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etccarmageddon · 14-11-2008, 16:32

Actually I DO blame him for his part in the making of the global crisis AND the making of our recession.

Had our banks and building societies been better regulated in respect to being not allowed to borrow such a massive percentage of their mortgage funding from the money markets then northern rock, bradford and bingley, RBS, HBOS etc wouldn't have ended up insolvent.

It is G. Brown who was in charge when the banks especially HBOS and Northern Rock were falling over themselves to lend as much dosh as possible - not from their depositors but money they were borrowing on the money markets - a major gamble which didn't pay off.

On top of that G.Brown borrowed loads of cash himself in order to spend spend spend while building up a national debt which now leaves us with no backup, no reserves. And the not so clever man is now saying it is correct to borrow in order to stimulate the economy in this exceptional situation. Wrong - it is correct to prepared for a downturn - but as he'd abolished boom and bust there would never be a downturn. It would never rain and we'd have summer 12 months of the year.

If the banks weren't in this stupid situation of not having a proper level of deposits to meet their needs then we'd not be in anything like the kind of recession. in fact we'd probably not even have a recession.

AND if people had been properly encouraged to save instead of creating a consumer economy we'd also be in a much better position.

14-11-2008, 16:32	#286
etccarmageddon Inactive Join Date: Jun 2003 Location: Manchester Posts: 5,638	Re: Brown on the ropes? Actually I DO blame him for his part in the making of the global crisis AND the making of our recession. Had our banks and building societies been better regulated in respect to being not allowed to borrow such a massive percentage of their mortgage funding from the money markets then northern rock, bradford and bingley, RBS, HBOS etc wouldn't have ended up insolvent. It is G. Brown who was in charge when the banks especially HBOS and Northern Rock were falling over themselves to lend as much dosh as possible - not from their depositors but money they were borrowing on the money markets - a major gamble which didn't pay off. On top of that G.Brown borrowed loads of cash himself in order to spend spend spend while building up a national debt which now leaves us with no backup, no reserves. And the not so clever man is now saying it is correct to borrow in order to stimulate the economy in this exceptional situation. Wrong - it is correct to prepared for a downturn - but as he'd abolished boom and bust there would never be a downturn. It would never rain and we'd have summer 12 months of the year. If the banks weren't in this stupid situation of not having a proper level of deposits to meet their needs then we'd not be in anything like the kind of recession. in fact we'd probably not even have a recession. AND if people had been properly encouraged to save instead of creating a consumer economy we'd also be in a much better position.