Sunday, March 8, 2009

Apologise for the recession?

Brown's credit crunch tantrum at 30,000ft

The full depth of Gordon Brown’s anger over suggestions that he should apologise for the recession was laid bare in extraordinary scenes on the Prime Minister’s plane last week, 30,000 feet over the Atlantic. His anger boiled over in a series of outbursts during his trip to see US President Barack Obama. The Prime Minister stormed: ‘You want me to go on television and apologise, but I am not going to do it. I have nothing to apologise for. It is not my fault. Get in the real world.’

Posted by little professor @ 03:40 AM (1978 views)
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15 thoughts on “Apologise for the recession?

  • little professor says:

    Tipped off that the reporters planned to ambush him over the apology issue, jacketless Mr Brown was determined to get his retaliation in first.

    ‘What is it you think I should be apologising for?’ he demanded. ‘I have nothing to apologise for. You guys just don’t get it do you?’

    When one reporter asked why he had let banks get out of control, Mr Brown leaned towards him and said: ‘You’re saying I got it wrong? But I didn’t. The same problems have happened all over the world and our regulations have been better than anyone else’s.

    ‘Get in the real world. People are saying it is my fault and that I caused the recession. They are wrong. It is not my fault.

    ‘It did not start in Britain, it started in America. We have had low interest rates and low inflation. Every other recession in Britain has been created by high interest rates and high inflation. That has not happened under me.’

    Asked why he had not stopped the housing bubble, Mr Brown retorted: ‘House prices were high because of a lack of supply.’

    Pressed to admit he had made mistakes, he said: ‘No, it was supply. If inflation is low, people are going to borrow money to buy houses. You can’t stop that. You don’t understand it.’

    When another journalist tried to defuse the situation, Mr Brown refused to be diverted. ‘No, let’s sort this out now, let’s have it out now,’ he said, jabbing his finger.

    Later, Mr Brown told Mr Robinson: ‘You want me to go on television and apologise, but I am not going to do it.’

    One reporter said: ‘It wasn’t quite a tantrum, but he was very aggressive.’

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  • Brown is in absolute denial about this. Interesting that his mantra of low inflation and low interest rates – which are both being kept artificially low – is still in use.

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  • Good regulation of the financial services sector? When the FSA looks in the mirror there’s no reflection. Brown and Blair decided in 1997 that in order to gain power they had to get the South East on board and the way to do that was to create a ‘weath effect’ in the City that would spread around the South East. The way to do that was to allow the Wall Street investment banks operating from London (the UK investment banks had been overshadowed by Wall Street) to regulate themselves, i.e. – let them get on with creating high leverage, bubbles and phantom wealth. The high leverage gave them enough speculative funds to rig markets, blow bubbles and get out before the crash, then move on to the next bubble.

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  • What does this article highlight?
    The Personality (disorder) and Character of Brown?
    No,That is allready well documented.

    This article highlights the 3rd rate calibre of the Mainstream Media in the UK.
    How do they continue to allow this fool to get off the hook time and time again?
    If only there had been one or two regular HPC bloggers on that plane, they could have really exposed Gordon.

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  • If you were given the opportunity to ask Gordon Brown one question, what would it be?

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  • it_is_going_with_a_bang says:

    Many of the reporters don’t dare step too out of line because if they do they will no doubt be excluded from such trips in the future and therefore damage their careers. I am sure they are dying to put put a few nails in the coffin but their ghost of Journalism Future appears next to them everytime they think about it.

    There are no excuses for Brown, Labour has been in power long enough not to have any. Housing shortage? Well why didn’t he build them or better still limit immigration until house building caught up. The answer is simple, that very pressure and increased house prices was fuelling his miracle economy – simple.

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  • Reply
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  • Brown is getting under the skin of a number of Labour MPs who don’t want to be associated with his style any longer. Latest is Peter Hain, writing on the front page of The Independent today.

    I’m sure that Brown will never own up to being to blame for his role in the housing bubble, the debt mountain and for squandering Britain’s cash in the good years, leaving nothing for the present.

    Whoever takes over has my sympathy, its a poisoned chalice!

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  • Affordablehousing says:

    ‘Sold out’ said “If only there had been one or two regular HPC bloggers on that plane, they could have really EXPOSED Gordon”.
    From the ramblings of regular HPC bloggers, (forum members for definate) that I’ve seen,
    they would have been more likely to have EXPOSED themselves to Brown.

    ‘House prices were high because of a lack of supply.’ says Brown yet as someone off the regular forum pointed out only this week.
    there is currently nearly 1 million properties empty,
    I bet there was an average of at least 1/2 a million empty properties a year during this decade, if not more.
    This was a manipulated housing boom, caused by Banks, Estate agents, HM gov and Local Councils.
    To which bliar and brown are totally to blame.

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  • stillthinking says:

    Indeed, the obvious follow up would have been to question the creation of such a housing shortage while maintaining an open door immigration policy. Roll on the election.

