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Gordon Brown Admits It: Failed To See Economic Crisis...

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From the Torygraph

Gordon Brown has admitted that he failed to see the looming economic crisis and warned that Britain will not emerge from recession this year unless there is emergency action in the Far East, America and Europe as well.

He said that despite warning about the possibility of some breakdown in the markets it was impossible to predict over the past 10 years that they would seize up totally. :rolleyes:

The Prime Minister refused to admit that Britain was living through "a bust" and repeatedly failed to say that in fact he had not abolished "boom and bust" - an achievement he often claimed while he was Chancellor. <_<

Mr Brown said that previously the whole of economic policy had been focussed on "how to control inflation". The Government had recognised there had been a danger of "institutional failure in the banking system" and acted to bolster national regulation, he insisted. :lol:

But he added that the global financial crisis was "completely new territory".

He told the BBC: "What we did not see, nobody saw, was the possibility of markets failure." :huh:

He comments came on the day Britain will officially enter a recession with growth figures released by the Office of National Statistics.

Mr Brown attacked both the opposition and speculators who have advised investing in Britain. David Cameron warned on Thursday that Mr Brown could be forced to go to the International Monetary Fund for a cash bail out.

Mr Brown said: "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 then you are very, very wrong indeed.

"The decisions we take about the future of the economy are based on what is right for Britain."

On the Tory leader's comments he added: "I think this is ridiculous behaviour on behalf of opposition parties. The situation in Britain is this: that we have low public debt, we have low inflation, wages are under control."

Repeatedly he was asked to admit whether he claims to have abolished "boom and bust" were now laughable. But he said that the unique circumstances of the financial crisis made this situation completely different to any other recession, because it was not driven by high inflation and wages.

He refused to say how long Britain could be in recession. But he said "common action" was now central to the recovery and that President Obama was about to announce his own economic measures.

He said: "Every country is facing these problems and I believe we are doing it with a great deal more determination than a lot of people are giving the credit for."

So basically he's saying "I failed... but everyone else did too so you can't blame me".

Nice how he got 1 'Obama' token in there, though. As you know for each "Obama" a politicians Reputation increases by +1.

Edited by delurker

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Nice how he got 1 'Obama' token in there, though. As you know for each "Obama" a politicians Reputation increases by +1.

but a puppy gets stamped on when a polititians reputation goes up +1

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I heard the interview but missed out what he said. I was trying to count the number of times he said "global" and "international" in an attempt to hold back a premature ejeculation.

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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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