Gordon Brown: I made a big mistake on banks

Wookster

In his first clear admission of some responsibility for the financial crisis, the former prime minister claimed he had not understood how “entangled” the world’s financial institutions had become.
His comments will be seized upon by the Conservatives as proof that Labour played a part in the economic meltdown.
They come as the Treasury prepares to receive a review into how Britain’s banks should operate in the future. The Independent Commission on Banking (ICB), led by Sir John Vickers, is expected to recommend significant reforms to make it less likely that banks take unnecessary risks and to encourage greater competition.

Full article here:

http://www.telegraph.co.uk/news/politics/gordon-brown/8441882/Gordon-Brown-I-made-a-big-mistake-on-banks.html

Well I never... he's admitted he got something wrong.

Heyman_2

John Hutton had it right -

http://news.bbc.co.uk/1/hi/uk_politics/8426050.stm

Not just a disaster, an f-ing disaster. How right you were, John.

nicko33

Wookster wrote: »

Well I never... he's admitted he got something wrong.

Never had what it takes to be a modern-day politician

replumbed

Damage was done when Gordon was chancellor. Golden rule, my !!! (donkey). :T

The guy's a debt junkie.

Loughton_Monkey

So well done Brother Brown.

While we are in the confessional box, maybe you'd like to 'fess up to just a few more of the biggies.....

1. Selling off all our gold in a car boot sale?

2. Totally and utterly misunderstanding Keynsian economics. [The textbook says - when the recession looms and the private sector/consumers are not spending, the Government shoud take over and spend a bit more on roads, trains, and other necessary infrastructure..... Nowhere does it say spend Government money on huge pay rises for public sector, masses of 'breast-feeding consultants', 'bio-diversity outreach co-ordinators', or to pay 6th form kids to go to school.]

3. Taking a totally sensible cost-saving idea of 'tax credits' [a way of paying them via the tax system, using a negative tax code where necessary] and creating a whole new meaning for it - thereby paying benefits of the most complex kind - by traditional methods - but just calling them 'tax credits'.

4. Putting more police on the streets... [er... no, Gordon. Allowing virtually all police to hide behind paperwork in the station and recruiting thousands of so-called 'community police' who have a uniform and no more legal powers than a spotty 18 year old youth walking home from school.]

5. Putting more into education.... [er... no, Gordon. Classifying 21% of British School Children as "Special Needs", thus having to recruit thousands of so-called 'Teaching Assistants' to sit at the back of the class and try to persuade the little oiks to stop sniffing coke - having taken away all the powers of the school teachers.]

I think a few more Hail Mary's are in order.......

B_Blank

Loughton_Monkey wrote: »

So well done Brother Brown.

While we are in the confessional box, maybe you'd like to 'fess up to just a few more of the biggies.....

1. Selling off all our gold in a car boot sale?

2. Totally and utterly misunderstanding Keynsian economics. [The textbook says - when the recession looms and the private sector/consumers are not spending, the Government shoud take over and spend a bit more on roads, trains, and other necessary infrastructure..... Nowhere does it say spend Government money on huge pay rises for public sector, masses of 'breast-feeding consultants', 'bio-diversity outreach co-ordinators', or to pay 6th form kids to go to school.]

3. Taking a totally sensible cost-saving idea of 'tax credits' [a way of paying them via the tax system, using a negative tax code where necessary] and creating a whole new meaning for it - thereby paying benefits of the most complex kind - by traditional methods - but just calling them 'tax credits'.

4. Putting more police on the streets... [er... no, Gordon. Allowing virtually all police to hide behind paperwork in the station and recruiting thousands of so-called 'community police' who have a uniform and no more legal powers than a spotty 18 year old youth walking home from school.]

5. Putting more into education.... [er... no, Gordon. Classifying 21% of British School Children as "Special Needs", thus having to recruit thousands of so-called 'Teaching Assistants' to sit at the back of the class and try to persuade the little oiks to stop sniffing coke - having taken away all the powers of the school teachers.]

I think a few more Hail Mary's are in order.......

Selling our gold so cheap was his crowning acheivement.

[Deleted User]

His mistake re the banks was to trust them to behave responsibly if regulation was reduced.

The mistake of both our current and former government was not to punish the people in the banks that caused the problems in the first case.

WISHIWASRICH_2

Oh dear Wookster I think you need help dear. You seem to have become all OCD on GB - dare I say you seem to have developed a fetish?

You need to move on....:p

Generali

In other news, 'I am Catholic' says Pope Benedict XVI.

WISHIWASRICH_2

B_Blank wrote: »

Selling our gold so cheap was his crowning acheivement.

Big congats to the present bunch who have eroded the purchasing power of the pound at record rates. :T:T:T

The Coalition Rocks!

stueyhants

WISHIWASRICH wrote: »

Big congats to the present bunch who have eroded the purchasing power of the pound at record rates. :T:T:T

The Coalition Rocks!

And giving our export sector a chance to help re-balance the economy, shame on the Coalition.