The fallout of Brown's sh1t storm

[The SMG]

This was a massive surprise to me:

BBC News - Labour 'left £3.3bn black hole in defence budget'

For years, people were living under the delusional impression that the then Chancellor (Gordon Brown) actually knew what he was doing.

Talk about fiscally ignorant. The guy was totally out of his depth.

If I'd ran our family finances the way he looked after government coffers, we'd be up to our necks in debt and running scared of the bailiffs.

Fortunately, unlike Gordon, I know that there's a strong correlation between "buy now, pay later" and "future financial sh1t storm"

To be fair to the bloke, he's not the only d1ckhead in government to damage the UK's war chest. I suppose that's just the way you see the world when you work in the public sector.

G

[jaffab]

SMG,

The moment Gordon Clown sold our gold reserves to pay off the debt I knew he was full of the brown stuff. He managed to pick the 2 month window to sell it when gold was at an all time low.

But then, one of the problems is 'the system' - most people were thankfull when 'New' labour came to power having had enough of the 1980's Tories. the problem with the system is when any party is in power for too long - they just go a bit power mad. Happened with Thatcher, happened with the Blair/Clown combo, and (if they dont get booted out when the coilition falls apart during spring next year), it will happen to Camron.

But yes, I agree with you about the money. Gordon did act like a student with his first credit card, and now daddy Camron has opened the credit card statement which has arrived - oh dear.

[The SMG]

I hear you Jaffa.

What makes me laugh is that the cretins in Red have got the audacity to come out with lines like:

"A huge gamble with growth and jobs"

That's an interesting point Alan Johnson. Lets not forget that it was YOUR sh1tty party that totally screwed up the nation's finances in the first place so don't start complaining when George and Dave attempt to sort out the mess.

Unbelievable.....

G

[JeffreyC]

I failed to see in the Spending Review today what bankers were going to contribute for getting us into this mess.

Aren't many of them pulling in a profit again?

[jaffab]

Originally Posted by JeffreyC

I failed to see in the Spending Review today what bankers were going to contribute for getting us into this mess.

Aren't many of them pulling in a profit again?

Thats one of the biggest problems, the public cash into the banks. Imagine if somebody gave you £100,000 right now, what would you do? The answer is - nothing, you would not have to work for a while, so you would stay in watching TV. Thats what has happened with the banks, the cash means they dont have to earn cash in other ways, which is why they are not lending, which is why the mess continues.

I actually wonder what what would have happened if all the governments had just let the bad banks fail - starting with northern Rock. Gordon Clown said "We cannot let this bank fail"... why not? What would have happened? Would it have been any worse than the situation we are in now?

[WYSIWYG]

Originally Posted by jaffab

I actually wonder what what would have happened if all the governments had just let the bad banks fail - starting with northern Rock. Gordon Clown said "We cannot let this bank fail"... why not? What would have happened? Would it have been any worse than the situation we are in now?

Dunno, how does riots in the streets grab you?

Don't get me wrong, I despise Gordo just as much as the next man but it would have been an even bigger mistake to let the banks go under.

Personally, I point the finger of blame directly at the FSA. They regulate the hell out of small IFA's and independent mortgage brokers but did diddly squat when the UK banks invested billions in sub-prime mortgage debt.

Iain