Wednesday, Jan 27, 2010
Stepping out of the shadows
The Telegraph: Mervyn King rubbishes Gordon Brown's Tobin plan, allies himself with Barack Obama
Gordon Brown’s attempts to cast himself as the architect of financial reform were dealt a humiliating blow on Tuesday after the Governor of the Bank of England rubbished the Prime Minister’s flagship proposal and allied himself with President Barack Obama.
Mr King has become increasingly political in recent weeks, undermining Labour’s early election campaign by warning homeowners earlier this month that the next two years will be characterised by economic hardship and rebuking the Government for failing to set out a clear strategy to cut the public deficit.
He has been aligned with the Conservatives after George Osborne, shadow Chancellor, said the Bank would take over full responsibility for banking supervision under a Tory government.
Posted by devo @ 10:39 PM (1103 views) Add Comment
13 Comments
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1. mander said...
Mr King needs a job after election however both Bernanke and Mr King are responsible for the creation of the housing bubble and they should not be rewarded with a new mandate.
2. fallingbuzzard said...
I think you're shooting the worker and not the boss. 2% CPI and cheap imported goods created a housing bubble over the last 10 years.
3. vacuouspolitician said...
lol. Wake him up...
4. markj69 str05 said...
Cheap, high risk, irresponsible, greedy lending and irresponsible borrowing created the environment for a market bubble (Housing in particular). Un-checked and unregulated. With little or no accountability for the actions taken. Call Merv a 'worker' if you will, but he's no mans puppet, and will have to live with his part in all of this. Big fat pension and fat cat consultancy deals should make him feel a little better!
5. markj69 str05 said...
@3.. Wake who up? Merv' or falling?
6. markj69 str05 said...
Maybe Merv's new friend has something to do with his bullish behaviour to the current gov't. 'Laurence Kotlikoff, an American professor of economics at Boston University and former adviser to President Reagan'
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7005471.ece
Some interesting ideas. I especially like the one about letting banks be banks and not investors, 'Limited Purpose Banking'
7. devo said...
nice one, markj69str05
can i call you mark?
will post the article separately
8. fallingbuzzard said...
Merv's a puppet or robot. The robot works to hit 2% CPI over the medium term even if he would rather hit -2% for a while.
9. fallingbuzzard said...
Kotlikoff says what most economists have been saying but he's the first to get the popular book published. Out next month, very good, even Merv read it which proves he has too much time on his hands. Never going to be implemented but very worthy ideals.
10. devo said...
never say never
11. nickb said...
For Kotlikoff, read James Robertson, Richard Douthwaite, Richard Werner... we don't need Jonny come lately septic tanks for this lesson. Oh well, I suppose the more the merrier.
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