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Mervyn King:Labour not responsible for crash

purch
purch Posts: 9,865 Forumite
in Debate House Prices & the Economy
http://www.theguardian.com/business/2014/dec/29/labour-government-not-responsible-crash-bank-england-governor-mervyn-king

I think he's trying to suggest that they were just unlucky to be the Government at the time........it could have happened to anyone Guv :eek:
'In nature, there are neither rewards nor punishments - there are Consequences.'
«1345678

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    While Labour were not responsible for the financial crash. They made the most of the opportunity and in the process made many questionable decisions. The consequences of which we are living with today.
  • theEnd
    theEnd Posts: 851 Forumite
    Thrugelmir wrote: »
    While Labour were not responsible for the financial crash.

    I would say they were.
    But the other lot might have been worse.
  • martinthebandit
    martinthebandit Posts: 4,422 Forumite
    Eighth Anniversary 1,000 Posts
    Thrugelmir wrote: »
    While Labour were not responsible for the financial crash..


    While I agree with that what Blair, Brown were responsible for was 'not mending the roof while the sun was shinning' if they had not been so profligate during the good years the country would have been far better off during the bad ones.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    theEnd wrote: »
    I would say they were.
    But the other lot might have been worse.

    The seeds were sown many years before.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    given where we were in 2007/8 QE was probably the best option and mild austerity' also.

    what would other have done: massive cuts, 25-50% unemployment ?
  • purch
    purch Posts: 9,865 Forumite
    Some more gems of wisdom from the former Sage of Threadneedle St...

    "I don't think we've really yet got to the heart of what went wrong,"

    "the banking system may not survive another crisis"

    "The idea that we can go on indefinitely with very low interest rates doesn't make much sense," and also "if interest rates rose now, it would probably lead to another downturn".

    These all came from his Radio 4 Today stint as guest editor this morning.

    The Guardian has managed to spin one of his comments already, so no doubt the rest will follow...
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • NorthFin
    NorthFin Posts: 192 Forumite
    purch wrote: »
    Some more gems of wisdom from the former Sage of Threadneedle St...

    "I don't think we've really yet got to the heart of what went wrong,"

    "the banking system may not survive another crisis"

    "The idea that we can go on indefinitely with very low interest rates doesn't make much sense," and also "if interest rates rose now, it would probably lead to another downturn".

    These all came from his Radio 4 Today stint as guest editor this morning.

    The Guardian has managed to spin one of his comments already, so no doubt the rest will follow...

    In other words things are far worse now, the debts have got larger and the problems postponed, but the larger crash is inevitabe.
  • purch
    purch Posts: 9,865 Forumite
    NorthFin wrote: »
    In other words things are far worse now, the debts have got larger and the problems postponed, but the larger crash is inevitabe.

    One of the benefits of taking random quotes without context is that you can spin them anyway you choose (whilst also inventing a brand new word :eek:)
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • NorthFin
    NorthFin Posts: 192 Forumite
    I dont think you could spin what he said in a postive way.
  • DaveTheMus
    DaveTheMus Posts: 2,669 Forumite
    They were responsible for two illegal wars - mass immigration - a new law passed for everyday they were in office - an acceleration of wealth inequality - PFI contracts - surrender to the IRA...
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