 25, 2015 Share Posted August 25, 2015 I'd appreciate a more incisive response rather than simply being insulting. It wasn't meant as insulting. It was pointing out irony. If you are insulted, it obviously wasn't simplistic enough for you to swallow it Link to comment Share on other sites More sharing options...
Anna B Posted August 25, 2015 Share Posted August 25, 2015 It wasn't meant as insulting. It was pointing out irony. If you are insulted, it obviously wasn't simplistic enough for you to swallow it Still not a proper response. Link to comment Share on other sites More sharing options...
Obelix Posted August 26, 2015 Share Posted August 26, 2015 Wow just, er... The Chinese economy has imploded and they now have more than 21 Trillion debt thanks to buying up Western Debt (taking it on as it's own.) and Debt is 280% of GDP. Now can people not see the similarity with Britain buying up American bonds from places like Fanny Mai & Freddie Mac. That also went t**s up in the 2008 crash. Now can we please put to bed once and for all that Britain's debt is the fault of Labour because 'they spent too much.' And we 'spent more than we could afford.' etc. etc. You mean like buying bonds from Freddie and Fannie? Sounds like we "spent too much" and that "is the fault of Labour" since they were at the helm. Contradicting yourself in almost the same sentence never does your argument any favours. The average person knows far too little about how the economy works and will therefore swallow any simplistic message that seems to make sense to them. Please take this message to heart Anna! Link to comment Share on other sites More sharing options...
*_ash_* Posted August 26, 2015 Share Posted August 26, 2015 Wow just, er... Contradicting yourself in almost the same sentence never does your argument any favours. Please take this message to heart Anna! If slightly shorter, it would have been a great new signature, especially with this bit in... Conservatives are pursuing there own agenda [...] Link to comment Share on other sites More sharing options...
Vague_Boy Posted August 26, 2015 Share Posted August 26, 2015 Now can we please put to bed once and for all that Britain's debt is the fault of Labour because 'they spent too much.' Liz Kendall thinks they spent too much: Labour DID spend too much before the crash, admits leadership contender Liz Kendall As do Andy Burnham and Tristram Hunt [LINK] And the IMF certainly disagrees with you. 2000 IMF Warns Brown over Pre-Election Spending 2001 IMF warns Brown to cut spending 2002 IMF warns Brown over spending 2003 IMF gives Brown borrowing warning 2004 Spend less or tax more, Brown told 2005 Irate Brown rejects IMF's warning over deficit 2007 IMF warns Brown to curb spending 2009 Bad news for Brown as IMF says Britain's debt crisis is the worst among major economies Labour ministers 'leant on IMF' to disguise devastating truth of pre-credit crunch economy Labour ministers put pressure on international inspectors to ‘tone down’ warnings about the precarious state of the economy before the financial crisis, according to a devastating report. The International Monetary Fund, the global financial watchdog, told the last government as early as 2004 that it was borrowing and spending too much money. But the advice was rejected by Treasury officials who told the watchdog to water down its public criticisms of tax and spending policies. The findings came in a report from the IMF’s Independent Evaluation Office which exposed a series of astonishing failures in the run-up to the crisis. The report found that information was withheld from the IMF and the public by the British authorities, Fund officials were intimidated, and regulators at home and abroad failed to spot serious risks in the banking system and the economy. LINK Gordon Brown was already running record deficits in 2006: http://news.bbc.co.uk/1/hi/business/5097706.stm Those warnings about Labour's spending are all real. Gordon Brown running record deficits before the financial crisis, that's a reality too. However, what is not real is so-called "austerity". Now can we please put to bed once and for all the idea that there has been any kind of "austerity". Georgbe Osborne has spent more than Gordon Brown did (and in a shorter time) [LINK]. The national debt has almost doubled since 2010 [LINK] THERE HAS BEEN NO AUSTERITY! Link to comment Share on other sites More sharing options...
unbeliever Posted August 26, 2015 Share Posted August 26, 2015 Now can we please put to bed once and for all that Britain's debt is the fault of Labour because 'they spent too much.' And we 'spent more than we could afford.' etc. etc. No we damn well can't. That's exactly what they did and I for one will continue to be angry at them for the foreseeable future. This revisionist nonsense is doing me head in. Your guys crashed the economy, sold the family silver and borrowed like crazy from everybody in sight. A lot of people have suffered and continue to suffer for it. Live with it. ---------- Post added 26-08-2015 at 06:57 ---------- How did Labour cause a world recession? Did Labour have regulatory control over Lehman, Fannie Mae, Freddie Mac, AIB and all the institutions that triggered the crash in 2008? Did Labour force millions of poor Americans to take on sub-prome mortgages? Did Labour have control over the Fed when it let Lehman go bust triggering a confidence/liquidity crisis? Nope We've been over this so many times. The UK state was over-borrowed. The UK banks were extremely poorly regulated and therefore couldn't cope with what should have been a quite manageable problem. The decision to suddenly switch from requiring very low capital requirements of the banks which got them into trouble, suddenly to very high capital requirements almost overnight, turned a major problem into an economic disaster. Our recession was one of the worst in the world and we lost way more GDP than most of our competitors. Taking a hit from a global economic problem is one thing. The catastrophe that befell the UK was on a completely different scale. Link to comment Share on other sites More sharing options...
I1L2T3 Posted August 26, 2015 Share Posted August 26, 2015 Wow just, er... You mean like buying bonds from Freddie and Fannie? Sounds like we "spent too much" and that "is the fault of Labour" since they were at the helm. Contradicting yourself in almost the same sentence never does your argument any favours. Please take this message to heart Anna! You're mixing things up. Labour spending too much did not cause the global financial crisis. Banks and pension funds all over the world were bought all kinds of weid and wacky financial products from the US. ---------- Post added 26-08-2015 at 08:04 ---------- No we damn well can't. That's exactly what they did and I for one will continue to be angry at them for the foreseeable future. This revisionist nonsense is doing me head in. Your guys crashed the economy, sold the family silver and borrowed like crazy from everybody in sight. A lot of people have suffered and continue to suffer for it. Live with it. ---------- Post added 26-08-2015 at 06:57 ---------- We've been over this so many times. The UK state was over-borrowed. The UK banks were extremely poorly regulated and therefore couldn't cope with what should have been a quite manageable problem. The decision to suddenly switch from requiring very low capital requirements of the banks which got them into trouble, suddenly to very high capital requirements almost overnight, turned a major problem into an economic disaster. Our recession was one of the worst in the world and we lost way more GDP than most of our competitors. Taking a hit from a global economic problem is one thing. The catastrophe that befell the UK was on a completely different scale. If the UK state was over-borrowed then what about now? Osborne has doubled our national debt. The UK wasn't badly over spending until it had to start bailing out banks. Our recession was worse because of our over-reliance on the financial sector but banks all over Europe had to be rescued. Regulation was inadequate agreed but once again the same everywhere. The Economist has a good explanation of the whole thing in an article called 'Crash Course'. Take a look. http://www.economist.com/news/schoolsbrief/21584534-effects-financial-crisis-are-still-being-felt-five-years-article Link to comment Share on other sites More sharing options...
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