Sunday, September 28, 2008

Where did all the money go?

Gordon Brown is 'bust', says David Cameron

"On the first day of the Conservative Party conference in Birmingham he said it was Mr Brown who spent too much while he was Chancellor and plunged Britain into debt. The Tory leader also raised the prospect of having to raise taxes if he becomes Prime Minister. And he warned against "bashing" bankers, and said he would not seek "cheap headlines" by blaming City practices for the current crisis".

Posted by alan @ 08:55 PM (1516 views)
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18 thoughts on “Where did all the money go?

  • Once more the debate turns to Godon’s miracle economy – the only thing that is miraculous about it, is that he got away with the illusion for so long.

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  • dohousescrashinthewoods says:

    Why he didn’t eat Gordon out of house and home with this elephant-in-the-room-like accusation a year ago, I will never understand.

    Gordon literally gifted the opposition parties with more material than they can use and yet only Vince Cable has quietly and politely mentioned it.

    Go Cameron, I say. I’m ambivalent about the Tories, but he’s the only one with enough of a platform to come back at Mr Brown and say “No! You have not been economically prudent. You are cooking the books and it must stop.”

    Why didn’t he take it? Then again, I’m not convinced by the proposals he came out with so maybe he doesn’t really understand it either?

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  • Unfortunately, there doesn’t seem to be any credible alternative to the incumbents yet. Cameron has a lot to do before I believe that he is serious about fixing our economy.

    “The Conservatives announced yesterday their plan for a new Government borrowing watchdog. The new independent organisation, the Office of Budget Responsibility, would monitor all public spending and borrowing.”

    Sounds way too complicated to me. If we could set up an organisation to control the money supply for the benefit of the country, that would be a more profitable way to use government resources (but hellishly difficult to explain to the public).

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  • The very fact that the Tories said nothing about Gordon’s ‘miracle economy’ when house prices were spiralling out of control tells me that they would have done exactly the same thing and simply couldn’t criticise at the time what were effectively their own economic policies. This leads me to conclude that they were just as clueless as Brown and co. about the upcoming bust, despite their supposed closeness to business and finance and superior business acumen. Cameron is simply Blair mk 2 and I really don’t understand why so few people appear to see it.

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  • tyrellcorporation says:

    Aye Shippy but at least the Conservatives believe in small government and wouldn’t have expanded the state by 700,000 employees in 10 years!!! I think the UK finances were in SURPLUS in 1997 – what a difference now.

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  • The problem is NeuLiebor are so deeply entrenched in the media that in 2007 anyone criticising Gordons miracle would have been publicly ridiculed. I think that letting them dig as big a hole as possible before openly criticising the incumbent government of this country is the only way to get a sufficient majority of the down dumbed electorate of this country who always vote the same way to see that they do not actually represent their best interests. The biggest problem the UK has is that its bipolar politics have been hijacked by opportunists. Blair and Brown were the first to take advantage of this, neither is a socialist and it will take a big economic hole to bury them and their mis-sold party.

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  • We face a period of global economic turbulence caused by the problems in the US housing market. It is understandable that families are concerned about how the world economic slowdown will affect them. Labour will continue to take the tough, long term decisions to maintain economic stability and steer Britain through these turbulent times. We will not go back to the failed Tory policy of billions of pounds of unfunded tax promises, which would undermine economic stability and risk taking Britain back to the days of 15 per cent interest rates and three million unemployed.

    This statement is on the labour website ! Apparently we have a stable economy and any financial problems will have blown over the pond. And labour will not rescind on tax promises (10p) the interest rates are lower but houses cost 3 times more.

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  • @shipbuilder – “Cameron is simply Blair mk 2 and I really don’t understand why so few people appear to see it” – IMO people probably do see him that way, but when it comes to a straight choice between Cameron or Brown then the public appear to favour Cameron and I have to say after the stealth taxes and Stalinist style of the current incumbent of number 10 it’s hardly surprising.

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  • Tyrrellcorp, jack c, you may be right, but I suppose my point about all this is – say the Tories got in in 1997 and the public sector and taxes were not expanded (as for the Stalinist state, I absolutely believe that the Tories would have reacted in the same way to 9/11, after all a Republican US government did), but the housing boom and bust still happened (I don’t believe this is debatable – the US, Ireland and Australia all have/had economically right-wing governments) – would we all be here now, mad as hell? Definitely. Saying the Tories would have been better is the same as saying it’s better to have a broken arm than a broken leg – we need to change the situation altogether.

