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Thursday 17 May 2012

It's all Thatcher's fault... (Post saved as draft this morning, so reposted now)

The Guardian's 'Comment is Free' section is always predictable and this article  is no exception. The article by Zoe Williams tries to absolve the general public from taking out mortgages that they couldn't afford and generally borrowing like there was no tomorrow. Apparently people have no choice but to take banks up on their offers. I think that much of the banks' lending was reckless and that much of the blame for this should be laid at the feet of Blair, Brown and Balls for stoking the economy so recklessly in order to engineer a boom so as to pay for the ridiculous expansion of the public sector and garner votes for their New Labour project.

However at Comment is Free, the only people really to blame include, as always, Margaret Thatcher, here's  one comment that does bear repeating here:

greatdivide
16 May 2012 8:44PM
Thatcher and Reagan did this on purpose - inflated housing stock, made everyone take out loans to replace wages so banks could increase profits in the face of booming productivity so profits at businesses could go through the roof without the employers having to raise wages.
All this shit right now is thanks to them.

It is incredible how some people seem to be able to forget that Labour were in power during the biggest expansion of credit, but that's the joy of being a Labour supporter and/or a Socialist...

1 comment:

emale said...

I used to comment regularly on CIF as emale, but, although there is much sport to be had at the expense of the moronic left (both below and above the line), I've pretty well given up the hope that they will ever be persuaded by logic or reason. It has always struck me that members of the Labour Party and the left in general talk about their love for the party/socialism. In contrast with Conservatives/the right, there is an irrational, emotional dimension to their politics that's not amenable to external influence. It is almost like a religion with its prophets (Marx etc.) and high priests, Habermas, Chomsky etc. This, combined with the sheer ignorance and nastiness of commentators on CIF, makes it a pretty unpleasant and unrewarding place to go.