"I am determined to ensure that we can lock in greater stability not just for a year, or for an economic cycle, but in this generation."

"I am determined to ensure that we can lock in greater stability not just for a year, or for an economic cycle, but in this generation."

Those were the words of Gordon Brown on 16 June 2004. Two years later the same Gordon Brown who had repeatedly praised the City's "innovative skills" bragged that it was responsible for 40% of the world's over-the-counter derivatives trade, a trade that included repackaged subprime mortgages.

With this assurance from the acclaimed great British Chancellor of the Exchequer why should the bankers forego juicy profits and bonuses by avoiding innovative but also risky practices? Gordon Brown knew the size and global reach of Britain's financial sector and he knew about the many new and interesting financial instruments it created and marketed. So how can the ever evasive Gordon Brown try and deny a great deal of responsibility for Britain's recession?