Finally! Darling admits they were wrong!

Sir_Humphrey

Rochdale_Pioneers wrote: »

can't you read?

I think you may have hit the nail on the head there.

StevieJ

Rochdale_Pioneers wrote: »

????? Thats not what I am saying at all - can't you read? I said it BOTH our faults. America set up the system and created dodgy financial investments. Thats their fault - nobody made them do it. Whats our fault is that we copied their system, and then greedily invested in dodgy investments being offered. Noone forced us to buy those products or copy their system.

can't you read?
I certainly wonder about that sometimes
I disagree about the nobody made them do it, all they did was buy AAA rated investments paying a decent coupon, maybe we should blame the rating agencies

Wookster

Rochdale_Pioneers wrote: »

????? Thats not what I am saying at all - can't you read? I said it BOTH our faults. America set up the system and created dodgy financial investments. Thats their fault - nobody made them do it. Whats our fault is that we copied their system, and then greedily invested in dodgy investments being offered. Noone forced us to buy those products or copy their system.

This is not the only problem!

The point is banks borrowed from (Far Eastern) institutions and lent to people who couldn't pay, because house prices kept on rising, banks had to lend ever higher amounts.

The CDO market collapse is really not the only problem in this depression. It is a symptom but not the problem. The real problem is over egged asset prices.

Graham_Devon

Rochdale_Pioneers wrote: »

1) "This recession, is America's fault" It started there but its not exclusively their fault. They created the free market model adopted here in Europe and elsewhere, but they didn't force us to do it. They packaged the sub prime loans and lied about their value, but we didn't have to buy them. Just as with people who took out 125% mortgages here the blame is shared between both parties - it takes two to tango.
2) "it's Global". You have to be certifiable to pretend that it isn't
3) "the UK is best placed to weather the storm" No, and I have never said that we are. We're in better shape than a lot of other countries - our banks managed to offset large assets against their larger debts, so are quite clearly in better shape than the Irish or Austrians or Icelandics. Or Americans come to think of it. Our economy isn't contracting as fast as export manufacture led ones like Germany, Japan and China - and the pound's rebasing back to a sane level vs the ludicrous heights of a year ago makes our exports competitive.

I have said repeatedly that commentators insisting that the UK is worst off are talking out their backside - the raw data alone proves that our economy isn't contracting as fast as others, that unemployment isn't increasing as fast as or forecasted to be as big as others. Thats not the same as claiming we're best placed, but we're certainly not worst.

Well it's a funny thing. Gordon keeps blaming Amerca.

As I listened to a lot of Gordons Speech in America, and he didnt once lay the blame on America in that speech. He idnt even say it started there, just simply a downturn.

Infact, he changed his tune about quite a lot of things. He even went as far as saying America should not be expected to get us all out of this.

Indeed, instead of saying it started in America, he now, in America states it is simple a "world downturn".

Very confusing

I do find is somewhat amusing though, that your beloved states we should seize the moment. LOL. Yes, maybe we should have seized stuff for the last 10 years.

The man is an embarrasment to the UK.

mewbie_2

Graham_Devon wrote: »

The man is an embarrasment to the UK.

Actually I thought he did quite a good job of reading the speech that Obama had written for him.

Graham_Devon

I didnt get the point of the speech. It was all wallow, no substence, and I couldnt care less if he went to his fathers church.

The war mongerer even had to audacity to talk about the masacres in Africa.

"seize the moment" he says. Yes, didnt do much when all those people were being brutally murdered did you? Or your party. Or the UK you now run.

Yet he's happy to get cheered for saying seize the moment, we didnt do anything.

It was a speech about what we, as 2 nations, have not done.....and getting cheered for saying it after wrapping it up in a sympathy vote for the world.

He'll come home soon and say "the do nothing tories"...inbetween sacking anyone around him that doesnt agree, as he did last summer.

kabayiri

Graham_Devon wrote: »

I do find is somewhat amusing though, that your beloved states we should seize the moment. LOL. Yes, maybe we should have seized stuff for the last 10 years.

'Seize the moment' .....let me translate that into nu-Labour-Latin for you.

Here goes.... 'Carpe Brunum' -- much more impressive methinks

chucky

Rochdale_Pioneers wrote: »

????? Thats not what I am saying at all - can't you read? I said it BOTH our faults. America set up the system and created dodgy financial investments. Thats their fault - nobody made them do it. Whats our fault is that we copied their system, and then greedily invested in dodgy investments being offered. Noone forced us to buy those products or copy their system.

to be fair to Wookie, not that he would know anyways

the CDO product was mainly traded out of London
most of the specialist structurers of CDO's were London based
the banks however, were all international.

it then started moving away when this was done in bulk using the ABS and the CMBS products.