Sunday, March 1, 2009

Commentary on the regime

Our cult of the amateur has let Brown destroy Britain

I feel that the UK may not successfully dump New Labour at the election, as they have established and expanded a privileged public sector elite, of course to the ultimate detriment of all. This article is mainly about Brown's poor decisions but there are many points pertaining to what is essentially a government regime. I wonder at what point private sector workers will just throw in the towel.

Posted by stillthinking @ 12:13 PM (913 views)
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6 thoughts on “Commentary on the regime

  • I remember predicting that there would be a massive property crash and recession around 2002 when debt was getting out of control and house prices went above fair value and we were in a bubble (I’m a trained economist and was a Reuters financial journalist!). People laughed at me, thought I was crazy, they kept on saying buy a property, and buy a property, and a flat will cost a million quid in 5 years. there will never be a crash! But it seems it was them who were crazy.

    Although I expected things to be very bad when the crash came (HP down by 30%), I didn’t think that we would talking about the collapse of the banking system or government bailing out banks/debtors or countries going to the IMF! Didn’t think the ramifications of a crash would be as bad as this. At the time I thought a crash was needed to happen as people and governments were living in fantasy world (no more boom and bust – how delusional!), they needed a reality check but now I’m saddened and angry. Why did the government let people borrow these stupid amounts of money and why did they not cap mortgage lending, why did they remove house prices from the inflation target? The Bank of England warned several times that house prices had raised to fast and that chances of a crash were growing exponentially but the government did NOTHING to rein in lending. But now that prices are crashing they are doing everything to expand lending!

    If the government had been economically competent, we would not be in such a mess. Brown has got to go down as one of the worst chancellors ever and now it looks like he will be one of the worst PMs ever who has ruined the lives of some of the people who pay his wages. Instead preaching to bankers about morality when it’s 5 years too late, he should do the morally right thing and resign immediately. The longer he stays, the more he will be hated and the more bad policy decisions he will tackle out of desperation to have any chance of winning the next election.

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  • “Historians will struggle to understand this crisis. How, they will ask, in the country regarded as the mother of democracies, could a manic spendthrift be allowed to incinerate the nation’s dwindling wealth, with no mechanism available to remove him from power? We are spectators of the despoliation of Britain for at least two generations to come”. says the article.

    Hang on, Paul Moore is about to show up the HBOS board as a bunch of self interested amateurs too. See news…

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  • lucas. you have articulated my thoughts exactly (but more succinctly than I ever could have!)

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  • tyrellcorporation says:

    ‘I wonder at what point private sector workers will just throw in the towel.’

    Its already happening. Most of my mates who work in the private sector are applying to join Gordon’s Army. I run my own business and have just spent yet another weekend working solidly and not relaxing like my mates who work for the state and knock off at midday on a Friday or very often finish their week on Thursday.

    I too am looking at the Guardian job pages and on the websites of the Regional Development Agency and local council. I’ve had enough, I want a piece of easy-street.

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  • Loved the last paragraph;

    ‘The British cult of the amateur transformed a history graduate and politics lecturer, with no formal financial qualifications, into the acclaimed pundit of post-neoclassical endogenous growth theory.’

    Gordon Brown’s ‘post-neoclassical endogenous growth theory’; priceless.

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  • Tyrell

    Lke most things thought it wont last, what do you really think Camerons army will do to cut costs – there are no free lunches and those of us that know the truth know the truth.

    You can run but you cant hide.

    It will be grim in either sector to be honest, i expect it to be worse in the public sector as that faces the most reforms.

    I also expect GB to fall on his word literally as things get really grim ( its just the start at the moment ).

    As for HPC which is what this site is all about – 3 months back i wondered was 50% really posible, now i think 75% in real terms might easily be posible. – negative equity and repossesions – who REALLY cares ???????? ( and i dont mean that for me i mean literally and politically – they will go through the motions but the cash is spent, the piggy bank is dry – i expect Mandy will say its a public tragidy if hes still around that is )

    In 5 years time the last thing on the publics mind will be buying houses !

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