Monday, April 8, 2013

The End

Margaret Thatcher dies of stroke aged 87

No comment.

Posted by dill @ 01:19 PM (6756 views)
Please complete the required fields.



27 thoughts on “The End

  • Hmm. I wonder if there will be censorship here as there has been on the forum?

    Reply
    Please complete the required fields.



  • Not quite perfect, but she would not have allowed money creation on the scale that’s currently going on!

    Reply
    Please complete the required fields.



  • @3 montesquieu — careful, they ban talk like that over on the forum. At least you didn’t mention a 5-letter word starting in p, ending in y, and having art in the middle. Such a thing is heinous!

    Reply
    Please complete the required fields.



  • >Hey ho, the witch is dead.

    I wasn’t a big fan of her – when in power – but I think history will be kind to her…only by virtue of the fact that those followed her REALLY screwed up.

    Reply
    Please complete the required fields.



  • mark wadsworth says:

    I wonder whether this song will finally shoot to Number One?

    Reply
    Please complete the required fields.



  • What montesquieu said,

    I will not be shedding any tears today.

    Reply
    Please complete the required fields.



  • If there is such a thing as hell I wonder if they are having a party today? Then again if there is such a place, the illuminated ones wouldn’t be doing what they do.

    Reply
    Please complete the required fields.



  • “would not have allowed money creation on the scale”
    Hmm… was her administration (and by extension she herself, since she ruled the cabinet) not an implementer of financial deregulation, and presiding over a housing bubble which was massive for its time?
    N

    Reply
    Please complete the required fields.



  • According to the BBC it’s Thatcher’s fault we’re in an economic crisis.

    Reply
    Please complete the required fields.



  • Thatcher embodied more than any previous that greed is good. Her monetarism laid the seeds that would eventually result in the collapse of banks and which have enriched the bankers and impoverished many others. Her sell-off of national assets, whether homes or industries, has concentrated wealth in the hands of the few, not the many.

    She was the most destructive and divisive leader the country’s had until the present lot were voted in.

    Reply
    Please complete the required fields.



  • She was the most destructive and divisive leader the country’s had until the present lot were voted in.

    The present lot? What are you on about?

    Tony Blair and Gordon Brown were far bigger criminals…..look at Iraq? The deaths of hundreds and thousands of innocent people.

    Reply
    Please complete the required fields.



  • “She was the most destructive and divisive leader the country’s had until the present lot were voted in.” King John wasnt much chop apparently.

    Reply
    Please complete the required fields.



  • yeah, and what about Henry VIII?

    Reply
    Please complete the required fields.



  • The BBC have published an article which I think is quite balanced and touches on some points which are relevant to HPC: Margaret Thatcher: How her changes affected your finances

    “Giving people the right to buy their council houses and shares in previously nationalised firms such as British Telecom and British Gas were amongst the initiatives that won her much support.

    But some believe that other changes, such as those that made mortgages and credit much easier to get, sowed the seeds of future crises that still affect many to this day.

    Here, BBC reporters look at some of the changes that, for better or worse, have changed our finances forever.

    The Right to Buy Scheme for council houses was one of Margaret Thatcher’s most popular policies.

    It was enshrined in the Housing Act of 1980, making it one her first major pieces of legislation after she came to office in 1979.

    The number of people who bought their council house from their local authorities rose to 200,000 by 1982, and again peaked at 180,000 in 1989, her last full year as prime minister.

    Since the Housing Act came into force, it is estimated that some two million homes have been sold to former council tenants.

    The sale price was based on market valuation, but included substantial discounts, depending on how long a tenant had been living there.

    When Labour came to power in 1997, it reduced the value of such discounts in areas where councils were running short of housing stock.

    Critics said the policy resulted in speculators buying up valuable housing stock too cheaply.”

    and

    “With money from tax cuts in their pockets, shoppers began to rediscover the “feel good factor”. They were encouraged further as credit was unleashed.

    Restrictions on hire purchase offers were relaxed, stores offered credit, credit cards boomed. Consumer borrowing tripled during the 1980s.

    And, of course, mortgages were easier to get. The old rule of thumb that you only borrow two-and-a-half times salary was thrown out of the window.

    Building societies were allowed to lend more and foreign banks set up in the UK to compete.

    The Bank of England did not control the expansion of credit and there are those who see the roots of the current financial crisis in the credit boom of the Thatcher years.”

    Reply
    Please complete the required fields.



  • little professor says:

    Ding dong!

    Reply
    Please complete the required fields.



  • Mrs. Thatcher’s Mean Legacy

    By Jeffrey Sommers and Michael Hudson

    We typically honor the convention to refrain from to speak ill of the recently departed. But Margaret Thatcher probably would not object to an epitaph focusing on how her political legacy was to achieve her professed aim of “irreversibly” dismantling Britain’s public sector. Attacking central planning by government, she shifted it into much more centralized financial hands – the City of London, unopposed by any economic back bench of financial regulation and “free” of meaningful anti-monopoly price regulation.

