Quote:
Originally Posted by Damien
It did but it's all a bit vague. Regulatory failures is the most difficult as these were international organisations operating all over the place. There were few calls from tighter regulation and few from the Conservatives in opposition. An attempt to increase regulation at a time when banks were rolling in money would have been seen as counter-productive and hostile to business and they would have equally been attacked for that. There is quite a lot of hindsight there. I agree they should have cut the deficit and the debt whilst the money was coming in however.
Seems to be getting better month on month however. We've showed no progress at all. The car industry is getting better over there as well.
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Thw FSA a chocolate teapot and eventually admitted their failures. Nobody's saying the UK could have been immune from what was going on elsewhere but nobody other than the govt. of the time was culpable for the lack of regulation given that they'd had the time and the power to intervene. Brown was warned about the problems brewing and chose to ignore the bad news and keep on spending.
As for the US well I doubt if they were as encumbered by EU membership etc. as we are they'd be performing any better than the UK.