Monday, April 11, 2011

eloquent post on blame for Brown for financil crisis

whomightyoube 14 minutes ago
Yes I can remember all those Tory MPs crying out for more regulation in the City of London. The deluge of articles in the national newspapers warning of impending doom. That famous speech by David Cameron "Please stop these greedy bankers before they gamble away all our money". Gordon Brown is saying now that he could have done something about it and in that sense he made mistakes. He would not have had any support from the Tory party for the required action and, if he is guilty of anything, it is believing, like most others, the dogmatic 1980's Thatcherite idoelogy of deregulation. How many times did we hear form the Tories in power that the city should self regulate ? Building Societies would never have got into such a mess because they are only allowed to lend what they have as deposits. Thatcher laid the seeds of destruction by permitting demutualisation, again based on greed. The supposed advantage was that the newly created banks would be able to borrow on the international money markets. That was the reason why they failed when the international money dried up. The root of the current financial mess is America which fraudulently sold of its huge toxic loans to the rest of the world. The British and Dutch legal action against Iceland should be redirected against the US.

We now have a Tory Government, propped up by the Liberal Democrats drunk on the prospect of electoral reform, that is ideologically opposed to public services in any form, rubbing their hands with glee at the prospect of dismantling the health service with the excuse that they have to reduce the deficit left by the previous government.

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