Interesting to see ConservativeHome using the morning to slap Vince Cable down. Even more interesting to see them outline the ‘specific pattern the crash took’:
- The requirement and arm twisting in the US for banks to lend to poor risks.
- Weak personal bankruptcy law in the US.
- The scandal of the mass government underwriting of mortgages through the securitisation process in the US.
- The encouragement through the tax code for banks to finance themselves through equity and not debt and the regulatory encouragement for insurance companies and pension funds to invest in debt instruments – a further spur to securitisation.
- The successive bailing out of financial institutions in the US.
So why does ‘it’s all Gordon Brown’s fault’ not get in after the election?
It does not really matter does it, Labour were in power because people could remember the Tories, and to be honest Blair was in fact a new labour Thatcherite leader of the middle class. Brown was seen as being old Labour even though he felt in between, a bit new labour when it suited and old Labour when he wanted, and the BNP when it suited him. ( British jobs for British people)
The statements of No more boom and bust, will live with new labour for many years, the fact of two wars one which we cannot win, will also live with New labour. Prescott to day laughing and joking about Iraq, while the mothers fathers and families of the dead will be saying it’s not a laughing matter mate. Today the BBC said Prescott is entertaining, yes i bet the families are laughing over the graves of the dead.
New labour may not be totally responsible for the recession depression banking crises, but they did dam little to see it or stop it, even when anyone who can add two and two could see the writing on the wall.
I was helping out at a well known charity when a women came in she was disabled she told us she had just been given a mortgage on her benefits which was 89.00 a week the mortgage was 125% she made one payment and went onto mortgage protection, last month she was back in the charity saying her mortgage protection had finished and she was being evicted. Thats what went wrong the sale of a mortgage did not matter about how much you earned it was just selling getting the bonus and who cares a shit about the people, when your so desperate to get a home you will do anything.
labour did little for the poor the working class the immigrants, they did a hell of a lot for the banks.