Friday, Mar 20, 2009
The Grand Illusion
ThisIsMoney: Brown 'ignored 2004 warning on crisis'
Another article implying GB is a bad economist, when he isn't an economist at all. His education was political history, and he obtained a political post as an alternative to leadership. Darling is a former lawyer. Not economists.
Posted by stillthinking @ 10:56 AM (723 views) Add Comment
10 Comments
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1. crunchy said...
Hard nosed economists need not apply!
2. greytornado said...
Gordon Brown is certainly not an economist - Frank Field MP who stated that GB was "Mad Mrs Rochester in the attic" had him sussed out. Bown's apparently inexplicable decision to sell over 400 tons of our gold reserves when the price was cyclically low, illustrated his complete lack of understanding of that market. Never mind, by selling our gold and saving his mates skins at Goldman-Sachs from unmitigated disaster, has ensured GB a good job when the voters sling him out in a few months.
(In 1999 it was rumoured that Goldman-Sachs had a 1,000 ton gold short position in the markets. G-S were betting that gold would go down - however to their shock, it started to go up. The rest is history - despite much advice to the contrary - GB announced gold sales, which sent the gold price down and saved G-S from disaster. HMG have done everything to stop this info becoming public knowledge.
3. stillthinking said...
Very interesting greytornado. I think probably Brown lacks the gumption to follow his mate Tony into an investment bank upon his (hopeful) ejection from government.
4. 51ck-6-51x said...
just for fun:
is>
---
Danny:
I don't advise a haircut, man.
All hairdressers are in the employment of the government.
Hair are your aerials.
They pick up signals from the cosmos and transmit them directly into the brain.
This is the reason bald-headed men are so uptight.
Withnail:
What absolute twaddle!
5. 51ck-6-51x said...
"is>"?
OK then: is there a conspiracy / there is a conspiracy
6. bidin'matime said...
Did anyone hear Tessa Jowell on Question Time say that anyone who says they saw this coming is a liar...? So was I lying when I sold my house? Was I lying when I split the money into accounts with no more than £35k in (9 months before Northern Rock)? Was I lying when I moved my pensions out of the stock market. Are we all liars on this site? The sad thing was, not one solitary bu66er challenged her!
Like many others, I had to be careful who I told, because so strong was the consensus that prices only go up, people thought we were idiots - the problem is that the stupid masses (most politicians included..) define a wise person as "someone who does the right thing, even though the outcome is wrong", whilst their definition of an idiot is "someone who denies the obvious correctness of everyone else, but might just have got it right by sheer chance..."
7. Crashwatcher said...
Does everyone one commenting on this site now want a Nanny State? Who was it that took out too much credit? - some of the UK population. Who was it that paid too much for housing? some of the UK population. Who was it got the banks into this mess? The Bankers. Do you want the Government to stop the people making stupid decisions? Do you want the government to stop bankers making stupid decisions or even take over the banks? Sounds to me like your complaining that we dont have a Nanny state. I bet your the same people that would complain first if we have one.
We are in this mess because many ordinary people and many top bankers didnt use common sense. You cant legislate for that.
8. bellwether said...
Saw it coming! They were creating it all alone
9. bellwether said...
along rather
10. 51ck-6-51x said...
yeah I guess John Paulson was lying too when he bet against sub-prime & financials.