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  • It reminds me of Tony Blair and the Weapons of Mass Destruction. If you say something out loud often enough, you end up beleiving it yourself. Now repeat after me: “It’s not my fault. It started in America. The whole world is suffering from the same problems…”

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  • britishblue says:

    Brown took the praise in the boom years. Just like smug homeowners who boasted what the were worth and derided renters, Therefore, he has ultimate responsibility for the country and should show humility. Just like home owners should accept that house price falls are actually a good thing and that the problem was with the bubble, not with prices going back to what they were actually worth.

    Certain things were more under his control and certain things were less under his control. The government PR machine could much more easily have expressed concern over rising house prices than they did. I sold my house in 2003 and at that time many people I knew in London thought we were at the top of the bubble. (I think prices rose 22% in the previous year -2002). However, would the Tories have done anything different with housing given that Kirtsy Alsop is their housing advisor and as little as a few months ago was still trying to ramp the market?

    However, given that the UK has a ‘free market culture,’ I think the Tories, Lib Dems and all the newspapers that want him to apologise would have been after him if he had had taken a different approach to the City of London. It would have been pitched as ‘Old Labour back to its tricks again.’ However, this is politics and if anything the Tories have shown extreme weakness by not making enough political capital out of the current crisis. It is good for politics that they are now trying to do so, albeit over the last year they should have had enough information to hung draw and quarter Brown.

    I have no respect for the media when they gang up together against someone like a pack of wolves. Look at the disgusting way they reported on the Madeline McCann situation and how hard it was to get an apology out of them. They eventually had to apologise Therefore, I don’t think it is necessary intelligent to believe and get excited about everything the newspapers report. I personally would be much more interested if they had spent their time focusing on the potential issues with America: What if Obama goes a protectionist route? Can America go it alone.? If they do, how will this effect the UK as we are much more effected by America than some countries in Europe? . Time spent on these subjects on the aircraft may have actually stimulated Brown and helped with his visit for the benefit of all of the UK.

    I don’t think Brown should apologise just because the media have decided he must and I also don’t want him to win the next general election. The UK badly needs a change of government for a variety of reasons. In fact I think it would be of great benefit to the country if he personally believes he has no chance of winning the election and focuses entirely on making decisions on the best way of getting us out of this crisis. The crisis hitting the UK has only just started and I would prefer to have a stubborn, focused leader that is trying to do the right thing, rather than one that is apologising, picking arrows out of his body and then has to resign. This would result in a change of leader in the labour party, (Ed Balls? Harriet Harmon?, David Miliband?) which would then run to the next general election. I personally think that this could spell even more disaster for the country with all the turmoil that would come with it. It would be better for the media to focus on real policies or policy alternatives, rather than Brown apologises and becomes an even weaker leader. A change of government will happen in the not to distance future what we need is real policies not the Tories setting up websites to get Brown to apologise. Lets get some real strong alternative long term policies from the opposition parties. They really are knocking at an open door!

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  • Why is it that we are always hearing about Brown being angry or having tantrums?
    Seems that he has only two modes of operation: smugness, and tantrums.
    Is this really the psychological make-up of a great leader?

    As for this nonsense about “We have had low interest rates and low inflation. Every other recession in Britain has been created by high interest rates and high inflation.”

    This is quite plainly an extremely superficial analysis. A more economically-enlightened analysis would recognise the existence of the credit cycle, and acknowledge that great busts can be (and are) caused by an excessive amount of credit. The low interest rates of the early part of this decade put the cherry on the cake and primed us for the mother of all credit crunches.

    The “low inflation” that we had was
    (i) because of the ONE-OFF deflationary force of the internet and the enlargement of China and India’s influence on world trade and
    (ii) because of flagrantly manipulated statistics, whether CPI or RPI – the biggest case of “The Emperor’s New Clothes” in human history, in fact

    Failing to recognise all of this, and also failing to recognise that each crisis tends to alternate in form from the previous crisis, shows a lack of understanding, a lack of adaptability, and a lack of analytical power.

    So watching Brown lecturing the Tories or LibDems “about economics” is actually an embarrassment. Force of argument, aggressive delivery, forceful claims to the contrary and angry explosions will never compensate for a thorough understanding of the subject.

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  • We have not had low inflation in this country Gordon.

    The only thing that has remained low is your miracle interest rates and wages which you suppressed with out of control immigration and

    the ability for homeowners to supplement there crap wages.

    Oh how I could go on. Your fault Brown along with those that listened and were influenced by your deluded bull.

    It happened in America first is like a kid saying Bush did it first.

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  • Mr Brown is deluded.

    It was Mwho allowed our national household debt to spiral out of control as banks lent more and more money to the man on the street to buy into an ever inflating housing bubble.

    It wasn’t under supply of houses that caused this mess and the biggest housing bubble in history.

    It was the over supply of cheap money and loans to our debt laiden national that caused this mess and feed this rridiculous over heated housing bubble.


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