Stock market crashing what does it mean to you

[L00b]

Did not the food in the larder go to feed the banks?

There was no food in the larder.

 

So said the exiting Chancellor, in writing and on letterhead.

 

So any amount of second-guessing and interpretation looks pretty moot.

 

I doubt I'll ever be convinced that Blair-Brown-Darling-etc. bore no responsibility at all for the global crisis itself. I'm not saying they (alone) caused it, but...

 

The financial instruments at the heart of it were created in the US, but their trading was primarily facilitated by the "lighter-touched" regulated UK.

 

What did the FSA do about it?

 

Nothing, because Blair-Brown-Darling-etc. had filed its teeth down to the gums a long time before.

 

To be sure, same rant goes to Washington incumbents of the time and the Securities and Exchange Commission.

 

People should have hung for this, and the banks should have been let to the wall

Edited February 12, 2016 by L00b

[foxy lady]

Did not the food in the larder go to feed the banks?

 

They only bought shares in the banks once during 2008. That hardly accounts for a spending commitment and annual budget deficit of £154 billion in when they handed over the reigns to the coalition in 2010

[Ted Heath]

The Blair Brown apologists have opinions tainted by a strange sort of reverse snobbery which ends up by sincerely believing that anything the Labour party do is OK anything the Tories do manifestly evil.

 

They justify the inept criminality of the Labour government by calling them Tories.

 

The Labour party crashed the economy. Never mind the worldwide financial crisis, if they had managed the banks properly, "fixed the roof while the sun was shining" we would have done much better. Thankfully the electorate are not as blinkered and prejudiced as many are on this forum and kicked the Labour party into the long grass of irrelevance. Where they will surely remain.

[I1L2T3]

There was no food in the larder.

 

So said the exiting Chancellor, in writing and on letterhead.

So any amount of second-guessing and interpretation looks pretty moot.

 

I doubt I'll ever be convinced that Blair-Brown-Darling-etc. bore no responsibility at all for the global crisis itself. I'm not saying they (alone) caused it, but...

 

The financial instruments at the heart of it were created in the US, but their trading was primarily facilitated by the "lighter-touched" regulated UK.

 

What did the FSA do about it?

 

Nothing, because Blair-Brown-Darling-etc. had filed its teeth down to the gums a long time before.

 

To be sure, same rant goes to Washington incumbents of the time and the Securities and Exchange Commission.

 

People should have hung for this, and the banks should have been let to the wall

 

You do know that was a joke right? A pretty stupid one but a joke all the same.

 

Osborne has had no problem getting money since. He can't borrow enough.

 

---------- Post added 12-02-2016 at 17:26 ----------

 

They only bought shares in the banks once during 2008. That hardly accounts for a spending commitment and annual budget deficit of £154 billion in when they handed over the reigns to the coalition in 2010

 

You also have to factor in the 6% contraction in GDP resulting in a loss of tax revenue, alongside a surge in unemployment causing increased welfare payments, and an attempt to stimulate the economy.

 

It wasn't a planned commitment either. That is a lie. It was the result of nearly 2 years spent reacting week by week to the biggest fiscal crisis since 1929.

Edited February 12, 2016 by I1L2T3

[foxy lady]

You do know that was a joke right? A pretty stupid one but a joke all the same.

 

Osborne has had no problem getting money since. He can't borrow enough.

 

---------- Post added 12-02-2016 at 17:26 ----------

 

 

You also have to factor in the 6% contraction in GDP resulting in a loss of tax revenue, alongside a surge in unemployment causing increased welfare payments, and an attempt to stimulate the economy.

 

It wasn't a planned commitment either. That is a lie. It was the result of nearly 2 years spent reacting week by week to the biggest fiscal crisis since 1929.

 

And yet those that make excuses for the administation who were in charge and who missed or ignored the signs of the coming crisis are the same folk who attack the current administation about their attempts to clear up the mess they left behind.

[foxy lady]

So you're saying that Brown controlled the world finances and caused the 2008 meltdown.

Strange isn't it that the banks and staff etc are the ones who're being prosecuted for underhand illegal trading.

 

Gordon Brown: I made a big mistake when setting up FSA

 

http://www.moneymarketing.co.uk/gordon-brown-i-made-a-big-mistake-when-setting-up-fsa/

 

Gordon Brown has admitted he made a big mistake while setting up the FSA because he did not appreciate the entangled relationships of financial services institutions.

 

In a keynote speech to the Institute for New Economic Thinking at the Bretton Woods conference in New Hampshire on Saturday, Brown said the FSA was set up on the assumption problems would come from individual institutions.

 

He said: “We set up the FSA believing the problem would come from an individual institution. That was a big mistake. We did not understand just how entangled things were.

 

“We did not understand how risk was spread across the system, we did not understand the entanglements of different institutions and we did not understand, even though we talked about it, just how global things were.

 

“So we created a monitoring system which looked at individual institutions. That was the big mistake.”

 

Brown told the conference that he accepted his part of the responsibility adding that the crash had led people to completely reconsider how financial services are regulated and that he was not the only one who had made mistakes.”

 

He said: “I have got to accept my responsibility and I do, and I have been very open about saying we made mistakes on that. But in a world where the understanding of what global meant was incomplete, I think many writers as well as many regulators made exactly the same mistake.”

 

Brown said he had come under “relentless pressure” from banks not to over-regulate. Last April he said in a television interview that “we should have been regulating them more”.

 

---------- Post added 13-02-2016 at 19:41 ----------

 

The Blair Brown apologists have opinions tainted by a strange sort of reverse snobbery which ends up by sincerely believing that anything the Labour party do is OK anything the Tories do manifestly evil.

 

They justify the inept criminality of the Labour government by calling them Tories.

 

The Labour party crashed the economy. Never mind the worldwide financial crisis, if they had managed the banks properly, "fixed the roof while the sun was shining" we would have done much better. Thankfully the electorate are not as blinkered and prejudiced as many are on this forum and kicked the Labour party into the long grass of irrelevance. Where they will surely remain.

 

https://www.moneymarketing.co.uk/brown-to-cut-fsa-red-tape/

 

 

Brown to cut FSA red tape

By System Administrator 1st December 2005 12:00 am

 

Chancellor Gordon Brown is to slash red tape at the FSA.

 

Brown told the CBI conference in London this week that as part of cost-saving measures to be included in the pre-Budget report, he will focus on a risk-based approach to financial services and will bring in 10 simplification and deregulatory measures to reduce the burden of information and reporting requirements.

 

He said: “The measures will cut demands for information, forms and reporting requirements, including cutting disclosures of change of control by 15 per cent and up to 20 FSA consultations each year.”

Edited February 13, 2016 by foxy lady

[I1L2T3]

And yet those that make excuses for the administation who were in charge and who missed or ignored the signs of the coming crisis are the same folk who attack the current administation about their attempts to clear up the mess they left behind.

 

If you're talking about me you are incorrect. I'm critical of Labour and governments since. I'm an ex-Labour voter and because of what they did I'll never vote for them again.

 

My view is that to understand how to clean up the mess you need to understand what caused it - none of the parties seem to want to comprehend where the problem started and it is going to burn us. Probably as this year progresses, and we'll really see the results of Osborne's follies unfold.