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Gordon Brown just said on the radio that a lot of this recession was due to reckless lending.

But correct me if I'm wrong, but didn't he lift the regulations that were on the banks which enabled silly amounts of invented money which then enabled the lending to anything with a pulse?

Did he not give the banks the freedom to do this?

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Gordon Brown just said on the radio that a lot of this recession was due to reckless lending.

But correct me if I'm wrong, but didn't he lift the regulations that were on the banks which enabled silly amounts of invented money which then enabled the lending to anything with a pulse?

Did he not give the banks the freedom to do this?

We were listening to him from our office, we are confounded by his arrogance and refusal to accept what is clearly reality.

Just an admittal of some responsibility for this debacle would lift my respect for him from what is currently zero.

He should just leave if he thinks we are stupid enough to believe this bile.

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he is losing his grip - as this goes on - he's going to come out with more and more crap- and hopefully everyone will see him for what he is

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Gordon Brown just said on the radio that a lot of this recession was due to reckless lending.

But correct me if I'm wrong, but didn't he lift the regulations that were on the banks which enabled silly amounts of invented money which then enabled the lending to anything with a pulse?

Did he not give the banks the freedom to do this?

And is he not also asking them to get back to reckless lending of 2007?

c0ck.

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Guest KingCharles1st
And is he not also asking them to get back to reckless lending of 2007?

c0ck.

I always thought C0cks and Ccuntz were useful- however this dickhead is certainly not useful at all.

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Guest sillybear2

For every reckless lender there was a reckless borrower.

A reckless borrower that felt rich and kept ticking the Labour box at election times.

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Gordon Brown just said on the radio that a lot of this recession was due to reckless lending.

But correct me if I'm wrong, but didn't he lift the regulations that were on the banks which enabled silly amounts of invented money which then enabled the lending to anything with a pulse?

Did he not give the banks the freedom to do this?

Reckless lending! The worst of which was to nationalize Northern Rock, which destabilized the banking sector and has now created a 'black hole' which is silently sucking in every £ of taxpayers money in sight. If NR had been allowed to sink we would have still had a nasty recession as the banks remaining recapitalized but it would have been nowhere near as bad as the mess we're entering now.

I pity David Cameron, perhaps they should seriously consider loosing the next election!

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Reckless lending! The worst of which was to nationalize Northern Rock, which destabilized the banking sector and has now created a 'black hole' which is silently sucking in every £ of taxpayers money in sight. If NR had been allowed to sink we would have still had a nasty recession as the banks remaining recapitalized but it would have been nowhere near as bad as the mess we're entering now.

I pity David Cameron, perhaps they should seriously consider loosing the next election!

I will vote for them ONLY if they try to loose it.

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I will vote for them ONLY if they try to loose it.

seriously, he should just stand up and tell it like it is - whoever gets in power is giong to have to clean up the mess of theis government, and it's not going to be pretty or pleasant for any of us. We are in the shit, and it's a big hole we are going to have to climb out of.

Now, do you trust the person who dug us into this, or someone else?

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He reminds me of that Iraqi Information Minister, who was still claiming on TV that they were winning the war, and that the americans were nowhere near baghdad.... with american tanks visible in the background

Yeah, Brown in his Bradford and Bingley bowler hat banging on about sound fundamentals.

For Chemical Ali read Chemical Ollie.

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He totally disgusted me, he is seriously dangerous to this country, as a leader to be blatently lying through the whole interview was scary. The worst part was the refusal to admit we now have a bust! He should be in hospital and restrained. :ph34r:

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I will vote for them ONLY if they try to loose it.
seriously, he should just stand up and tell it like it is - whoever gets in power is giong to have to clean up the mess of theis government, and it's not going to be pretty or pleasant for any of us. We are in the shit, and it's a big hole we are going to have to climb out of.

Now, do you trust the person who dug us into this, or someone else?

Oh I AM serious.

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Without reckless lending the sheeple would not have seen the equity in their houses grown enabling them to MEW to buy things to create a miracle economy.

Brown knows this, he just thinks his intelligence is on another plane to ordinary hardworking family types and that they will be unable to join the dots.

His popularity is steadily dropping in the polls. The bail out has failed and the pound is tanking. I think its getting near GAME OVER for him.

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Guest sillybear2
He totally disgusted me, he is seriously dangerous to this country

Brown hates this country, even Mandy said he was psychologically flawed, Brown is now projecting his anger at the country as a whole, wilfully destroying everything he touches. We've had bad governments over the past century, but Brown is worse than all previous mistakes combined, the financial system and even how the UK holds together as a state has been undermined beyond repair.

