Friday, March 30, 2012

Blame game – heard anything more stupid this week?

Treasury 'stretched' and 'did not see crisis coming' before recession hit

"The three Treasury workers responsible for the UK's financial stability had an average age of 32, were underpaid and at least one would have been looking for a new job at the time of the financial crisis (in 2008)". The Treasury admitted it was "stretched" and "did not see the crisis coming" in a damning indictment of its own operations at the time.

Posted by alan @ 11:44 AM (1658 views)
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10 thoughts on “Blame game – heard anything more stupid this week?

  • How about Harriet? She says the (Labour) party will need to hold a ‘proper inquiry’ into George Galloway’s win after 36% swing to Respect.

    Galloway’s result represented the first byelection win by an independent since 1973, the article reminds us!

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  • happy mondays says:

    @ alan, maybe people are realising that there is NO difference between the 3 main parties & a real change is needed.. I am no GG fan but i suspect the people of Bradford are naffed off with the political B/sh8t establishment ..

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  • Some of the labour party were too busy downloading porn from strictlybroadband and charging it to their expenses

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  • There’s a difference between regulators having insufficient resources to regulate properly and the inability to see the crisis coming. Surely the MPC of the BoE, with all its data and economic ‘expertise’ could have seen it coming and set rates accordingly. Otherwise, what are they there for?

    And if it ‘started with America’s housing bubble’ (‘nowt to do wi’ us’) there were several US commentators who were flagging up the signs of a housing bubble there for years before 2007. To say ‘ah, but pessimists will eventually be right, a stopped clock is right twice a day etc’ – just won’t do. They were specifying the metrics (prices vs salaries, prices vs rentals, unusually high price rises and mortgage lending, growth of subprime etc. etc.) that indicated a huge bubble. They were also saying that its bursting would cause a big recession.

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  • general congreve says:

    Government are sh1t at managing other people’s money SHOCKER!!!

    Congrats to George Galloway. I’m not sure what his domestic policies are, will look into it today, but I am 100% behind him on war and Israel, a real man of principle winning an election at last. A bloody nose for the status quo and an amusing interview he gave on Sky, serving it to the elite and the journo’s good and proper.

    I think I can finally forgive him for that embarrassing Rula Lenska episode on BB a few years back.

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  • general congreve says:

    @4 – No worries Icarus, he who laughs last, laughs longest.

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  • Icarus, in 2006 five minutes a day on this site would have given those “experts” plenty of indication of what was to come. I’m not saying they should have become HPC torchbearers but at least it would have given them some pause for thought but like so many others they simply weren’t interested in anything other than rampant HPI.

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  • Just proves that the Tories are a bunch of clowns who have destroyed any chance of an early recovery. Their policies have actually made the defecit worse in the short term!

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  • general congreve says:

    @8 – Do you subscribe to the Labour views of more deficit spending to create growth then? Or do you advocate the GC analysis, which is we are broke and there ain’t nothing gonna fix this other than default (either directly or via inflation – both bad for the common fiat holding man) or a miraculous technological revolution do grow our way out at super speed (we did this very thing during the industrial revolution to escape debts of 250% of GDP – but it is hoping for a miracle).

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  • I agree icarus.

    The conventional excuses we’re getting from those responsible for regulating financial services in the UK at the time (BoE, FSA and Treasury) simply are not good enough.

    The bulk of the legwork at both FSA and treasury is done by quite low grade civil servants (a mid ranking officer there would be paid between £25 – £35k) but the Bank of England is completely different – each of the MPC members are paid £180k per year and they don’t even have to come into the office – at all (Danny Blanchflower famously demonstrated this).

    So they were well paid, well resourced and had all the access to the information they needed. So is their admission of ‘not seeing it coming’ one of plain incompetence? If so, why did King get a knighthood and can we take it back at some point?

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