IMF Warning!

[B0ycey]

Labour were in power for more than 10 years and failed to regulate the banks. The Banking Act 2009 was the reaction to plug the holes which allowed the sub prime crisis. Brown was culpable by inaction and omission, rather than by any action.

"...And it all started with the Big bang"

It's like a game of Pop Up Pirate Barry. One day Thatchers mess was going to pop up and hit someone in the face. The beauty of hindsight is understanding there was a problem before it was too late. Nobody was really talking about a financial crash until people were queuing up at Northern Bank. The problem was given to us by the Yanks in any case. So sure, it would have been nice if Labour fixed the mess the Tories set up in 1986, but do you know what would have been better than that? The Tories not setting off the ticking time bomb to begin with.

[Good old]

Labour were in power for more than 10 years and failed to regulate the banks. The Banking Act 2009 was the reaction to plug the holes which allowed the sub prime crisis. Brown was culpable by inaction and omission, rather than by any action.

Whilst the Tory opposition constantly asked for less regulation.

[Good old]

I don't agree it's the Tory line on the subject — it was he lack of real financial expertise at the top of the banks that allowed the untrained, incompetent and crooked to take charge.

At the height of the implosion, it transpired that many at the top of the various banks had fewer banking qualifications than some of their junior staff.

Some had none.

And there was Fred the Shred. As has been said, some should have ended up inside...

Yes it was the lack of expertise at the top of banks. But for political purposes the Tories and their media made sure the money borrowed to help shore up the whole banking sector was nothing more than Labours mythical mania for borrowing. And that has been the Tory line even until now. Only recently Boris was taunting at the dispatch box about the Labour mess of 2010. It's politics and you can't blame the Tories, but you can blame  large sections of the media, and possibly worse ,the number of so called economists that happily endorsed the myth, the lie.
And worst of all is it's had the effect of so many not being able to realise that what has been happening in this country for the last twelve years has been far more detrimental to its well being than anything in the previous twelve years.

[Barry]

So what the Cons did last week is going to cost about £40 billion


The Germans have just thrown £200 billion at their energy crisis


https://www.dw.com/en/germany-presents-new-200-billion-relief-plan-in-response-to-soaring-energy-prices/a-63279609

Wonder what the IMF will have to say about that ?

The IMF will say nothing. Germany are (part of) the European Union and will not be criticised by the globalist IMF.
It's only the UK that come in for special treatment with "unprecedented warnings". I just laugh at them.

[Barry]

I don't know Good old, everyone I know, knows its down to poor banking practices. I don't blame the Tories for blaming Labour as that is what they have to do. The irony is the banking crisis, if you are to find fault, was down to Thatcher and deregulation of the banking sector. The Tories set the pins up and because Labour didn't nail them down when they were in power by reversing the deregulation the pins fell on their watch and now the financial crash is a card the Tories will play now for evermore.

Labour were in power for more than 10 years and failed to regulate the banks. The Banking Act 2009 was the reaction to plug the holes which allowed the sub prime crisis. Brown was culpable by inaction and omission, rather than by any action.

[B0ycey]

So what the Cons did last week is going to cost about £40 billion


The Germans have just thrown £200 billion at their energy crisis


https://www.dw.com/en/germany-presents-new-200-billion-relief-plan-in-response-to-soaring-energy-prices/a-63279609

Wonder what the IMF will have to say about that ?

Higher taxes and lower debt I expect SW. Decades of frugalness pays off in the end.

[Streetwalker]

So what the Cons did last week is going to cost about £40 billion 


The Germans have just thrown £200 billion at their energy crisis


https://www.dw.com/en/germany-presents-new-200-billion-relief-plan-in-response-to-soaring-energy-prices/a-63279609

Wonder what the IMF will have to say about that ?

[patman post]

I still find some that believe the Tory line on the subject, on here for example. All in all though what you say sums it up .

I don't agree it's the Tory line on the subject — it was he lack of real financial expertise at the top of the banks that allowed the untrained, incompetent and crooked to take charge.

At the height of the implosion, it transpired that many at the top of the various banks had fewer banking qualifications than some of their junior staff.

Some had none.

And there was Fred the Shred. As has been said, some should have ended up inside...

[Good old]

I don't know Good old, everyone I know, knows its down to poor banking practices. I don't blame the Tories for blaming Labour as that is what they have to do. The irony is the banking crisis, if you are to find fault, was down to Thatcher and deregulation of the banking sector. The Tories set the pins up and because Labour didn't nail them down when they were in power by reversing the deregulation the pins fell on their watch and now the financial crash is a card the Tories will play now for evermore.