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  • planning4acrash says:

    How about brings home the freaking troops, stops funding the EU and cuts our freaking taxes?! How about he objects to bank bailouts, but bails out the general public with tax cuts and moves us towards sound money and economic policies?! Is anybody able to talk any sense in this freaking country?!

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  • planning4acrash says:

    Jack C, in our hamstrung excuse for a democracy, people vote out incumbents. They do not vote in those they like. I propose a semi-proportional system, where minority parties can get an MP if they have enough accross the land to get a constituency. They would have to provide a list of who would get the seats pre-election, in order. That way, you could vote for personalities also. That way, we’d have a decent chance of having some UKIP, Green, and maybe even Libertarian? It would mean having more representatives, but it would make for exciting politics.

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  • planning4acrash says:

    Oh, also, I would change age of voting, to 16, when they can pay income tax, get married, etc. I would extend voting for children, but give that vote to the parents. That way, our children and families would, for the first time, be fully represented. I would also have a written constitution where referendums are required for constitutional changes, as with ireland. I would ad a “non of the above” option, and, give a constitutional ability for petitions of a given number to call in laws for judicial or constitutional reform, and, give the public the ability to petition for a general election, e.g. Iraq. I’d also give juries full ability to judge, not only the accused, but to judge the law under which they are accused, to determine its constitutional merits.

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  • Simonpeterclark says:

    Wow some intriguing policies there. The double votes for parents one is particularly puzzling; maybe we could reinstate the university vote at the same time. And a system where every court case is a constitutional debate by people with no knowledge of constitution or law might not be totally workable, either. Someone’s been on the waccy baccy I think…

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  • @11 p4ac, et al:

    Reducing the voting age would make no difference. The young are exactly those who don’t vote. What’s nice to see in many of the opinion polls and discussions recently is the rise in support for nationalised industries. Many of our problems have been caused by the leaching out of the disastrous policies of the 80s, when things that I owned were sold off to others, who then (having monopolies) proceeded to rip me off.

    Small government is exactly the opposite of what’s really needed, which is to once again bring many of the underclass back into the wider society. Thatcherite policies (still in force after all these years) have caused this misery. Socialist policies, the very thing she tried to abolish, will solve it. After all, the ‘trickle down’ effect she claimed would improve the lot of the country, still hasn’t happened, and I for one am fed up waiting.

    None of this is rocket science, unless you want to promote greed and selfishness, while working out how to keep so many people down. The simple answer is to make sure much more of the wealth is spread around the population. The gap between rich and poor *must* be reduced, and capitalism just doesn’t have the tools to achieve this.

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  • @ p4ac

    “I would extend voting for children, but give that vote to the parents.”

    You’d have to tax the adoption services too otherwise people will just adopt to get extra power. But then you’d just be buying votes – even without the tax, the rich will be able to adopt massive numbers of kids. Buying votes? what kind of a nuts idea is that… !P4AC FAIL!

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  • mark wadsworth says:

    @ Tyrell, it’s not an extra 700,000 public sector workers since 1997, it’s an extra 1,800,000.

    There are now 8.3 million people employed in ‘Public Admin, Health, Education” as against 6.5 million back in 1997.

    Out of those extra 1,800,000, barely 200,000 are something sensible like nurses, teachers, coppers.

    The rest are all just quangista and five a day advisors and snoopers etc.

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  • It’s fascinating that neither of the opposition parties have pointed out to Brown this: the record of history shows us that international financial crises are quite common.
    The Lombard banking system (in Florence) went bust in 1348 after lending too much to Edward III (in England). Nearly 700 years ago.
    The South Sea Bubble affected England, France and America. Nearly 300 years ago.
    etc. etc. etc.
    So blaming this crisis on unforeseen overseas financial crises is not just ignorant, but unacceptable from a leader.
    Why is it put forward as “acceptable” that, since the crisis is from overseas, well ah, it’s OK that we were caught with our pants down?
    Anyone?

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  • Does anyone else notice that the solution to just about all government problems is to introduce a ‘NEW’ commission of some sort or other?

    Our financial troubles are a symptom of our times. Cheap credit has been the order of the day. What are we to do when countries like Japan insist on issuing loads of cheap credit? If we don’t stay in step with other economies our exchange rate changes, and globalisation begins to work against us.

    The problem with our government, any government we might have in this country, is that if they could see this situation develop, they would do nothing in order to protect their political aspirations. Cameron, Blair and Brown are all cut from the same cloth. Arguing over who to blame, or who, of this pack, would be better than the next is a moot issue.

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