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Paxman Vs Balls

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Ed Balls repeatedly claiming how he has the lessons of British History on his side, and how cuts have always been bad. The example he used was to remind Paxman how they both had to live through the withdrawal from Exchange Rate Mechanism and the rebalancing which followed. With high interest rates taking down weak companies and over leveraged debtors during the bust, but allowing younger interests on a sound financial footing to come into the market at lower prices to replace them. Then the UK came back with very strong real growth.

Balls also played up his years in a Labour Government saying he knows all about dealing with the IMF during his time in the Treasury. Did include Labour sneering at IMF recommendations and claiming the IMF were wrong all the time.

Dec 2003. How dare the IMF put a brake on house prices. http://news.bbc.co.u...ess/3333125.stm

April 2005 Debt warnings. http://www.guardian....alelection20051

Edited by Venger

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The sad fact is that as much of jerk as Balls comes off as. He is still far preferable to that bozo Osborne, who actually controls the finances of this nation.

Osborne inspires as much confidence to me, as a chocolate teapot.

This country is really screwed.

Edited by mel in w9

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The sad fact is that as much of jerk as Balls comes off as. He is still far preferable to that bozo Osborne, who actually controls the finances of this nation.

Osborne inspires as much confidence to me, as a chocolate teapot.

This country is really screwed.

Agree with the first sentence and the last sentence lol....

Balls is in complete denial and has selectively and conveniently forgotten (quelle surprise) the economic incompetence of the administration of which he was an influencing part.

He also has the kind of face I want to slap. Why does he look as though someone has just given him a suppository???

;)

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Agree with the first sentence and the last sentence lol....

Balls is in complete denial and has selectively and conveniently forgotten (quelle surprise) the economic incompetence of the administration of which he was an influencing part.

He also has the kind of face I want to slap. Why does he look as though someone has just given him a suppository???

;)

Well I do admit, he did seem to relish the fact that this economy is going to crash with Cameron/Osborne at the helm.

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The sad fact is that as much of jerk as Balls comes off as. He is still far preferable to that bozo Osborne, who actually controls the finances of this nation.

Osborne inspires as much confidence to me, as a chocolate teapot.

This country is really screwed.

How long have you been in this country, Mel?

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I thought Ed Balls' policy to deal with the financial crisis was pretty much the same as George Osborne's ... until Labour went into opposition, completely changed their policies and Ed Balls decided that now somebody else was going to make the same cuts Labour was going to impose then he might as well claim they weren't necessary after all and it was just down to the evil old tories.

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I thought Ed Balls' policy to deal with the financial crisis was pretty much the same as George Osborne's ... until Labour went into opposition, completely changed their policies and Ed Balls decided that now somebody else was going to make the same cuts Labour was going to impose then he might as well claim they weren't necessary after all and it was just down to the evil old tories.

+1

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When I read the thread title I thought Paxo had given him a mauling. Balls got off lightly.

Paxman didn't even put the main point to him - that the IMF said that even if things get worse that the cuts should continue (and print and cut taxes to prop it up).

The IMF guy pointed out "continued weakness in the housing market" as a problem with the economy - what the hell do they think is going to happen?! Do they really think that rising house prices are a solution?! Idiots.

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Well I do admit, he did seem to relish the fact that this economy is going to crash with Cameron/Osborne at the helm.

Is going to crash?

Is GOING TO crash?!?!?!?!

Thanks to BALLS and BROWN, IT'S ALREADY in the midst of a 245 car pile-up on the M1 on August Bank Holiday weekend!

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The sad fact is that as much of jerk as Balls comes off as. He is still far preferable to that bozo Osborne, who actually controls the finances of this nation.

Osborne inspires as much confidence to me, as a chocolate teapot.

This country is really screwed.

you wish

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How long have you been in this country, Mel?

9 out of the last 12 years. (6 years in Edinburgh, the last 3 in London. Was back in the States from 2005-2008)

BTW, I think what is about to happen to the UK is far, far worse than anything that has happened yet. Which may be why Balls seemed so smug. He knows when the s**t really hits the fan, it will be Cameron/Osborne at the helm not Brown/Darling.

I am no New Labour fan. Personally I see no difference between Tony Blair and David Cameron. But I tell you if this country hits the bottom with the Tories in the drivers seat, I suspect you will see the return of the Reds pretty quickly and for the foreseeable future.

I am glad I am moving back to Scotland next month. Personally I think Alex Salmond has more sense and intelligence than this entire coalition (and shadow) cabinet combined!

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(...)

I am glad I am moving back to Scotland next month. Personally I think Alex Salmond has more sense and intelligence than this entire coalition (and shadow) cabinet combined!

