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Waiting Patiently

"confirmed: The Lunatics Are Running The Asylum"

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With his clear intention to continue borrowing and spending recklessly, how much more damage is the deranged Brown about to do to the UK economy before he is booted out in 2010? From todays Telegraph:

Confirmed: the lunatics are running the asylum



Labour has led us into recession already in the red. To fund spending commitments and the extra spending bound to come in a recession from rising dole claims, they're going to have to borrow even more. And, of course, as they borrow more their income will fall as tax revenues decline along with economic activity. Their fiscal "rules" will be broken which is why the Treasury has been looking at rewriting the "rules" to give them the headroom to borrow the extra cash they need.

My memories are still fresh of interviewing Alistair Darling in No.11 Downing Street last September, the day before the Northern Rock disaster first became apparent. He lectured me about the dangers of excessive lending and borrowing. His very words were: "They [borrowers] need to ask themselves, 'can I repay this?' and lenders need to ask themselves, 'If it goes wrong can I get it back?' People do need to think long and hard about this. One of the by-products of the current situation is that, not just at a high level but right across the piece, people will be a bit more cautious."

Will they? Well yes, we will because as taxpayers and consumers we'll be forced to. But who's going to force the Government to stop its reckless and irresponsible behaviour? The salvation of the ballot box in 2010 is still a dangerously long time away as far as the deteriorating health of the economy is concerned. This week has confirmed many things, including the fact the lunatics really are running the asylum and clearing up the mess is going to be absolutely ghastly.


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"They [borrowers] need to ask themselves, 'can I repay this?' and lenders need to ask themselves, 'If it goes wrong can I get it back?'

They have no choice, the lenders will get every penny back with interest via you and me and every tax payer.


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  • 396 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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