"The banks are f****d, we're f****d, the country's f****d." - Cabinet Minister

chopperharris

actually its a quote from someone else ,an economist i think, and it goes..


IF the banks are !!!!ed etc.... suprising what the ommision of IF makes the sentence read.

Generali

chopperharris wrote: »

actually its a quote from someone else ,an economist i think, and it goes..


IF the banks are !!!!ed etc.... suprising what the ommision of IF makes the sentence read.

Well it looks like the banks are screwed so what happens next?

WTF?_2

Nice to see some honesty from that shower, for a change. At least it shows that they aren't stupid enough to believe their own propaganda.

tomstickland

fokken foked

feeta

Yes, it's time they started being a bit more honest!

ad44downey

I'd emigrate only the pound is worth so little you'd end up a pauper overseas. Well done labour, you've made sure no-one can escape from the mess you've created

nickj_2

the most annoying thing is that " experts" didn't see it coming
so the average house price reached over £100k , personal debt hit £1 trillion ,
even when northern rock collapsed , what exactly were they thinking .
was there not one person who thought this can not last
nick leeson was jailed for bringing down barings . some people should be held accountable for their lack of action , from gordon , bank of england to fsa to the banking world , they have all failed us and are still in their jobs

dopester

!!!!!!? wrote: »

Nice to see some honesty from that shower, for a change. At least it shows that they aren't stupid enough to believe their own propaganda.

Vile man [Mandelson]. I doubt their ability to make the correct decisions when you have Alastair Darling, and now apparently Mandelson using the f-word with the press.

There is blunt-honesty, and then there is sophistication and having the courage to do the right thing for the wider economy, even if that is to stop interfering and throwing money all over the place, no matter if it doesn't win votes.

These Labour sorts could probably just run a northern working-man's club if they put their minds to it - but not a country.

At the Fabian conference, Ed Miliband and James Purnell likened the last six months to the winter of discontent in 1979. An ideological watershed had been reached, they argued.

"I think there is no question that 2008 will be seen as a similar historical moment," said Miliband. "This is a moment of profound crisis for the idea that, in economics, as far as possible we should leave markets to their own devices; the idea that government is the problem not the solution."

Labour might be now realising the are approaching a breaking point with all their interference. The market may be proving to them they have to back down. You've had 10 years+ of credit expansion and loved it, lapped up the glory.. now there are painful consequences to play out, and trying to avoid or put off those consequences with all the rescues just makes it even worse.

baby_boomer

heffsta wrote: »

http://www.guardian.co.uk/politics/2009/jan/19/economy-banking

A nice uplifting quote from a cabinet minister

It's nice to see a bit more honesty from the government.

A big improvement from two ministers discovering "green shoots" and "housing upturns" where we'll all be trampled under foot in the rush :rotfl:

Thrugelmir

nickj wrote: »

the most annoying thing is that " experts" didn't see it coming
so the average house price reached over £100k , personal debt hit £1 trillion ,
even when northern rock collapsed , what exactly were they thinking .
was there not one person who thought this can not last
nick leeson was jailed for bringing down barings . some people should be held accountable for their lack of action , from gordon , bank of england to fsa to the banking world , they have all failed us and are still in their jobs

Nick Leeson was jailed for financial misreporting. Barings Bank failed due to a lack of internal control over their own trader's activities. So in all senses it was preventable.