Quote: Tim Walker @ February 11 2011, 5:02 PM GMTYes, but a significant part of the reason that what happened in the sub-prime mortgage market etc. was able to affect the strength of British banks, was the financial deregulation introduced by both Clinton and Blair (with Brown's enthusiastic support). This, coupled with massive public overspending (based largely on ideological rather than practical principles) is the reason UK plc is economically f**ked. "Global factors" may be a convenient get-out-of-jail card, but it doesn't actually excuse the actions of the Treasury under Labour's command.
Yep. The banks f**ked themselves up, but they did so with a) the enthusiastic support of Clinton, Blair and Brown, and b) under a system which Gordon Brown designed and over which he presided and boasted of. His position as chancellor meant that he had ultimate responsibility for our banks' part in it; either way, it happened under Labour's watch, so they can't honestly wash their hands of it.
The massive defecit and fiscal mess the country is now in was created entirely by Labour. They hold 100% of the responsibility for it. And it's that mess that's left us unable to adequately cope with the fallout from the banking crisis. Spending all of the country's money, as Gordon Brown did, meant that there wasn't any left when we needed to give banks some help. And now leftie commentator after Labour MP after student politician is allowed, on everything from 10 O'Clock Live to Question Time to talk about the two issues as one and the same, and without a hint of irony, self-awareness or honesty, refer to the bankers having caused the defecit.
Sickening. And as Tim said, Labour do it every flipping time. Is it any wonder Tory Governments have to cut public spending?