Who is to blame?

Sweey_as_a_nut

Am I right in saying that prime minister Thatcher was the one who started off the problems we have now, through the banks escaped. Did it happen or did I dream of watching her on a sunny day on the steps of 10 downing street saying, that she was going to stop bank regulation and let them manage their affairs, and I'm sure her words were, banks know best how to manage their businesses.

And after a Tory policy like that, is it possible to come into power years later and say wow we will reverse this, any more than to reverse they-er police of selling off the railways. people can I'm sure add more. Were they not warned you are selling the family silver.

Or did I just dream it all.

aelitaman

First off you need to let us know what problems we have to day. Wars in Afganistan and Iraq may well have nothing to do with the banks. Then if you think killing loads of people in those countries is not a problem, but a Blair policy executed well you may well be correct.

poppingjay

aelitaman wrote: »

First off you need to let us know what problems we have to day. Wars in Afganistan and Iraq may well have nothing to do with the banks. Then if you think killing loads of people in those countries is not a problem, but a Blair policy executed well you may well be correct.

I'd imagine both wars have everything to do with the banks, war is probably the most profitable business there is and afterwards we can offer them loans to rebuild their country after we've installed a government that the west approve off. The oil companies must be rubbing their hands with glee and the airport attendants get to look at your naked body every time you want to get on an aeroplane.

But to answer who is to blame? I'd say every single one of us...for never questioning where all the money goes. Most folk seem to be too distracted by shiny goodies, massive tellies and X-factor to ask any pertinent questions, although a few do take the trouble to blame the ........ (insert scapegoat of choice)

People work 40 hours a week for 50 years of their lives and are lucky to even own a home and that they'll have to sell if they need looking after in their old age. It's like slavery but without the free board and lodgings Also I'm not sure everyone realises that the majority of our taxes goes to pay off the national debt? - why doesn't a government print it's own currency instead of borrowing it from private banks?

The mind boggles....

lvader

It's not like Labour havn't had the time to 'solve' anything that needed fixing. As to regulation, The US brought in massive regulation overheads in wake of Enron which have achieved nothing but make money for auditing companies.

Sweey_as_a_nut

This lot are far from perfect, and the wars, not only these two wars they have been at it just about since the time they got in.

I wrote what I did because the Tories are acting like the arc angel Gabriel, nothing to do with me gov. And one thing they done really gets me going, when they sold the Gas and Electric, tell Sid. Now I am forced to keep looking who is the cheapest, and all the messing about that entails. And I can't help thinking our fuel could be cheaper with only
two companies running them, less overheads. Although there are silver linings, ITV are glad of the revenue off U Switch, and lets not forget the handouts we get when we switch, bottle of wine here £15 there. How much more are we paying for fuel because of this stupidity?

StevieJ

Not just Maggie, reference this report backed by Dave ( although soon dropped during the banking fiasco).

Homebuyers could get less protection when they take out a mortgage under Tory plans to slash red tape, saving British industry £14 billion a year.
Conservative MP John Redwood, who heads the party’s economic competitiveness policy review group, will say on Friday that there is no need to regulate mortgages because the lender, not the customer, takes the risk.

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article2251766.ece

Mr Cameron is believed to be fully behind Mr Redwood's programme in what will represent a significant shift to the Right at a time when his leadership has come under fire from his own side and his party is trailing Labour in the polls. George Osborne, the shadow chancellor, is expected to join Mr Redwood for the document's launch on Friday.

http://www.telegraph.co.uk/news/uknews/1560100/Tories-plan-14bn-cuts-to-red-tape.html

aelitaman

StevieJ wrote: »

Not just Maggie, reference this report backed by Dave ( although soon dropped during the banking fiasco).

Homebuyers could get less protection when they take out a mortgage under Tory plans to slash red tape, saving British industry £14 billion a year.
Conservative MP John Redwood, who heads the party’s economic competitiveness policy review group, will say on Friday that there is no need to regulate mortgages because the lender, not the customer, takes the risk.

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article2251766.ece

Mr Cameron is believed to be fully behind Mr Redwood's programme in what will represent a significant shift to the Right at a time when his leadership has come under fire from his own side and his party is trailing Labour in the polls. George Osborne, the shadow chancellor, is expected to join Mr Redwood for the document's launch on Friday.

http://www.telegraph.co.uk/news/uknews/1560100/Tories-plan-14bn-cuts-to-red-tape.html

Northern Wreck went bust not because of bad mortage lending it went bust because of bad business model dependent on funding from other banks instead of deposits.
RBS went bust because of bad managment buying an overpriced asset ABN, at the top of the market for CASH. So when the crunch came did not have enough cash.
HBOS went bust because of crazy lending in the commercial property sector not residential mortgages.

I have want to see proper regulation from the FSA and there are a lot more important issues to start with than residential mortgage lending. Stupid takeovers, crap business models and overexposure to a particular sector should be looked at first.

Optimist

Sweey_as_a_nut wrote: »

Am I right in saying that prime minister Thatcher was the one who started off the problems we have now, through the banks escaped. Did it happen or did I dream of watching her on a sunny day on the steps of 10 downing street saying, that she was going to stop bank regulation and let them manage their affairs, and I'm sure her words were, banks know best how to manage their businesses.

And after a Tory policy like that, is it possible to come into power years later and say wow we will reverse this, any more than to reverse they-er police of selling off the railways. people can I'm sure add more. Were they not warned you are selling the family silver.

Or did I just dream it all.

Totally wrong.

Gordon put a inept and toothless organisation in charge of the banks. Their idea of checking up on Northern Rock for example was to give them a call and ask if everything was alright !

Regulation was so poor Enron moved its auditors to the UK

In 2005 Gordon was saying from his CBI speech that there was no need to regulate at all !

Even as late as 2007 Gordon thought things were perfect from his mansion house speech :-

"So I congratulate you Lord Mayor and the City of London on these remarkable achievements, an era that history will record as the beginning of a new golden age for the City of London."


"And I believe it will be said of this age, the first decades of the 21st century, that out of the greatest restructuring of the global economy, perhaps even greater than the industrial revolution, a new world order was created."

I guess if he now gets up and says Maggie made him do it there are some who would believe him !

Sweey_as_a_nut

Optimist, when you sow the seeds it takes time to reap the harvest.
Maggie started the ball rolling, and after it as started, all one can do then is hang on for grim death and hope all will be well, honest.

You ask the people who lived through 1929, she never learnt from history.

aelitaman

Sweey_as_a_nut wrote: »

Optimist, when you sow the seeds it takes time to reap the harvest.
Maggie started the ball rolling, and after it as started, all one can do then is hang on for grim death and hope all will be well, honest.

You ask the people who lived through 1929, she never learnt from history.

Rubbish, Maggie started the ball rolling but importantly left the BoE in charge of regulation. It was Brown who created this tripartate rubbish that was so incompetant at regulation or was told not to regulate by thier boss that has got us into this banking mess.

Mr.Brown_4

Sweey_as_a_nut wrote: »

acting like the arc angel Gabriel...

.. the well known Glaswegian welder.