Thursday, Sep 18, 2008
Super Hero Brown To The Rescue
BBC NEWS: Brown pledge to 'clean up' City
Gordon Brown has pledged to "clean-up" the financial system following the rescue of Britain's biggest mortgage lender HBOS by Lloyds TSB.
The prime minister said he had taken "quick action" to "maintain the stability of the financial system".
But he said he also had proposals to end "irresponsible behaviour" in the money markets to prevent similar problems happening in the future.
Posted by sold out @ 03:11 PM (1347 views) Add Comment
38 Comments
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1. renting2 said...
Totally predictable and too b****y late! The spivs have already run off with the horse, the stable, the paddock and fencing as well as the stable door! There's not much left to be irresponsible with.
2. japanese uncle said...
Yes at least he is obliged,.before going, to wipe off all the brown staff he splattered through the economic bubbles he created by scrapping pension tax breaks and PEP, along with BoE's rate cutting.
RIP Crash Gordon aka Bubblegum Brown
3. tyrellcorporation said...
Oh sh*te Jinxy himself is going to start meddling a bit more... Gawd 'elp us!
4. alan said...
This is an exercise in getting back lost voters.
Lots of huffing and puffing, with associated gestures.
Net effect will be negligible - he can't stay on much longer!
5. Yoss said...
Reckless banks to be lectured on "Prudence" by the UK's most prolific borrower. Only he isn't picking up the tab...The TAX PAYERS ARE!
Thank good he's on our side.
6. denzil said...
Oh dear! Those excesses that Brown refers to are the excesses that allowed him to announce he had a "miracle economy". Those same excesses carried him aloft and allowed him to rise to the position of PM, on the back of economic competence. Brown clearly believes himself to be a financial whizz kid but if that were in fact true he would have been able to spot the huge financial problems that were building, because bloggers here predicted exactly what was going to happen, whilst Mr Brown is pretending it's a surprise.
Mr Brown was well aware of the troubles that were being built but due to his own political ambition he chose to ignore it.
The time is up for Brown.
7. a saver said...
renting2 and JU @ 1 and 2
LOL, couldn't have put it better myself! When are the sheeple going to see through this despicable charlatan?
SS Loved the new logo posted yesterday for Lloyds/HBOS Megabank (or LLOS), with Howard riding the black horse!
8. a saver said...
PS they could call the new bank Mega-LLOS!!!
9. plato said...
SPIN
10. last_days_of_disco said...
MEGALLOSS (enter smooth theme music backing track ...)
We at MEGALLOSS believe that your savings are for our personal use. Yes we think your money is so
important that we are happy to p*ss it up against the wall. Before, making a loss on your money was hard
involving going to the pub and drinking it all away and you end up with a horrible headache. However with
MEGALLOSS we can throw your money away efficiently. And now, with our powerful Internet presence, you
can make a loss from the comfort of your deck chair in a tent in a field (your house having been repossessed).
We even provide countrywide WiFi coverage so you can do so from your deckchair, yes join MEGALOSS today!
11. sold out said...
"Mr Brown has been calling for the establishment of an international early warning system to ensure future credit crunches are identified and dealt with before the effects spread"
LOL
The warning signs where very obvious and posted on HPC at least 2 years ago, the first time i ever heard of the term Credit Crunch (before it went mainstream)was from bloggers predictions on this website.
12. hash browne said...
This bellend is like a spoilt little rich kid whose mates have been round for a party and thrown up all over mummys new carpet. He says he tried to stop them and promises he'll clean it up but really he was just as p*ssed as they were and he's just gonna get the maid to clean it up.
Meanwhile, all his mates are back at the pub laughing their @rses off about the great time they had last night and how Gordons got to stay in and clean it up.
13. Neo-serf said...
A clown of proportions humankind has never witnessed.
The one trick Darwin missed between Chimp and Human.
He will be stopping "irresponsible behaviour" - words fail.
14. nooneo said...
