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gruffydd

This Made Me Shudder - Labour Back Benchers

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http://www.timesonline.co.uk/tol/comment/c...icle2540051.ece

"Discussing the prospects for the general election, Labour backbenchers sounded like liberated religious cultists, suddenly freed to return to the old patterns of thought that were brainwashed out of them ten years ago.

You know the sort of thing: “If Gordon waits until next year for the election, we can be sure of some rate cuts before polling day”, or “If there’s a problem with house prices, Gordon will fix it with lower mortgage rates”. Such coarsely manipulative language is not yet, of course, to be heard from senior politicians. Ministers still treat monetary independence as officially sacrosanct; but then they quickly change the subject to the need for a shake-up after the Bank’s regulatory failings."

SCUM!

Edited by gruffydd

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You've got to separate logic from reality- they are scum for continuing this bubble and folks on here are right about the dangerous levels of debt. But GB wont allow anything to mess up- he is creating the rules as he goes along- which is why i am not a bear- i would love affordable housing but GB wont let it happen-

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I wonder if we, the public, can show support for Mervyn King in a positive way?

He isn't a politician, but he - of all the officials who've commented - seems to be the only one even slightly able to understand what is going on. Every statement he makes seems clear and concise (though obviously in a tone in keeping with his position) and I definitely respect the man for making public comments to first time buyers about not taking on larger mortgages than they are *sure* are manageable. He is constrained in so far as he can't set policy - only implement it - but he seems to have been doing an exceptionally good job in incredibly difficult circumstances. Reading between the lines, I've understood for ages that Mervyn King does not agree with the policies he is required to implement.

I really don't see why the FSA are not for the high jump... they're supposed to be the ones who impose regulation and control on individual banks to avoid dangerous lending practices etc... aren't they?

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Because the FSA are just a SOP to make us think that the government actually cares about the way the banks behave. A disgusting quango that removes responsibility from the government. I've often wondered whether it's actually a retirement home for whacked out bankers. I'd love to by a fly on the wall to see what goes on when they get together with their old buddies.

Just picked this up from elsewhere on the Web: The FSA is a limited company and its board are appointed by the treasury

Their budget of 600million per year is paid by all the companies it regulates.

Edited by gruffydd

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