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Guest sillybear2
Brown knows this, he just thinks his intelligence is on another plane to ordinary hardworking family types and that they will be unable to join the dots.

People are quickly realising the tricks that have been played on them, follow the yellow brick road!

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Gordon Brown just said on the radio that a lot of this recession was due to reckless lending.

But correct me if I'm wrong, but didn't he lift the regulations that were on the banks which enabled silly amounts of invented money which then enabled the lending to anything with a pulse?

Did he not give the banks the freedom to do this?

I thought is was Thatcher that deregulated the city in the 1980's, the big bang.

Certainly was a big bang and we are now seeing the fall out.

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Without reckless lending the sheeple would not have seen the equity in their houses grown enabling them to MEW to buy things to create a miracle economy.

Brown knows this, he just thinks his intelligence is on another plane to ordinary hardworking family types and that they will be unable to join the dots.

His popularity is steadily dropping in the polls. The bail out has failed and the pound is tanking. I think its getting near GAME OVER for him.

people in pyramid schemes have the same confidence, they see the initial maths, but dont carry them through to the infinity conclusion.

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I thought is was Thatcher that deregulated the city in the 1980's, the big bang.

Certainly was a big bang and we are now seeing the fall out.

You're not seriously going to blame the Tories for this one are you.Look at the legacy this c**t got in 1997,more private pension funds than the rest of Europe put together,low public debt,a three to one house price ratio,a collapsing unemployment total,a structural surplus.All they had to do was to put the necessary controls on the housing ponzi scheme(even taking control of interest rates when the t**ts on the MPC went for 3.5% base on 25%HPI in 2003).No hindsight ,we have been screaming at the New Labour economic terrorists ever since 2003 on this website.

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I thought is was Thatcher that deregulated the city in the 1980's, the big bang.

Certainly was a big bang and we are now seeing the fall out.

Jeeez, Even Labour don't still blame the last Tory government for everything, and here you are blaming Thatcher????

If only you knew how corrupt and cozy the City was before the big bank. The City is at least now open and response and staffed by real people rather than just public school boys like it was.

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seriously, he should just stand up and tell it like it is - whoever gets in power is giong to have to clean up the mess of theis government, and it's not going to be pretty or pleasant for any of us. We are in the shit, and it's a big hole we are going to have to climb out of.

Now, do you trust the person who dug us into this, or someone else?

There is a bit of damned if you do damned if you don't about opposition at the moment.

There is a fine line between attacking the Govt and contributing to the undermining of confidence, which is very much not in the Nation's interest.

There is a need to cut public services to an affordable level, like it or not, there is no way of avoiding it and the longer we do the worse it'll be. The economy is smaller it can't support the same or growing level of costs. But here's the problem with democracy and the quasi-gerrymandering policy that Labour has employed - can you get nearly half the population employed by or dependent on Govt spending to vote against their pockets?

Everyone is angry and everyone wants someone else to pay - nearly 30 years on there is still a massive number who see what was done in the early 1980s as horrific, and will refuse to accept that it was either unavoidable or laid the foundations for a couple of decades of sustainable prosperity. I think in time they'll regard the times then as modest compared to what is coming, and wish we'd had someone who faced reality rather than two who keep digging our hole deeper. And a foreign secretary who unbelievably is worse than Margeret Beckett, a feat I simply would have believed was inconceivable until now.

There are developers, agents, surveyors, builders who screwed countless homeowners with a greedy game of spoofing prices up to profit who shout at the banks as the cause - but greed of the operators in the market are to blame, the banks were just the enablers.

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There is a bit of damned if you do damned if you don't about opposition at the moment.

There is a fine line between attacking the Govt and contributing to the undermining of confidence, which is very much not in the Nation's interest.

There is a need to cut public services to an affordable level, like it or not, there is no way of avoiding it and the longer we do the worse it'll be. The economy is smaller it can't support the same or growing level of costs. But here's the problem with democracy and the quasi-gerrymandering policy that Labour has employed - can you get nearly half the population employed by or dependent on Govt spending to vote against their pockets?

Everyone is angry and everyone wants someone else to pay - nearly 30 years on there is still a massive number who see what was done in the early 1980s as horrific, and will refuse to accept that it was either unavoidable or laid the foundations for a couple of decades of sustainable prosperity. I think in time they'll regard the times then as modest compared to what is coming, and wish we'd had someone who faced reality rather than two who keep digging our hole deeper. And a foreign secretary who unbelievably is worse than Margeret Beckett, a feat I simply would have believed was inconceivable until now.