Brown is simply a dead man walking, still pleading his innocence as the hangman that is the Fife by-election, puts the noose arpound his neck.
There are currently 349 Labour MPs, a huge chunk of whom must surely be looking at the unemployment queue with little chance of a reprieve with the sack o' spuds they currently have as leader.
15. cornishman said...
16. crutchley said...
I think he means he's litterally going to 'clean up the city'.... After all everyone's getting fired and someone has to change the bin bags.... Might as well be him
17. Pundit said...
Has a ‘behind the scenes’ deal been done?
“The takeover is unlikely to have been allowed by the Competition Commission under normal circumstances”.
Glenrothes by-election imminent.
“The group also moved to allay fears that the takeover would mean a blow to Scotland where HBOS is currently based. Lloyds said the enlarged group would continue to use The Mound - HBOS's corporate headquarters - in Scotland, continue to hold annual general meetings in Scotland and carry on printing Bank of Scotland notes”.
"In addition the management's focus is to keep jobs in Scotland".
Brown saves jobs in Scotland.
Brown saves Labour from disaster in Glenrothes.
Little wonder Alec Salmond was livid when interviewed on Scottish on TV last night.
18. wiltshire said...
That wouldn't be Gordon "No More Boom And Bust" Brown would it?
19. d'oh said...
last_days_of_disco - you are mistaken...once you have deposited your money in a bank, it is no longer your money...you just have a credit with them...there are a few judgements that make this distinction clear...so it isn't your money they are p*ssing up against the wall...you gave it away to them adn no longer have ownership of it...it is their money they are p*ssing up against the wall.
20. a saver said...
Ldod @10, cornishman @ 15 LOL!!
21. timmy t said...
I love the way he says he'll clean up the city like he's the hero and he'll save us from those greedy bankers. Remind me, who was responsible for this country's finances whilst we were racking up all this debt... Think you're right Crutchley - bin bags are all he'll be trusted with.
22. mrmickey said...
Good point d'oh, it all started going wrong when people stopped getting paid in cash, you got your pay at the end of the week, paid all your bills, then put anything left over in a building society. Now everybody needs a bank account you never see your pay it just gets swollowed up by the bank in interest payments and bank charges.
23. Rm96696 said...
Can't this man get it into his head: the problem is not the money market, the problem is the housing bubble! The money markets don't work because no one wants to lend money to bank that has handed around 100% mortgages to all comers when house prices are going to crash.
24. Chilli said...
Remind me again why it is we have anti-monopoly laws? Setting them aside in times of emergency is like forgiving murder when we are hungry.
And what happens tomorrow when the sun is shining again and the super bank decides to raise bank charges? Anyone else get the sense we are being played?
Also: An 'Early Warning System'???? Do we really need one? I think what is happening now has been pretty obvious for a while now...
When another speculative bubble occurs we will be in the same moral position as in the past. The music won't in the future as as now, while there are short sharp profits to be made. The government needs the 'motivation' or perhaps the 'stones' to step in and create a minor depression when necessary. Then and only then will the 'boom and bust' cycle truly be over. 1929 the Fed knew there was trouble on the way, but did nothing. The BoE should have known this time, as should the politicians. The IMF gave them fair warning. The problem is inducing bad times is a politically indefensible position. Brown may be a t*sser, but you can't blame him unless another politician could have done the job better.
25. jack c said...
Gordon's miracle economy was (as I have said before) really a mirage economy - he's been found out and the game is up - best retire quietly into the background, gold plated indexed linked pension and all that goes with it.
26. This comment has been removed as it was found to be in breach of our Blog Policies.
27. harold said...
cornishman@15, excellent. This should be posted on billboards worldwide.
28. notaneconomicsguru said...
@12. To be honest Brown has always been a dead man walking but non more so than now.
