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Myth-Buster – Article In Today’S Daily Mirror' - Ed Balls

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I had the misfortune to find a copy of today's Mirror on the train this morning. I had even more misfortune in reading some of it. The sheer cheek of Balls to write such tosh is beyond contempt! I had no idea how much Labour propoganda is ingrained in this paper until I read it, not just this article, almost all of it.

http://www.mirror.co.uk/news/top-stories/2011/01/24/shadow-chancellor-ed-balls-opens-fire-on-george-osborne-115875-22871244/

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I had the misfortune to find a copy of today's Mirror on the train this morning. I had even more misfortune in reading some of it. The sheer cheek of Balls to write such tosh is beyond contempt! I had no idea how much Labour propoganda is ingrained in this paper until I read it, not just this article, almost all of it.

http://www.mirror.co.uk/news/top-stories/2011/01/24/shadow-chancellor-ed-balls-opens-fire-on-george-osborne-115875-22871244/

All mainstream newspapers and TV stations are full of lies, propaganda and brainwashing. And the 24hr news channels are the worst. Best avoided.

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I had the misfortune to find a copy of today's Mirror on the train this morning. I had even more misfortune in reading some of it. The sheer cheek of Balls to write such tosh is beyond contempt! I had no idea how much Labour propoganda is ingrained in this paper until I read it, not just this article, almost all of it.

http://www.mirror.co.uk/news/top-stories/2011/01/24/shadow-chancellor-ed-balls-opens-fire-on-george-osborne-115875-22871244/

Balls wrote the bloody article :rolleyes:.

Shadow Chancellor Ed Balls opens fire on George Osborne

by Ed Balls, Shadow Chancellor of the Exchequer

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The truth is that, up to 2008, our debt levels were the second lowest of all major industrial nations. When the Exchequer received a windfall from the sale of the 3G mobile spectrum, we used every penny to pay down national debt.

When the financial crisis hit, we were badly affected by the loss of tax revenues from the City, and we had to inject huge sums of money to protect people’s mortgages and savings and stop the British banking system from collapsing.

On top of that, we cut VAT for a year, introduced the car scrappage scheme, funded apprenticeships and job ­creation schemes, and subsidised mortgages – all to stop people losing their jobs, homes and businesses.

That is what caused the deficit, not spending on schools, hospitals and the police.

Read more: http://www.mirror.co.uk/news/politics/2011/01/24/shadow-chancellor-ed-balls-opens-fire-on-george-osborne-115875-22871244/#ixzz1By2kNZCo

Ed appears to forget our debt levels appeared so low because of all the off balance sheet accounting that was going on. So they paid down national debt and yet still left the public finances with around £850bn to £900bn of total debt.

No Ed you where badly effected because some numpty drew a diagonal line on a sheet of paper and concluded that tax revenues would always increase allowing you to spend money you hadn't yet collected. When said money didn't turn up you found yourself up some creek without a paddle.

Still continue deluding yourself.

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Personally I hope the coalition collapses and we go to a general election asap. I then hope Labour get in and do what they do best -spunk all the money up the wall!

With Labour at the helm, the quicker we can drive this clusterf*ck that is our economy off the cliff, rather than enduring the agonising slow car crash we are currently witnessing.

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We spent 10 years trying to make that happen, and warning about the consequences of failure, but other countries would not agree.

Can anyone remember them trying to get agreement from other countries to regulate the banks? Well not until after they had crashed of course. unsure.gif

I can't!

Edited by Sir John Steed

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Personally I hope the coalition collapses and we go to a general election asap. I then hope Labour get in and do what they do best -spunk all the money up the wall!

With Labour at the helm, the quicker we can drive this clusterf*ck that is our economy off the cliff, rather than enduring the agonising slow car crash we are currently witnessing.

