Jump to content
House Price Crash Forum

Gordon Brown Finally Admits He Is Not An Economics Expert


Recommended Posts

+ 1

That is a major advantage of the American system over ours. The president appoints experts for each department, not politicians.

Yup that just means you get the Goldman Sachs candidate for every appointment! Paulson, Geitner! laugh.gif

Link to post
Share on other sites
  • Replies 58
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

All those PM's Question Times each wednesday when he bragged about how much he knew, how expert he was and how he knew so much about the economy and in comparison everyone else was a "novice" and as the crisis developed "this is no time for a novice ha ha ha" - and quite a few similar performances when he was Chancellor and in conference speeches as well.

I'm all for freedom of speech but the latest stuff really takes the biscuit and it sets new levels of incrediblity even beyond those evidenced during the microphone incident during the general election in outright blatant disregard for the norms of credibility.

Mind you although he's setting new standards of implausibility and incredibility the coalition are doing their very best to surpass them

As for the media outlets that publish all the stuff...

Link to post
Share on other sites

:lol::lol::lol: , yep that seems to have worked a treat

That is a major advantage of the American system over ours. The president Goldman Sachs appoints GS The President. for each department, not politicians.

Fixed

The problems have very little to do with economics or lack of understanding, plenty of economists work for the chancellor, its just good old fashioned corruption blended in with bog standard self preservation on the political front for want of better words known as pretty standard human behaviour

There, fixed it properly for you.

Link to post
Share on other sites

Like Vince Cable, who was able to see the credit bubble, understand its danger, and who tried repeatedly to warn the nation about it?

Ah yes, the economist who insists on lumping £9k per year on 18 yr olds with no prior debt or experience of indebtedness.

I think you've made my point eloquently there matey.

Link to post
Share on other sites

So you think workers' taxes should pay for middle class student degrees?? Interesting!

The best people should go to uni, not 50% of the population . Whether they be middle class, top class, working class or underclass .

It should be free as it was years ago( maybe a contribution should be made dependant on parents wealth ). The costs would be repaid via higher taxes both direct and indirect paid by those who end up earning more having been to uni. Some that go will not end up earning that much more i.e. teachers but will add to society in other ways.

Problem is they want as many to go to uni as possible to keep them off the jobs market . Throw in a gap year and another year working for free to gain some experience and we are talking about people who once came on the jobs market at 16 not getting there untill they are 23/24.

Link to post
Share on other sites

Problem is they want as many to go to uni as possible to keep them off the jobs market . Throw in a gap year and another year working for free to gain some experience and we are talking about people who once came on the jobs market at 16 not getting there untill they are 23/24.

At which point they notice that there are, in fact, no jobs, at least not of the sort they had been led to expect (interesting, well paid, with prospects) and the smarter ones realise they've been royally had.

I dont disagree with you, BTW

Link to post
Share on other sites

The best people should go to uni, not 50% of the population . Whether they be middle class, top class, working class or underclass .

Agree 100%.

It should be free as it was years ago (maybe a contribution should be made dependant on parents wealth).

That is how it will be - free for students from poor parents.

The costs would be repaid via higher taxes both direct and indirect paid by those who end up earning more having been to uni. Some that go will not end up earning that much more i.e. teachers but will add to society in other ways.

You are describing the proposed system! Graduates will only have to start paying it back if they earn more than £21k/y.

Problem is they want as many to go to uni as possible to keep them off the jobs market . Throw in a gap year and another year working for free to gain some experience and we are talking about people who once came on the jobs market at 16 not getting there untill they are 23/24.

Well, for a few years the job market will be very weak. It is better for all is students stay studying for a bit longer now.

Link to post
Share on other sites

+ 1

That is a major advantage of the American system over ours. The president appoints experts for each department, not politicians.

Not necessarily so, a muppet with an ounce of common sense could have run the economy better. Most housewives have to make more prudent budgeting decisions every day of the week than snotty has in his entire lifetime.

Edited by OnlyMe
Link to post
Share on other sites

Agree 100%.

The costs would be repaid via higher taxes both direct and indirect paid by those who end up earning more having been to uni. Some that go will not end up earning that much more i.e. teachers but will add to society in other ways.

You are describing the proposed system! Graduates will only have to start paying it back if they earn more than £21k/y.

Its not like that at all

There is a huge difference in both actuality and mentally between loading tax on the back end to loading a loan on the front end that accrues interest

Edited by Tamara De Lempicka
Link to post
Share on other sites

The american system is the same as the UKs, self preservation at an individual level, thats all thats happened

They've had most of their HPC, and they still have alot of healthy banks. UK draws a blank on both.

The bailout of Wall St is horrible, but the US system is still more open and responsive.

Link to post
Share on other sites

Its not like that at all

There is a huge difference in both actuality and mentally between loading tax on the back end to loading a loan on the front end that accrues interest

For all practical purposes it works like a graduate tax. And it has a time limit.

But the main point is: Education is never actually free. The question is who pays for it: The graduates themselves, or from general taxation.

The proposed system is mixed, with poor students not having to pay.

I think the coalition has found a reasonable balance.

Link to post
Share on other sites

They've had most of their HPC, and they still have alot of healthy banks. UK draws a blank on both.

The bailout of Wall St is horrible, but the US system is still more open and responsive.

Yes. And they have investigated the crisis much more deeply, including with a public inquiry, with a very good recent published report. (We had a thread about that here recently.)

The "checks and balances" in the American system are much better than ours.

.

Edited by Tired of Waiting
Link to post
Share on other sites

Vince's weighty tome on the credit crunch is without doubt THE dullest book I've ever had the misfortune to read.... you'll get more information from the posters on this site... in fact, you'd have probably heard the news long before Vince's moment of clarity simply by digging through HPC and reading what posters were saying.

Cable the messiah... my @rse.

(It started in America.... a synopsis of the book, just so you don't have to waste time reading it... I wish I hadn't)

Link to post
Share on other sites

I have never understood how they are able to shuffle the cabinet around overnight. For example, how does an education secretary suddenly have the expertise to become the chancellor?

Edit: and why does the media never ask this question?

Edited by fellow
Link to post
Share on other sites

I have never understood how they are able to shuffle the cabinet around overnight. For example, how does an education secretary suddenly have the expertise to become the chancellor?

+ 1

It is just crazy.

I think it is a consequence of class being more important than qualifications in Britain.

And I think the cultural roots of this goes all the way back to Burke and the landed aristocracy, against the "up and coming" middle classes, with their fancy "degrees" and "theories".

BTW, Britain is the only country in the world where the word "academic" means irrelevant. That is a pre-enlightenment, troglodyte intellectual position. Very sad. Tragic really.

Link to post
Share on other sites

I have never understood how they are able to shuffle the cabinet around overnight. For example, how does an education secretary suddenly have the expertise to become the chancellor?

Its not about moving them into a position that they have expertise for , it is about moving them out of the area they are already in before it becomes aparant the 17 year old receptionist is more competent than they are at their job .

Edited by miko
Link to post
Share on other sites

Anagram of 'Deranged' is

"Gardened" :lol::lol::lol::P

Edited by erranta
Link to post
Share on other sites

Are we missing something here? Is there even such a thing as an economic expert? If there is, are any of them working as politicians? I would think they'd be out there in the world of high-finance making their millions, not playing politics.

I think you are right. I guess 99.99% of economists work in the private sector.

Actually I remember reading that one of the main problem of these regulators (FSA, BoE, Fed, etc.) is that they can't afford the best in those fields. Hence, the "regulated" are usually much better staffed than the regulators.

.

Edited by Tired of Waiting
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 415 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.