There are developers, agents, surveyors, builders who screwed countless homeowners with a greedy game of spoofing prices up to profit who shout at the banks as the cause - but greed of the operators in the market are to blame, the banks were just the enablers.

There isn't a fine line at all - simply putting your fingers in your ears, closing your eyes and singing "la la la laaaa" doesn't make everything rosy. It is as it is, somebody pointing out that the emporer doesn't have any clothes just means we can at alast start moving forward from it.

I think we are actually agreeing - we are at the bottom of a hole. We can either ignore the problem, and keep digging, or recognise the issues and start climbing our way out of it.

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http://www.guardian.co.uk/politics/2009/ja...ordon-brown-imf

Gordon Brown today dismissed as "ridiculous" a claim from David Cameron that Britain's economic plight was so dire that the government could be forced to go to the IMF for a bail-out.

In an interview on BBC Radio 4's Today programme to coincide with the official confirmation today that Britain is in recession, the prime minister hit back at Cameron for suggesting that the government could have to make a humiliating appeal to the International Monetary Fund in the way that Labour did in the 1970s.

In a speech yesterday the Conservative leader said that the IMF option was a possibility because Britian was at risk of running out of money as a consequence of Brown's policies.

But Brown dismissed this idea strongly.

"I think this is ridiculous behaviour on behalf of opposition parties. The situation in Britain is this, that we have low public debt, that we have low inflation, wages are under control," he said.

Stressing that the recession was caused by international factors, the prime minister went on: "I do feel that it is only if you properly understand what the situation is, if I may say to our opponents, that you can actually deal with it."

Brown said that the government had taken action to stop the banks collapsing, to get more money to families and to get the banks lending again.

"We are fighting this recession with every weapon at our disposal. We are building the foundation stones of a recovery plan that is specifically designed to get Britain through these difficult times."

In his interview, Brown also:

• Insisted that the current recession was "a completely different kind of event" from previous recessions, because other British recessions were caused by domestic inflation whereas the current one was caused by a global banking crisis.

• Said that the length of the recession would "depend on the degree of international support" provided by other countries. The measures taken in Britain would have "twice the effect" if matched by similar fiscal stimulus packages elsewhere around the world.

• Played down suggestions that the bank rescue plan would place an unreasonable burden on the taxpayer, saying it involved "loans that have to be repaid" and "fees that are taken [by the government] for insurance services'.

• Dismissed the comment by Jim Rogers, the high-profile investor who this week urged people to sell sterling, saying: "If you think we are going to build our policy around the comments of a few speculators who want to make money out of Britain, you are very, very wrong indeed."

• Described the Financial Services Authority as "one of the best regulators in the world, not one of the worst".

• Repeatedly refused to admit that he was wrong when he said as chancellor that there would be no return to boom and bust. He said the current recession was caused by a global financial crisis and therefore "quite different from anything we have dealt with before".

During the interview Brown was asked if he accepted that he had made any mistakes during his time as chancellor. He said that his priority had been to get inflation down, and that this had been successful, but he acknowledged that he had not anticipated what might happen in the event of a "complete market failure" of the kind the world is experiencing now.

Brown repeatedly stressed that global factors, particularly the "lax standards that were allowed to develop in the United States of America [in the sub-prime market]" were to blame for the crisis.

He went on: "The lack of transparency in some of the non-banking institutions was such that no one could spot what was happening."

And he rejected the suggestion that he should have imposed tougher banking regulation in the UK. "For the last 10 years people have been telling me there's too much regulation, not too little."

Nick Clegg, the Liberal Democrat leader, said that Brown was "living in denial" about the causes of the recession.

"In blaming everything on the US, Brown is desperately seeking to pull the wool over our eyes and distract attention from his own failure. For a decade he presided over an overheated housing market and a City of London gambling with the nation's future," Clegg said.

"The government must now urgently clear up the confusion over its bank bail-out plans. Gordon Brown must deliver big, permanent and fair tax cuts for people on low and middle incomes and use the money wasted on a pointless VAT cut on a huge green job creation scheme instead."

George Osborne, the shadow chancellor, told Sky News that today's growth figures showed that Britain was facing "the worst recession in a generation". He said that Brown's policies were failing.

"You do get the impression now that the government now does not really know what it is doing," Osborne said.

"What we need is some confidence that government policy is going to pull us through this. At the moment there's no public confidence, no international confidence. I think the public can now see that the government has achieved nothing."

Osborne also criticised the bank rescue plans announced this week, saying they contained "almost no detail".

Cameron IMF Thread

So people saying we are screwed aren't wrong, they aren't even very wrong, they are very very wrong.

Brown in total denial as usual.

None of this is his fault at all.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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