He always has had a major problem with telling the truth. He rarely, if ever, accepts responsibility. He is very good at taking credit even when its not due to him. He rarely, if ever, takes courageous decisions. Prevarication is his style. He is largely reactive to events and does not appear to have vision. He is unable to allow himself to move on - he just can't seem to leave his Chancellor alone to get on with it. So he unwittingly continues to re-inforce the view that he is to blame even though he probably wants to show that he can fix it in order to re-establish his authority. It is very foolish of him to so publicly take ownership of the way forward. First it makes it seem that he doesn't trust Darling to do it and second if it fails he has no-one but himself to take the rap. He'd be better off if he could just allow himself to let go of economic affairs and simply got on with the job of being PM and publically at least let Darling get on with the economy.
29. plato said...
I feel obliged to offer some defence for the hapless GB.
He blindly followed and conspired for want of fame,power and riches with a colleague who has the initials TB.(What an ironic world!) That colleague then with immaculate timing jumped ship leaving Gordon in the same stuff as his own surname. That colleague joined a rather famous/now infamous Merchant Bank as an 'Advisor' on global political and strategic issues, a company that now is not very well at all............................... Excuse me! I've just been very,very sick..........................
Brown is a victim of a most unfortunate association with what can only be described as a JONAH........ who by the way now works for peace in the Middle East.......... God save us!........ So I ask you members of the public:- "Have some mercy for Gordon."
30. jack c said...
@plato (Thursday, September 18, 2008 06:35PM) - can't agrue about your use of the word conspired but GB (IMO) conspired against TB to a greater extent than with him - "So I ask you members of the public:- "Have some mercy for Gordon." - throw him to the pensioners I say and be done with him.
31. malct said...
plato - how dramatic
how Greek
now Roman
surely you need to have the last say?
we must look beyond puupets
32. Eternal Sceptic said...
The time to clean up the city was many years ago when the term yuppie was first coined. When obscene amounts of money are made by manipulating money rather than by earning it something is rotten in the state of Rome. We now all know what it is- endlessly repackaged debt in bundles so deeply nested that no one can put a figure to it. But when your bank is only on the end of a phone speaking in a tortured form of english from some overseas call center what sense can you seriously expect from them.
When the politicians and regulators are all getting the slops from the same trough as the financial alchemists that created this mess Mr joe average is up the creek without a paddle and his raft is sinking ever faster into crocodile infested waters.
The joke of all this is that the man that most publicly presided over the final build up to financial armegeddon,and patted himself on the back as he did it, now turns round and says in all seriousness that he is going to clean it up.
The only honourable thing he can do now is resign and call an election.
He has as much economic knowledge as a squashed gnat.
,
33. malct said...
oops puppets
note how sky and bbc are depicting brownjob as bloodshot eyed loser.
34. plato said...
malct
A tragedy for GB (That's Great Britain) indeed. I think I agree with you on this one.......... Roman Justice would be most apt....... Us Greeks tend to make plays out of things............... Mercy be Damned.....................................................LET LOOSE THE LIONS
35. notaneconomicsguru said...
@26 - I think TB's initials are really ALB (can't remember if he has more than 1 middle name).
Isn't Brown a tradegy of his own making though? In the later years he very blatantly undermined TB just at the time TB started to need his support more. In the end the pressure from Brown left him no choice but to go. I don't think TB's immaculate timing of departure was anymore than just chance in reality. I don't think TB ever really tried to do Brown down - in fact in public he heaped praise on him at every opportunity whilst being kicked in the back for the privilidge. In my view Brown has reaped his own whirlwind. Unfortunately TB's courage deserted him at the very momemnt (Autimn 2004) when he should have sacked GB - Maybe he was haunted by the memory of Thatcher / Lawson rift - she only survived another 14 months after that - or maybe he felt too politically feeble after Iraq went bad?
36. Northern Lad said...
absolutely speechless...how very dare you!
37. sold out said...
I have just heard on Sky News that todays events and the goverment brokered take-over of Hbos by Llyods described as Gordon Brown's "Finest Hour".
I nearly choked on my tea.
38. it_is_going_with_a_bang said...
What alot of people want is an end to Gordon Brown re-occuring in the future. Now that would be nice.