That's what would worry me, because it's precisely what they'd do when all it needs is to crash into a tree - still a writeoff, but there's a chance of us surviving that. That said, I see your point - what we have now looks more like bouncing down a steep slope rather than a cliff. You feel every impact, and each one breaks another bone, you'll be dead by the time you hit the bottom, but you've got time to feel it and appreciate it. Nevertheless you refrain from a twitch of the wheel that would send it over the sheer drop instead and get it over quickly, in the very, very slight hope that you might just make it alive.

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Personally I hope the coalition collapses and we go to a general election asap. I then hope Labour get in and do what they do best -spunk all the money up the wall!

With Labour at the helm, the quicker we can drive this clusterf*ck that is our economy off the cliff, rather than enduring the agonising slow car crash we are currently witnessing.

+1

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I had the misfortune to find a copy of today's Mirror on the train this morning. I had even more misfortune in reading some of it. The sheer cheek of Balls to write such tosh is beyond contempt! I had no idea how much Labour propoganda is ingrained in this paper until I read it, not just this article, almost all of it.

http://www.mirror.co.uk/news/top-stories/2011/01/24/shadow-chancellor-ed-balls-opens-fire-on-george-osborne-115875-22871244/

2011 is going to be a critical year for the economy. Growth is again in the balance and millions of jobs, businesses and homes are again under threat.

(...)

Of course we should have been tougher, but the truth is that – however tough our regulation was in London – we couldn’t have stopped British banks investing in American banks which were up to their necks in bad mortgages.

(...)

When the financial crisis hit, we were badly affected by the loss of tax revenues from the City, and we had to inject huge sums of money to protect people’s mortgages and savings and stop the British banking system from collapsing.

On top of that, we cut VAT for a year, introduced the car scrappage scheme, funded apprenticeships and job ­creation schemes, and subsidised mortgages – all to stop people losing their jobs, homes and businesses.

That is what caused the deficit, not spending on schools, hospitals and the police.

:o

Edited by Tired of Waiting

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I had the misfortune to find a copy of today's Mirror on the train this morning. I had even more misfortune in reading some of it. The sheer cheek of Balls to write such tosh is beyond contempt! I had no idea how much Labour propoganda is ingrained in this paper until I read it, not just this article, almost all of it.

http://www.mirror.co.uk/news/top-stories/2011/01/24/shadow-chancellor-ed-balls-opens-fire-on-george-osborne-115875-22871244/

I wish I had resisted the temptation to read that but I didn't......urghhh.

That obese public school bully is the worst of the whole stinking, corrupt, troughing Nu Liebour breed; if he ever gets a chance he will surpass Brown's incompetence in a matter of days. He doesn't even know what the truth means less has he ever told it.

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From this page there is this gem of housing realism ;-

Mark Wadsworth says:

January 23, 2011 at 8:46 am

“mortgage lending at a 20 year low”?

That’s probably because houses are stupid expensive and people are getting scared to buy. As far as I can recall, under the last Labour government, house prices trebled or something, which is just the flip side of the credit bubble, and when the bubble popped (as they always do) we had what people refer to as “a recession”.

We can tell you’re a politician because you seem to think that that high house prices are A Good Thing, exactly like Thatcher in the 1980s. The truth of the matter is that high house prices are poison for the economy.

:rolleyes:

Edited by Blod

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From this page there is only this sign of realism to quote;-

Mark Wadsworth says:

January 23, 2011 at 8:46 am

"mortgage lending at a 20 year low"?

That's probably because houses are stupid expensive and people are getting scared to buy. As far as I can recall, under the last Labour government, house prices trebled or something, which is just the flip side of the credit bubble, and when the bubble popped (as they always do) we had what people refer to as "a recession".

We can tell you're a politician because you seem to think that that high house prices are A Good Thing, exactly like Thatcher in the 1980s. The truth of the matter is that high house prices are poison for the economy.

:rolleyes:

Our very own Mark W - normally spotted over on the news blog forum.

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:o

It's basically what has happened though isn't it. People on here have said it countless times - the prudent have subsidised the feckless.