    Mrs. Thatcher transformed the character of British politics by heading a democratically elected Parliamentary government that permitted financial planners to carve up the public domain with popular consent. Like her actor contemporary Ronald Reagan, she narrated an appealing cover story that promised to help the economy recover. The reality, of course, was to raise Britain’s cost of living and doing business. But this zero-sum game turned the economy’s loss into a vast windfall for the Conservative Party’s constituency in Britain’s banking sector.

    By underpricing her privatization of British Telephone and subsequent vast monopolies, she made it appear that customers would be the big gainers, rather than large financial institutions. And by giving underwriters a windfall 3% commission (formerly based on floating the stock of much smaller start-up companies), Mrs. Thatcher oversaw the start of Britain’s Great Polarization between the creditor 1% and the increasingly indebted 99%.

    Attacking rent-seeking in government, she opened the floodgates to economic rent-seeking in its classical sense: land rent in real estate (with debt-inflated “capital” gains) to make British property so high-priced that employees who work in London must now live outside it, taking highly expensive privatized railroads to work. Privatization also created vast new opportunities for monopoly rent for privatized public utilities, along with predatory financial takings by increasingly predatory banking.

    Finance has been the mother of monopolies ever since Dutch and other foreign creditors helped England incorporate the East India Company in 1600, the Bank of England in 1694, and other commercial monopolies culminating in the South Sea Company in the 1710s.

    By time Mrs. Thatcher became Prime Minister in 1979, Britain had made over a century of enormous investment in public infrastructure. Financial managers eyed this commanding height as a set of potential monopolies to be turned into cash cows to enrich high finance. Mrs. Thatcher became the cheerleader for what became the greatest giveaway of the century as the City of London’s gain became the industrial economy’s loss. Britain’s lords of finance became the equivalent of America’s great railroad land barons of the 19th century, the ruling elite to preside over today’s descent into neoliberal austerity.

    Her tenure as Prime Minister seemed to reprise Peter Seller’s role in Being There. She made good television precisely because her philosophy was stitched together in a sequence of sound bites that flattened complex social and economic relationships into a banal personal psychodrama. Mrs. Thatcher’s ability to sweep the broad financial and economic polarization and financial “free lunch” behind a curtain enabled her to distract attention from the consequences of what Harold Macmillan characterized as “selling off the family silver.” It was as if the economy was a middle-class grocer’s family trying to balance its checkbook along the lines of what its banker insisted were necessary in the face of wages being squeezed by rising prices for basic needs.

    The ground for Mrs. Thatcher’s rule was prepared by the fact that England’s economy was as much a mess as the rest of the world by the time she took office. The 1979 Winter of Discontent saw a perfect storm unfold. Unable to restrain Arthur Scargill and other labor grandstanders, the British Labour Party felt little need to wait for Britain’s share of North Sea oil to come on stream. That windfall would subsidize a decade of dismantling what was left of British industry. Oil states do not need to be efficient. They do not need industry, or even employment.

    Labour Prime Minister John Callahan made a token attempt to address these issues by requesting an IMF loan in 1976 to finance tangible industrial re-investment as bridge financing until the UK’s North Sea oil could begin generating foreign exchange. But US Treasury Secretary Bill Simon read him the riot act. IMF and U.S. policy was to provide credit only to pay bondholders, not to build up the real economy. Britain would be advanced loans only if it reoriented its economy to let high finance do the planning.

    The UK became the IMF’s best neoliberal poster child, establishing a comparative advantage in offshore finance in what ultimately would flower as Gordon Brown’s notorious Light Touch that brought about the bank collapses of 2008. In this sense her role was to serve as Britain’s version of Boris Yeltsin, sponsoring the carve-up of centuries of public investment.

    Mrs. Thatcher stepped into the post of Prime Minister in 1979 just as the neoliberal ploy was getting underway. The “grocer’s daughter” depicted Britain’s problems as a result of uppity labor. Her view stuck a chord as labor leaders called a series of politically self-defeating strikes that disrupted daily life and made it even more of a struggle than usual for most voters. Britain’s economy had never been riper for a divide and conquer strategy.

    The new twist was that the class war aimed at labor in its role of consumer and debtor, not as employee. England’s domestic industry took one beating after another as factories closed their doors throughout the country (with the most successful becoming gentrified real estate developments).

    The Iron Lady was convinced she was rebuilding England’s economy, while in reality it was only getting richer from London’s outlaw banks. Throughout the world, the damage wrought by this financialized economy has been immense. By “liberating” national money from the constraints of taxing authorities, the Middle East stopped much of its projects for industrial development. After 1990 the Soviet bloc was deindustrialized to become an oil, gas and mining economy. And for Britain, trillions of dollars in global tax revenues that could have been used for industrial and social development were routed through London, where the UK has lived off the fees from this free-for-all. So despite Mrs. Thatcher’s admiration for Milton Friedman, famous for claiming that There Is No Such Thing As A Free Lunch, she made Britain’s economy all about obtaining a free lunch – eaten by the world’s financial managers who flocked to its shores.