Please please do campaign for Scottish independence!

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9 out of the last 12 years. (6 years in Edinburgh, the last 3 in London. Was back in the States from 2005-2008)

BTW, I think what is about to happen to the UK is far, far worse than anything that has happened yet. Which may be why Balls seemed so smug. He knows when the s**t really hits the fan, it will be Cameron/Osborne at the helm not Brown/Darling.

I am no New Labour fan. Personally I see no difference between Tony Blair and David Cameron. But I tell you if this country hits the bottom with the Tories in the drivers seat, I suspect you will see the return of the Reds pretty quickly and for the foreseeable future.

I am glad I am moving back to Scotland next month. Personally I think Alex Salmond has more sense and intelligence than this entire coalition (and shadow) cabinet combined!

How are you able to judge that?

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(...) Balls got off lightly. (...)

I agree. For instance, I've never seen a journo asking about this aspect: Balls prefers to "slow down" the cuts. That means borrowing more and spending more. Yes, it would show up as a "higher" GDP in government accounts, sure. But this is not real production. This is akin to "cooking the books". It is not sustainable. And it increases the total debt.

.

Edited by Tired of Waiting

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I agree. For instance, I've never seen a journo asking about this aspect: Balls prefers to "slow down" the cuts. That means borrowing more and spending more. Yes, it would show up as a "higher" GDP in government accounts, sure. But this is not real production. This is akin to "cooking the books". It is not sustainable. And it increases the total debt.

Ultimately the problem is GDP as a measure. It is bobbins.

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I am not surprised that Balls comes out of it badly. For all his waffle about being able to boost the economy by spending other peoples money in reality he could not even sack one woman without making a mess of it and costing us a lot of money....

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I agree. For instance, I've never seen a journo asking about this aspect: Balls prefers to "slow down" the cuts. That means borrowing more and spending more. Yes, it would show up as a "higher" GDP in government accounts, sure. But this is not real production. This is akin to "cooking the books". It is not sustainable. And it increases the total debt.

.

If it looks as if Labour were going to get any where near the levers of power again, the bond and FX boys would quickly move to protect the value of their investments. (saw it before the previous election, a few good poll results for Labour and the markets started to get reaaaal twitchy).

If they did actually get in, ( and it's really looking quite possible given that people who buy each other Robbie Williams calendars, wear football shirts on holiday and eat lots of food fried in breadcrumbs tend to absorb the anti-cuts soundbites that the Left and Labour are currently planting all over a friendly and financially illiterate media); then you'd have a currency crisis within the first month, especially if Balls was the Chancellor.

The true Maven in the city ( not the pit boys or the salesmen-the actual Great Whites) understand fully the severe limits of his financial accumen -"neo-endogeneous growth theory" anyone?

I'm actually hoping the coalition does collapse and Labour get in, as it increasingly looks to me as if Osbourne and Co have taken a look at the books and decided to kick the Can further down the road, the deficit reduction plan is already doomed to fail.

With Labour in power the reset button would be pressed much quicker, though it will be extremely unpleasent and life shattering for a very large number of people. There is no way to avoid the eventual reset. None.

Edited by Jack's Creation

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If it looks as if Labour were going to get any where near the levers of power again, the bond and FX boys would quickly move to protect the value of their investments. (saw it before the previous election, a few good poll results for Labour and the markets started to get reaaaal twitchy).

If they did actually get in, ( and it's really looking quite possible given that people who buy each other Robbie Williams calendars, wear football shirts on holiday and eat lots of food fried in breadcrumbs tend to absorb the anti-cuts soundbites that the Left and Labour are currently planting all over a friendly and financially illiterate media); then you'd have a currency crisis within the first month, especially if Balls was the Chancellor.

The true Maven in the city ( not the pit boys or the salesmen-the actual Great Whites) understand fully the severe limits of his financial accumen -"neo-endogeneous growth theory" anyone?

city influence over the media as well as restructured electoral boundaries should hopefully see that Labour do not win at the next election

I'm actually hoping the coalition does collapse and Labour get in, as it increasingly looks to me as if Osbourne and Co have taken a look at the books and decided to kick the Can further down the road, the deficit reduction plan is already doomed to fail.

With Labour in power the reset button would be pressed much quicker, though it will be extremely unpleasent and life shattering for a very large number of people. There is no way to avoid the eventual reset. None.

either that or we have a truly sh*tty decade

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BTW, I think what is about to happen to the UK is far, far worse than anything that has happened yet. Which may be why Balls seemed so smug.

maybe he is so smug because almost his entire life (save a 4 year stint in journalism), from childhood to current, has been paid for by joe taxpayer, at a considerably higher rate than all the little people get on benefits

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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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