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Brown Rejects Merv's Assessment--Its "global'


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http://www.telegraph.co.uk/news/newstopics/politics/6399061/Prime-Minister-and-Chancellor-hit-back-after-Governors-banking-attack.html

Prime Minister and Chancellor hit back after Governor's banking attack

The Bank of England’s Governor's criticism of the way the banking system operates in the wake of last year’s crisis has drawn a stinging response from the Treasury and Number 10.

By Andrew "Andy" Porter, Political Editor

Published: 10:00PM BST 21 Oct 2009

Alistair Darling dismissed Mervyn King’s suggestions that banks needed to be split up as “not right for the 21st century.”

Gordon Brown added that the financial crisis was caused not by banks being too big, but by a lack of global supervision.

They will not admit their complicty in the worst financial disaster in history. Always someone elses' fault (global). I think this is why Brown is so heavily derided--he cannot own up to failing to do his job either as Chancellor or as our unelected PM. He should take a leaf out Harry S Truman's book and admit that the buck stops with him.

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Does brown get paid a Pound for every time he says "global" or something? He's like a precocious brat that's just learned a new word!

And they're talking sh1te about "global supervision".... Canada's banks are doing fine, with local supervision. Look after the pennies and the pounds will look after themselves....

Edited by Dubai
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I've never seen a Government so emphatically in the pocket of big finance as these guys.

Yes quite clearly a coup has taken place.

When were they planning to tell us?

There is no other logical explanation. Name any other sector that has received £1T in bail outs.

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Guest BoomBoomCrash

The main problem with Brown is that you have someone that isn't very bright, utterly convinced of his own genius. Worse still, because he's surrounded by **** licking sycophants in the Labour party, there is nothing to counter his delusion.

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He knows if we regulate and other countries don't, then the big cash cow that is banking will go elsewhere. If you take our economy and remove the banking element we stand at a GDP of around 12p. It's like a Mexican stand-off, but who will blink first?

This is the point. If they go too far, they'll end up with nothing, then the UK is in big trouble,

They've made loads from the banks over the years and p**sed it all up the wall.

I think history will judge them the worst government ever.

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Alistair Darling dismissed Mervyn King’s suggestions that banks needed to be split up as “not right for the 21st century.”

Gordon Brown added that the financial crisis was caused not by banks being too big, but by a lack of global supervision. [/i]

Brown is wrong on this. No question.

The problem is that the tories believe essentially the same thing. Why can none of these people show any backbone?

We have Lord Turner of the FSA, Mervyn King of the BoE and various US finance regulators like Sheila Bair all saying the right things about what needs to happen. It reinforces my belief that the real issue is not with the central bankers and associated regulatory bodies, but with the incestuous ties between politicians of all stripes and the financial services industry.

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Merv is clearly saying "I told you so" for the way Brown cocked up the supervisory structure of UK banks.

Brown seems to be saying that the supervision of UK banks should have been undertaken by some other global institution, which I find extraordinary.

The blame for the collapse of much of the worlds financial system can be fairly equally shared between Clinton and Brown's lax regulation of the financial systems in their respective counties.

Don't forget Browns hubris when he was lecturing the more conservative Europeans to throw caution to the wind and join the fun

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Merv is clearly saying "I told you so" for the way Brown cocked up the supervisory structure of UK banks.

Brown seems to be saying that the supervision of UK banks should have been undertaken by some other global institution, which I find extraordinary.

The blame for the collapse of much of the worlds financial system can be fairly equally shared between Clinton and Brown's lax regulation of the financial systems in their respective counties.

Don't forget Browns hubris when he was lecturing the more conservative Europeans to throw caution to the wind and join the fun

Some fair points there doctor but you conveniently forget that thatcher and reagan were the ones who push the ball off the cliff in the first place. Don't succumb to revisionist myopia, is my advice.

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He knows if we regulate and other countries don't, then the big cash cow that is banking will go elsewhere.

Funny, I always thought a "cash cow" was something that gave you money, not that ate up your money at an incredible rate and then asked for more. How much is the government making in tax on City pay and bonuses this year, and how much have they spent supporting the financial sector? I'd be astonished if the ratio is as good as 1:10.

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tried looking across the pond recently?

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6884998.ece

From Times Online October 22, 2009

US bailout companies ordered to cut pay

Rebecca "Becks" 'Connor

Top executives at US companies that have not yet repaid billions of dollars of taxpayers' bailout money will be forced to take pay cuts of up to 90 per cent after a ruling by President Obama's pay czar.

The most senior 25 employees at Citigroup, Bank of America, American International Group, General Motors, Chrysler, as well as the financing arms of the two car companies, will see their basic salary fall to just 10 per cent of previous pay, with some earnings replaced with shares in the company that cannot be sold for several years.

The result of the measures will be an average remuneration reduction of 50 per cent.

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I think King is right I think that black and white rules are better than rules and regulations.

Black and white = Yes/NO you break it your buggered.

Regulations = offices of highly paid folks (a) checking another office of even higher paid folks (B,). If (a) where that smart they would be working for (B,). This just ends up with (a) chasing (B,) and then like now taking action after the horse has bolted with the bonus of paying for (a) and (B,) makes less money/leaves the country.

Glass S rule: Yes please a person saving their money and getting a low rate should not be expected to finance investment banking/speculation. And on the other hand if your rich and you read the rules and give you money to a investment bank you can expect to loose the lot.

Mark to Market: Yes please always nice to know how much things are really worth if your a important financial institution.

Skin in the Game CDS: Yes please you can only buy insurance if you own the investment that can be defaulted on.

To big to fail: Yes please if one company can take out the economy they should be broken up.

More simple rules less regulations

Edited by Fromage Frais
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Some fair points there doctor but you conveniently forget that thatcher and reagan were the ones who push the ball off the cliff in the first place. Don't succumb to revisionist myopia, is my advice.

Can the mechanic who rescues an old wreck from the scrap yard, fixes up the engine and gets it running be blamed when some joyriders drive it recklessly and crash it some years later?

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Can the mechanic who rescues an old wreck from the scrap yard, fixes up the engine and gets it running be blamed when some joyriders drive it recklessly and crash it some years later?

Terrible analogy. Let me fix it:

Can the mechanic who when given care of an ailing vehicle, steals the perfectly good engine inside, sells it and replaces it with a cheaper model with very limited life expectancy and gives the whole thing a natty new paint job and a miserly amount of fuel be blamed when some years later the engine fails when doing 90 on the motorway?

Answer: yes, but the driver shouldn't have been speeding. Both are guilty.

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http://www.telegraph.co.uk/news/newstopics/politics/6399061/Prime-Minister-and-Chancellor-hit-back-after-Governors-banking-attack.html

Prime Minister and Chancellor hit back after Governor's banking attack

The Bank of England’s Governor's criticism of the way the banking system operates in the wake of last year’s crisis has drawn a stinging response from the Treasury and Number 10.

By Andrew "Andy" Porter, Political Editor

Published: 10:00PM BST 21 Oct 2009

Alistair Darling dismissed Mervyn King’s suggestions that banks needed to be split up as “not right for the 21st century.”

Gordon Brown added that the financial crisis was caused not by banks being too big, but by a lack of global supervision.

They will not admit their complicty in the worst financial disaster in history. Always someone elses' fault (global). I think this is why Brown is so heavily derided--he cannot own up to failing to do his job either as Chancellor or as our unelected PM. He should take a leaf out Harry S Truman's book and admit that the buck stops with him.

Who engineered the conception of the biggest bank in UK history?

Of course they disagree - tossers!

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  • 439 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% +
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      • Even
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      • up 5%



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