Monday, Oct 05, 2009

Cameron caught on 2006 regulation quotes

BBC: Andrew Marr Show

Eaton Dave was yesterday given a right kickin by Marr.
One classic at 53:30 mins in. Brilliant sqirm moment...
The Prime Minister made one point about you, which seems to be fair, which is that you complain bitterly about the way the financial crisis was run, but all the way through the crucial years you were calling for less regulation. You were calling for government to stand aside. In terms of bad calls, that was about as bad as it gets, wasn't it?
Well I don't accept that because I think the big mistake …
(over) Well I mean I can … As you can probably guess, I've got all the quotes here and they're pretty strong.

Posted by doomwatch @ 10:33 AM (1384 views)
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1. Ah-so said...

We have had ever more financial regulation, and it did not help. What we have lacked is sufficient oversight.

Brown has not brought in any "regulation" as a result of the crisis, or identified any that could have helped had it been in place.

The causes of this crisis lie at Brown's door - inflation targeting, taking the BoE out of the supervisory loop, turning a blind eye to danger signs (asset bubbles, debt, growing M4) and allowing the party to go on too long, so long as voters kept on voting Labour.

Monday, October 5, 2009 10:38AM Report Comment

2. Phil S said...

And if the tories get in we will have Georgie Osborne as chancellor. Oh my god!!

Monday, October 5, 2009 11:37AM Report Comment

3. the number cruncher said...

As I have commented often - without very strong regulation there is no free market, only monopolies.

The state should regulate strongly. The reason the state fails in regulation is when it creates a monopoly itself.

State capitalisms, as we practice today, is a travesty of an economic system where individuals profit from government investment but are protected from failure.

Monday, October 5, 2009 12:38PM Report Comment

4. 51ck-6-51x said...

Although I agree that weak regulation is often ( although not always ) worse than strong, generally regulation is an inefficient allocation of resources, tackling the effect and not the cause. Sort out the system rather than reacting to how people and organisations bend it to their will and we would see this for ourselves.

As Ah-so points out, the mess was not really caused by a lack of regulation, but the wants of the rich ( mostly corporations ) being executed by the powerful ( the state and central bankers ).

number_cruncher said, "The reason the state fails in regulation is when it creates a monopoly itself."
- there is no need for a monopoly if there are high enough barriers to entry and a monopoly is not the only way to screw the little man, but you are effectively correct. However this does not mean we need strong regulation - the reason regulation fails is because there is no way for regulation to pre-empt all the ways economic agents will react to them or circumvent them, hence markets become distorted and more regulation is required. It's a sure path to further problems

Many will argue that the cost is worth it, but we have not tried the real alternative of removing the biggest monopoly of all - the central bank!

Monday, October 5, 2009 01:36PM Report Comment

5. ontheotherhand said...

The programme has got a bit more edgy since Marr took over. Frost never pushed a difficult question and in return the big names would come on his show. Marr is of course left leaning and his wife writes for the Guardian, supports Labour, and her father is a Labour peer. Interesting to see if harder line against Cameron continues and they just boycott the show.

Monday, October 5, 2009 04:45PM Report Comment

6. doomwatch said...

Dave looked uncomfortable with answering the 30 millions net worth question, instead inferring his main assets
are a house in Notting Hill and his consituency (Oxfordshore).

I know houses in Notting Hill are way over-priced for Victorian terraces, but even the Sun readers
won't swallow a 30 million price tag.

Monday, October 5, 2009 04:51PM Report Comment

7. little professor said...

Left leaning? He asked Brown about his prescription painkiller addiction live on TV, that was pretty below the belt.

Monday, October 5, 2009 10:05PM Report Comment

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