Now, I wonder how many mortgaged-up and heavily indebted people bitching about the last Labour government realise just how close they came to kipping at the Salvation Army or worse.

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It's basically what has happened though isn't it. People on here have said it countless times - the prudent have subsidised the feckless.

Now, I wonder how many mortgaged-up and heavily indebted people bitching about the last Labour government realise just how close they came to kipping at the Salvation Army or worse.

they still will be by the end of this depression, its just been decided that theyll be joined by alot of the prudent aswell

imagine how fewer people would have been destroyed financially if the medicine was taken in 03 compared to 08 if they hadnt decided to extend the malinvestment/debt, now imagine how fewer people would have been destroyed financially if the medicine was taken in 08 compared to 201? if they hadnt decided to extend the malinvestment/debt

this is a classic credit bust (a 1 in 100 year event) thats only solution is increased savings, meanwhile govts continue to destroy more of the only solution, timing is difficult but by the end you are pretty much guarenteed that the average brit will be more debt averse than their great great grandparent

Edited by Tamara De Lempicka

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Can anyone remember them trying to get agreement from other countries to regulate the banks? Well not until after they had crashed of course. unsure.gif

I can't!

No, they did not. Gordon did a speech to say; let's have a 'soft touch' on bank regulation only 2 years before the crisis. He also said he would abolish 'boom and bust' in 1997 to the Labour party conference. Balls talks balls through and through.

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It's basically what has happened though isn't it. People on here have said it countless times - the prudent have subsidised the feckless.

Sure! I was surprised to see Balls saying it out load and so directly: "subsidised mortgages"

I think I just got it: He doesn't see it as the "prudent tax-payers" subsidising mortgages. He sees it as him subsidising mortgages - he, himself, king Balls. Or "they", Labour. Whatever. Though I doubt it. I think he thinks it was him, individually - in charge of Labour economic policy for over 10 years.

Now, I wonder how many mortgaged-up and heavily indebted people bitching about the last Labour government realise just how close they came to kipping at the Salvation Army or worse.

Oh very few. Most "home owners" have very little understanding of what is really going on. Most don't even realise we are still near a bubble's peak, about to crash.

And if we crash in 3 or 4 years, mostly masked by inflation, most will never know.

Edited by Tired of Waiting

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No, they did not. Gordon did a speech to say; let's have a 'soft touch' on bank regulation only 2 years before the crisis. He also said he would abolish 'boom and bust' in 1997 to the Labour party conference. Balls talks balls through and through.

I have had arguments with my father about this. According to my father, it did technically happen so i did technically lose the argument. I was too drunk at the time to collect the details of this claim. alli can recall is that Gordon brown did in fact try to get some international banking agreement or other (cough) agreed

So i would be interested to hear what this claim actually refers to

Next time i get drunk with my father i will bring a tape recorder

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In reality, they inherited an economy which was beginning to recover strongly

The conservatives shot themselves in the foot rather, by not banging the drum in the years leading up to the eection about where the economy was heading.

We didn't have an effective opposition, and we are now paying the price, with the added danger that labour might get back in again.

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The conservatives shot themselves in the foot rather, by not banging the drum in the years leading up to the eection about where the economy was heading.

We didn't have an effective opposition, and we are now paying the price, with the added danger that labour might get back in again.

We didn't have effective opposition because on the whole the Tories did not disgree with what Labour were doing. They didn't disgree with 'light touch' regulation - in fact they wanted less. They didn't disagree with HPI. They didn't disgaree with levels of spending - they pledged to match it. PFI - the Tories introduced it to the UK. etc.... etc.... etc.... etc....

The only hope we have with Balls is that we will have a proper discussion about what happened. Hopefully we will get to see balls face up to the many mistakes he made. Hopefully that will prevent the Tories from making the same mistakes because they seem to be continuing with an awful lot of what was wrong when Labour were in government.

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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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