"Not only has he borrowed, he has taxed the rest of us to penury, so the ability of the private sector to finance all these jobs - for it is the private sector who pays - has been diminished. State spending represents an absurd portion of the economy, and this is unsustainable
...
The state was active in forcing irresponsible lending - I have pointed out the Community Reinvestment Act before - if this crisis started in the USA, it started with this piece of legislation from 1977 which forced banks to lend to poor credit risks. "innovative products" were aplauded by the regulators, who were instead focussing on investment advisors' dilligence in form filling. "Access" to credit was the byword of banking regulation under Labour in the UK. If bad debts are the problem (and they aren't particularly) then the Reglator is at least as much to blame.
The idea that the banking and financial system was "unregulated" is just ludicrous.
...
Just as it will be several decades before British Banks return to their pomp of 2007, it will be the work of many years to undo the damage that Brown has wrought on the UK economy. He has overseen a vast bloating of the public sector, which will fight hard to maintain its headcount. Any attempt to reduce the number of Diversity outreach co-ordinators will result in failure, because it suits the Aparatchiks' purpose to fire front line service providors rather than administrators in the long bureaucratic tail. They will do this in order to make the "Tory cuts" charge stick."
Read the rest and then spread the word. Don't let Gordon Brown and the media falsify what happened and who is to blame. Gordon Brown must be made to face up to his many failures and his responsibility for the economic disaster that is yet to fully visit the UK. At some point Gordon Brown must be held to account; could what he has done be classified as treason?
No comments:
Post a Comment