    How much did Lady Thatcher come to understand about a financial sector of which she never deliberately favored? She never expressed regret about how her policies paved the way for New Labour to take the next giant step in empowering the City of London’s financial complex that has un-policed the banks to catalyze one financial crash after the next, hollowing out Britain’s economy in the process.

    When Mrs. Thatcher took power, 1 in 3 of the England’s children lived in poverty. By the end of her reforms that number had risen to 1 in 7. She polarized the country in a ‘divide & conquer’ strategy that foreshadowed that of Ronald Reagan and more recent American politicians such as Wisconsin Governor Scott Walker. The effect of her policy was to foreclose the economic mobility into the middle class that she believed her policies to be promoting.

    Pundits the world over are chirping about her role in “saving” Britain, not as indebting it – destroyed an economy in order to save it. Her rule was historic mainly by posing the conundrum that has shaped neoliberal politics since 1980: How can governments nurture and endow financial kleptocrats in the context of rule by popular consent?

    This can be achieved only by violating the Prime Assumption of classical liberal political philosophy: voters must be sufficiently informed to understand the consequences of their actions. This means that governments must take a long-term perspective.

    But finance always has lived in the short run, and nowhere in the world is banking more short-term than in Britain. Nobody better exemplified this narrow-minded perspective than Lady Thatcher. Her simplistic rhetoric helped inspire an inordinate share of simpletons conflating supposed common sense with wisdom.

    Not altogether simple, perhaps, but simply opportunistic. As the uncredited patron saint of New Labour, Mrs. Thatcher became the intellectual force inspiring her successor and emulator Tony Blair to complete the transformation of British electoral politics to mobilize popular consent to permit the financial sector to privatize and carve up Britain’s public infrastructure into a set of monopolies. In so doing, the United Kingdom’s was transformed from a real economy of production to one that scavenged the world for rents through its offshore banks. In the end, not only was great damage inflicted on England, but on the entire world as capital fled developing countries for safe harbors in London’s banks. Governments throughout the world today are declaring “We’re broke,” while their oligarchs are growing ever more rich.

    Reply
    Please complete the required fields.



  • dont think labour government helped britain either bunch of crooks

    Reply
    Please complete the required fields.



  • dont think labour government helped britain either bunch of crooks

    Yeah, seems the lefties are out in force today.

    What the government(s) are doing now is far worse…..yet, no-one seems to mind.

    Reply
    Please complete the required fields.



  • @16 – true – pg’s quote @15 makes it clear that governments after Thatcher’s simply carried on her financialisation policies.

    Reply
    Please complete the required fields.



  • mark wadsworth says:

    Basically, Thatcher was the first to harness Home-Owner-Ism as opium for the masses and pure gold for the vested interests. That’s the beginning, middle and end of it.

    Reply
    Please complete the required fields.



  • Thanks for posting that PG. The Guardian’s op-ed makes some similar points, though with the emphasis on the social destruction. Two pungent points: the simpletons who conflate “common sense” and wisdom; and her patron sainthood of New Labour, points which will no doubt be way over the head of the tabloid mules.

    Reply
    Please complete the required fields.



  • Basically, Thatcher was the first to harness Home-Owner-Ism as opium for the masses

    I pretty much agree with that, but not with a lot of the other nonsense on this thread.

    Reply
    Please complete the required fields.



  • why cant people just have some respect for the dead ?

    Reply
    Please complete the required fields.



  • @25: Mark. You obviously never lived through the 80s.

    @22:MW. The quintessence of Thatcherism was to exterminate Socialism. She did it by stamping on the trades unions, as she saw that as a power base. She did it by destroying a key social asset, the council house. The diktat to stop local authorities from replacing sold properties was a conscious policy decision the effect of which we are painfully feeling now. She did it by restricting more and more what local authorities could do. Look at her treatment of Liverpool City Council — a democratically elected body that didn’t do what central government wanted.

    And her coup de grace was to abolish democracy itself! How did she get away with that? She removed a whole layer of democracy — the metropolitan boroughs — because they kept voting those pesky Labour councillors in.

    @25: Mark — that is why people (me very much included) believe what we do. And this site’s attempts to censor those with these strong views is, frankly, vile. She put me on the dole for two years — I would argue my thoughts of what I could do with a red-hot poker are valid.

    Reply
    Please complete the required fields.



  • dude what work were you in ?

    Reply
    Please complete the required fields.



  • dude liverpool city council was corrupt and a certain derek guy was milking it for all he was worth, he lived the high life while the city was left in the midst of corruption and drug wars , thats why the government isolated it

    Reply
    Please complete the required fields.



  • When Mrs. Thatcher took power, 1 in 3 of the England’s children lived in poverty. By the end of her reforms that number had risen to 1 in 7.

    Unfortunate error! Googling the article corrects it: http://michael-hudson.com/2013/04/mrs-thatchers-mean-legacy/

    When Mrs. Thatcher took power, 1 in 7 of the England’s children lived in poverty. By the end of her reforms that number had risen to 1 in 3.

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>