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Geither Blames Brown For Worldwide Financial Crisis

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8340038/US-treasury-secretary-poor-financial-regulation-in-Britain-fuelled-financial-crisis.html

Well we knew this with AIG having their most toxic operations in London plus all the other laundering of toxic assets.

I wonder how Brown is going to respond when you blame the big boys with "It started in America" there are bound to be repercussions.

Britain's worst ever chancellor and PM - definately, a cauliflower would have made a better job of it.

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He's definitely correct, but Geithner is still an idiot bankster puppet.

I am just waiting for the announcement that he is leaving the Obama administration to take up a role at JP Morgan/Goldman/Morgan Stanley. It's a question of when, not if.

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8340038/US-treasury-secretary-poor-financial-regulation-in-Britain-fuelled-financial-crisis.html

Well we knew this with AIG having their most toxic operations in London plus all the other laundering of toxic assets.

I wonder how Brown is going to respond when you blame the big boys with "It started in America" there are bound to be repercussions.

Britain's worst ever chancellor and PM - definately, a cauliflower would have made a better job of it.

Maybe he could become England manager, oh wait he'd have be a turnip head for that.

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8340038/US-treasury-secretary-poor-financial-regulation-in-Britain-fuelled-financial-crisis.html

US treasury secretary: poor financial regulation in Britain fuelled financial crisis
Britain ran a ''conscious'' strategy of trying to attract bankers to London that proved ''deeply costly'' ahead of the banking crisis, the US treasury secretary Timothy Geithner has said.

This one of those fecal-deficient detective moments.

Of course it was banksterism that caused the crash. Let a bunch of crooks lose with the money and they are going to rip everyone off. The tragedy is that we have not done anything about it and contnue to allow the tills to be emptied by these people. HPI was built on Gordon's lite touch--HE IS THE ONE TO BLAME.

The market is amoral--expect Banksters to thieve--so REGULATE against it. No LIAR LOANS, no more than 3 X proven income, tax BTL etc etc etc....

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US treasury secretary: poor financial regulation in Britain fuelled financial crisis

Britain ran a ''conscious'' strategy of trying to attract bankers to London that proved ''deeply costly'' ahead of the banking crisis, the US treasury secretary Timothy Geithner has said.

Britain embarked on deliberate strategy to coax bankers to Britain with lax regulation

I think we should let Gordon respond:

On the charge that we went out to take business from overseas:

Over the ten years that I have had the privilege of addressing you as Chancellor, I have been able year by year to record how the City of London has risen by your efforts, ingenuity and creativity to become a new world leader. Now today over 40 per cent of the world's foreign equities are traded here, more than New York:

  • over 30 per cent of the world's currencies exchanges take place here, more than New York and Tokyo combined,
  • while New York and Tokyo are reliant mainly on their large American and Asian domestic markets, 80 per cent of our business is international

And that lax regulation was the tool he used:

So let me say as I begin my new job, I want to continue to work with you in helping you do yours, listening to what you say, always recognising your international success is critical to that of Britain's overall and considering together the things that we must do - and, just as important, things we should not do - to maintain our competitiveness:

  • enhancing a risk based regulatory approach, as we did in resisting pressure for a British Sarbannes-Oxley after Enron and Worldcom,
  • maintaining our competitive tax regime, and having cut our main rate of corporation tax to again the lowest in the G8, today we are publishing the next stage of implementing Sir David Varney's recommendations for a more risk based approach to the administration of the system

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Geithner is exactly right. I'm deeply ashamed at London's role. All roads lead there! From Madoff, to 'structured finance', to AIG and CDS.

Brown can forget about a top job at the World Bank or IMF.

I think it's doing work for the poor in Africa for him from now on. I hope he doesn't get paid for it.

For goodness sake man! Don't you think the poor in Africa has already enough troubles?! :ph34r:

;)

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For goodness sake man! Don't you think the poor in Africa has already enough troubles?! :ph34r:

;)

He's getting on with the job of helping even the poorest people in the world to get into debt through microfinance schemes. As he likes to say, "Today's microloan is tomorrow's 125% mortgage."

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8340038/US-treasury-secretary-poor-financial-regulation-in-Britain-fuelled-financial-crisis.html

Well we knew this with AIG having their most toxic operations in London plus all the other laundering of toxic assets.

I wonder how Brown is going to respond when you blame the big boys with "It started in America" there are bound to be repercussions.

Britain's worst ever chancellor and PM - definately, a cauliflower would have made a better job of it.

absolutely shocking betrayal by Geithner, whos clearly still annoyed that Brown put Britain best placed to weather the economic storm, clearly upset that Gordon will go down in retrospect as having almost singlehandedly ended the Global economic crisis and put the globe on the strong road to recovery with his timely reduction in UK VAT. Browns biggest failing was simply wanting a future fair for all the population, each and everyone one of em, for which the UK mememe electorate chucked him out

Edited by Tamara De Lempicka

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(...)

Of course it was banksterism that caused the crash. Let a bunch of crooks lose with the money and they are going to rip everyone off. The tragedy is that we have not done anything about it and contnue to allow the tills to be emptied by these people. HPI was built on Gordon's lite touch--HE IS THE ONE TO BLAME.