I still find some that believe the Tory line on the subject, on here for example. All in all though what you say sums it up . 

[B0ycey]

It was the great lie that has led us to where we are now. It shows the power of the Tory  media because they played a full role in perpetuating a myth, the Tories themselves have wanted it  believed , until now ,that they want and need some leeway.
Even to this day there are those who try to equate borrowing to plug the bankers crisis hole,  to a Labour government hell bent on borrowing. Worse still is it's so ingrained even now no matter how bad things get people still want to believe it.
Labour borrowing before the crisis was lower on a ten year average than the average Tory borrowing had been before them. And a dammed sight lower than the Toryborrowing since. The real myth has been Tory competence with our finances .

I don't know Good old, everyone I know, knows its down to poor banking practices. I don't blame the Tories for blaming Labour as that is what they have to do. The irony is the banking crisis, if you are to find fault, was down to Thatcher and deregulation of the banking sector. The Tories set the pins up and because Labour didn't nail them down when they were in power by reversing the deregulation the pins fell on their watch and now the financial crash is a card the Tories will play now for evermore.

[Good old]

None of it was Labours fault given it was bankers selling mortgages in America that people couldn't afford and then selling them off to the rest of the world as rebundled toxic assets. The only blame you could give Labour was bailing out the bankers rather than sending them to jail.

It was the great lie that has led us to where we are now. It shows the power of the Tory  media because they played a full role in perpetuating a myth, the Tories themselves have wanted it  believed , until now ,that they want and need some leeway.
Even to this day there are those who try to equate borrowing to plug the bankers crisis hole,  to a Labour government hell bent on borrowing. Worse still is it's so ingrained even now no matter how bad things get people still want to believe it.
Labour borrowing before the crisis was lower on a ten year average than the average Tory borrowing had been before them. And a dammed sight lower than the Toryborrowing since. The real myth has been Tory competence with our finances . 

[B0ycey]

That's a fair assessment.

But I think Gordon Brown deserves a lot of credit for not only bailing out British-based banks, but also persuading other governments to see the dangers of letting the international banking market go bust.

The dangers facing pension funds and savings and investments today — although due to ignorant political dogma, and not the finance fraternity's greed and mismanagement — are similar to what faced them in 2008...

PS: Gordon Brown also gave the Bank of England its independence back in 1997 — think if Truss was now controlling that too...!!!

To be fair, you're right on Brown. Nobody knew what to do, he said print the cash, everyone followed his lead and it paid off. Nobody was talking about MMT before Brown. Now MMT is the new sexy economics.

[patman post]

None of it was Labours fault given it was bankers selling mortgages in America that people couldn't afford and then selling them off to the rest of the world as rebundled toxic assets. The only blame you could give Labour was bailing out the bankers rather than sending them to jail.

That's a fair assessment.

But I think Gordon Brown deserves a lot of credit for not only bailing out British-based banks, but also persuading other governments to see the dangers of letting the international banking market go bust.

The dangers facing pension funds and savings and investments today — although due to ignorant political dogma, and not the finance fraternity's greed and mismanagement — are similar to what faced them in 2008...

PS: Gordon Brown also gave the Bank of England its independence back in 1997 — think if Truss was now controlling that too...!!!

[B0ycey]

When were Labour ever given any grace regarding the banking crisis? It was the basis the Tories built their great con on, that has now turned into the great disaster that has been Tory rule. Only recently has it been accepted by some that the banking crisis was not in fact Labours fault, and that only because , Covid, and the broader inflation problem , needed explaining away. Why should you have it both ways.? Politically Labour we're fair game, what makes a failing Tory government different.?
What the Tories can not explain away is the breakdown of our services due to cuts to severe for purpose, when you starve the horse that draws the cart , then the horse becomes to weak to draw the cart, and that's where we are. Whilst borrowing was consistently far to high. Which has only made present difficulties harder. The present problem is completely and utterly self made. It's laughable that the other choice for leader would not have stepped in this particular pile of shite, though they had enough on their plates regardless it only goes to show how far down the drain they actually are.

None of it was Labours fault given it was bankers selling mortgages in America that people couldn't afford and then selling them off to the rest of the world as rebundled toxic assets. The only blame you could give Labour was bailing out the bankers rather than sending them to jail.

[B0ycey]

 She'es only just got started.

Jesus Christ Barry, don't give us nightmares. I don't know how much turmoil the market can take. Any more tax cuts and we will be on parity with the Zimbabwean Dollar.