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Post by brownlow on Jul 19, 2024 10:40:08 GMT
Sorry I couldn't see which regulations he said he relaxed. Which ones that hadn't already gone with the Tories and effected British banks ability to sell subprime mortgage packages in America. Could you copy them here please. I'm sure I could find some, but nothing that would have caused the GFC. The big deregulations and systemic risk were in place before Blair/Brown, mostly dating back to dear old St Margaret. BUT, if not by 1997, then by 2007, it should have been obvious that it was a ticking time bomb - not just "banking" but macroeconomic. 'New Labour' deserve the same flack as all the other politicians, economists and institutions that were asleep at the wheel. Brown, while not the architect, was even an ideological cheerleader.
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borgr0
Observer
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Posts: 1,188
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Post by borgr0 on Jul 19, 2024 10:47:20 GMT
Not to defend New Labour here, but it is true it was hard to fix the economy given how badly we were already dependent on services, manufacturing was on the decline already.
If they brought in new rules and tightened screws on the banks, they probably would have just stopped doing as much business in London.
It's always damned if you do, damned if you don't with governments, even governments I hate like the Tories have caught flack for things largely out of their control, as well as things in their control.
Nonetheless, I can't really stand Neoliberalism and Blairism was the worst expression of it I've seen. I can't stand the fact they went to the populist right-wing rags and made deals with the likes of Murdoch, it's sick that they got donations from big bankers and billionaires while deregulating.
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Deleted
Deleted Member
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Post by Deleted on Jul 19, 2024 21:02:20 GMT
Sorry I couldn't see which regulations he said he relaxed. Which ones that hadn't already gone with the Tories and effected British banks ability to sell subprime mortgage packages in America. Could you copy them here please. I have just got home after working a 12 hour shift and doing similar tomorrow. So lack either the time or energy for trawling through historical financial minutiae. But do you think Gordon Brown is lying? Or apologising for something he didn't do? Is that somehow easier for you to believe? If you think he is lying that places some onus on you to prove that. I believe him as did most financial experts at the time. If you recall - unless you are suffering a bout of CSA - Convenient Selective Amnesia - he was roundly criticised by financial experts at the time for taking Thatcherite deregulation too far, for which he ultimately apologised, as in the information I quoted above. I have no reason to doubt his honesty in this matter, nor the statements of financial experts and their criticisms, who I am sure know more about this shit than either you or me. Or do you think they were lying too? So without having to search for obscure historical financial minutiae, the details of which might well be highly complex and rather dull, we have Gordon Brown himself admitting to what you don't believe he did. lol And on past form even if I took the trouble to find a specific and detailed act of deregulation, you wouldn't bother reading it anyway because you tend not to read long boring posts. So why waste my time? It is just deflection tactics from you because you cannot accept that your heroes by pursuing Thatcherism still further actually cost us much more and did more damage than otherwise might have been the case. In the face of this I don't actually need to know the details of the regulations. I suspect vanishingly few people do, including you. Gordon Brown has himself fessed up, lol.
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Post by Zany on Jul 20, 2024 8:20:03 GMT
Sorry I couldn't see which regulations he said he relaxed. Which ones that hadn't already gone with the Tories and effected British banks ability to sell subprime mortgage packages in America. Could you copy them here please. I'm sure I could find some, but nothing that would have caused the GFC. The big deregulations and systemic risk were in place before Blair/Brown, mostly dating back to dear old St Margaret. BUT, if not by 1997, then by 2007, it should have been obvious that it was a ticking time bomb - not just "banking" but macroeconomic. 'New Labour' deserve the same flack as all the other politicians, economists and institutions that were asleep at the wheel. Brown, while not the architect, was even an ideological cheerleader. Here we agree, could/should New Labour have reversed some of the deregulations the banks had received. My feeling is that this could only be done if the whole Western world agreed to the same. Which is what happened after the crash. But that is just my feeling, those with more knowledge on this than I might feel differently.
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Post by Zany on Jul 20, 2024 8:43:21 GMT
The law according to PC Zany. An investigation reveals that a crateful full of Mars bars has disappeared. The man responsible for looking after the Mars bars - Flash Gordon- is someone whom PC Zany has always admired, but a crateful of Mar bars is found in his possession. Everyone else on the case roundly criticises this misjudgement and Flash Gordon himself confesses to his error of judgement and apologises for it. But in spite of all this PC Zany refuses to believe it unless some amateur he has met down the pub and is not an expert in the field can offer convincing evidence that the Mars bars in his possession are the actual bars in question. All of which of course would be ridiculous, which is why we best park this and get back to an intelligent discussion about the new government, though I notice my post about that was ignored and everyone is more interested in the alleged failings of Gordon Brown. Enough already. I am bored now. Zany, I wish to apologise for this post....I was very tired when I posted it after a long day. Whether you leave it or delete it is up to you. It may be left to stand as an example of me at my worst if you so choose but I regret posting it TBH. I hadn't seen it. For clarification I was asking WHAT were these things Gordon confessed to. Were they significant. I'm going to a big wedding today/ tonight, so probably it for me today. Enjoy everyone.
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