The market is amoral--expect Banksters to thieve--so REGULATE against it. No LIAR LOANS, no more than 3 X proven income, tax BTL etc etc etc....

Exactly!

Bankers have always been greedy b@stards, since banking was invented centuries ago! And bankers are greedy b@stards in all countries. This greed does not explain this credit bubble, that happened mainly in the USA and UK, and mainly in the last decade. It was loose regulation, and interest rates too low that allowed this bubble!

.

Edited by Tired of Waiting

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....HPI was built on Gordon's lite touch--HE IS THE ONE TO BLAME.

The market is amoral--expect Banksters to thieve--so REGULATE against it. No LIAR LOANS, no more than 3 X proven income, tax BTL etc etc etc....

Spot on. WHEN will they learn? :rolleyes:

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I dont mind the UK being the chop shop for the rest of the world or for once being aggressive and going for the business.

I am not a big fan of regulation in large banking as how paying guys on 100k to monitor guys on 100 million is going to work as surely the former would be the latter if they where smarter and in the same field? Better to have nice simple logical rules like 20-30 percent house deposits, residential mortgages are not tax deductible, to have a business loan you have to put forward 40% to get 60% for a new venture etc etc all better than monitoring offshore investment CDOs, sivs and all that. Oh and let shareholders go under when they dont watch their own employees.

My problem is we did not follow the simple drug dealers mantra....... dont get high off your own supply, and we let the rest of the economy become inflated and zombified as a result of pandering to the finance industry and not planning for its success/failure.

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8340038/US-treasury-secretary-poor-financial-regulation-in-Britain-fuelled-financial-crisis.html

Well we knew this with AIG having their most toxic operations in London plus all the other laundering of toxic assets.

I wonder how Brown is going to respond when you blame the big boys with "It started in America" there are bound to be repercussions.

Britain's worst ever chancellor and PM - definately, a cauliflower would have made a better job of it.

Watch how the Liebour cheerleaders at the BBC relegate this story quicker through their website and out of site than even the story about Liebour MP's insulting a Tory because he is disabled. In fact they hardly reported the last one at all and certainly did not mention their beloved party.

Of course if it had been the other way round we would have a documentary about the tragically wronged genius Brown in production by tea time. Now no story must be allowed to upset their hero Fatty Balls.

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I hear Mubarak has about £40billion stashed away mostly in London. Was he asked to prove where he got it like we do when banking a few £k.

:lol:

Good point.

In this aspect our banking system is as revolting as Switzerland's. Accomplices of most of the world's worst criminals.

( I am talking myself into emigration today. Bad day. ) (Or perhaps a good day, actually. Who knows? )

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Treasury Secretary Timothy Geithner, who was forced to fork up $34,000 in unpaid back taxes, told the House Ways and Means Committee Tuesday that the Obama administration will be going after people who avoid and evade taxes.

Obama is a total clown for picking this tax evader for the Treasury.

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absolutely shocking betrayal by Geithner, whos clearly still annoyed that Brown put Britain best placed to weather the economic storm, clearly upset that Gordon will go down in retrospect as having almost singlehandedly ended the Global economic crisis and put the globe on the strong road to recovery with his timely reduction in UK VAT. Browns biggest failing was simply wanting a future fair for all the population, each and everyone one of em, for which the UK mememe electorate chucked him out

:lol::lol::lol: Brilliant.

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Let Brown loose in Africa?

If the choice was prosperity or Umbongo, he's go for Umbongo...

hopefully..

Edited by juvenal

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I hear Mubarak has about £40billion stashed away mostly in London. Was he asked to prove where he got it like we do when banking a few £k.

Cameron is carrying on where Brown left off "we have a leader whose job is to quietly legitimise a semi-criminal, money-laundering economy. If Hosni Mubarak has passed his alleged $70bn through British banks, the Egyptians won't see a piastre of it."

http://www.guardian.co.uk/commentisfree/2011/feb/07/tax-city-heist-of-century

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Geithner is just the finance guy of probably the most Anglophobe Whitehouse, since we burnt the thing in the War or 1812.

We probably tortured Obama's grand father in the Mau Mau thing bacj wjen in Kenya.

It's not big deal.

It'll pass.

I mean, isn't Obama on record with,

"America's greatest ally is the French"?

http://patriotstatesman.com/2011/02/obama-betrays-americas-greatest-ally/

So, we shouldn't have tortured his grand father but how were we to know.

As for Geithner .... yeah and ...

And it did start in America and we all know that.

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absolutely shocking betrayal by Geithner, whos clearly still annoyed that Brown put Britain best placed to weather the economic storm, clearly upset that Gordon will go down in retrospect as having almost singlehandedly ended the Global economic crisis and put the globe on the strong road to recovery with his timely reduction in UK VAT. Browns biggest failing was simply wanting a future fair for all the population, each and everyone one of em, for which the UK mememe electorate chucked him out

I love to see that irony remains alive and well.

Absolute classic!

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  • 312 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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