Congratulations, Gordon

[amateur51]

ams, I have no expectations but understand the realities of life and of getting old. I don't relish it. In ten years time I will be 73. I may well go out in a blaze of adventure, fun and lust.

At whatver age, I wish you well, RM

[johnb]

That's not my interpretation of that graph, ts. From 2000 onwards there was a steady rise ....

2004-05: 40.5%
2005-06: 41.2%
2006-07: 40.9%
2007-08: 41.0%

[amateur51]

2004-05: 40.5%
2005-06: 41.2%
2006-07: 40.9%
2007-08: 41.0%

I suspect that our correspondent may be a member of the 'never klet the facts get in the way of a good story' johnb.

As a former Fleet Street friend used to say: " When the facts and the legend differ, print the legend!"

[Stunsworth]

Oh, I was forgetting ! Saint George ...Saviour of the World.

You may laugh, but if I was at home I could supply links to the Economist articles saying that his action was vital in avoiding a global depression.

[johnb]

You may laugh, but if I was at home I could supply links to the Economist articles saying that his action was vital in avoiding a global depression.

The "story" of the financial crisis has been written by the Tory party - the victors always write the history. Not that I am saying that there weren't significant mistakes during the Brown era, nevertheless I shudder to imagine what would have happened if Osborn had been Chancellor at that time. While he was Shadow Chancellor, Osborn got every significant call wrong - whether that was just opportunism or bad judgement I have no idea. (Also it is worth remembering that, until the financial crisis, the Tories pledged to match Labour's public spending and continually argued for looser financial regulation!!!)

[amateur51]

You may laugh, but if I was at home I could supply links to the Economist articles saying that his action was vital in avoiding a global depression.

[amateur51]

The "story" of the financial crisis has been written by the Tory party - the victors always write the history. Not that I am saying that there weren't significant mistakes during the Brown era, nevertheless I shudder to imagine what would have happened if Osborn had been Chancellor at that time. While he was Shadow Chancellor, Osborn got every significant call wrong - whether that was just opportunism or bad judgement I have no idea. (Also it is worth remembering that, until the financial crisis, the Tories pledged to match Labour's public spending and continually argued for looser financial regulation!!!)

I wish Cameroon and Gideon got a really bad attack of sciatica every time they mouth their 'history', johnb!

[ahinton]

Well, apart from coordinating global action to avoid a depression, and then saving the banking sector in the UK.

Quoi? When? Where? Why did he sell of so many assets and why did the banking sector get in such a mess if he "saved" it?

Meanwhile let's not forget that before the crash the Tories were complaining that there was _too_ much regulation in the city.

And they were probably right to some degree, but it was too much regulation of the wrong kind and woefully inadequate monitoring and policing of the effective use of such regulation as there was.

[amateur51]

Quoi? When? Where? Why did he sell of so many assets and why did the banking sector get in such a mess if he "saved" it?


And they were probably right to some degree, but it was too much regulation of the wrong kind and woefully inadequate monitoring and policing of the effective use of such regulation as there was.

I wonder if you thought/voiced this at the time, ahinton?

I seem to remember that most people were just jibbering, and at least Gordon & Alistair had a plan and did their best, which was widely praised at the time

[Stunsworth]

I seem to remember that most people were just jibbering, and at least Gordon & Alistair had a plan and did their best, which was widely praised at the time

Exactly. Chief among the headless chickens being the US president.

[Resurrection Man]

2004-05: 40.5%
2005-06: 41.2%
2006-07: 40.9%
2007-08: 41.0%

I did say 2000

2000 34.5
2001 37.7
2002 38.5
2003 39.3

[Resurrection Man]

....at least Gordon & Alistair had a plan.....

I haven't laughed so much in ages ! Many thanks for that, ams !

[MrGongGong]

Surely (come on Beefy) it's ALL the fault of the clowns in Brussels ?

or something to do with this maybe ?

http://www.ft.com/cms/s/0/bfb7e6b8-d57b-11e1-af40-00144feabdc0.html#axzz2IExPBI1q

[ahinton]

I wonder if you thought/voiced this at the time, ahinton?

At what particular time? The Financial Services and Markets Act 2000 was largely the brainchild of Brown (Brownchild?) and this is the legislation that broadly set out the regulatory régime that has applied, with very few subsequent amendments, ever since. I certainly didn't think or voice anything at the time of its inception and only subsequent time has told its tale; what I do think, however, is that far too much credibility and reliance was placed upon this Act, as though it were somehow foolproof in terms of its regulatory prescriptiveness and, as a consequence, FSA / BOE / HMT became unduly complacent in what we now all know to have been the sadly misplaced belief that Britain had a financial regulatory scheme second to none which would protect it against the adverse consequences of most if not all of the things that have happened since.

I seem to remember that most people were just jibbering, and at least Gordon & Alistair had a plan and did their best, which was widely praised at the time

Alistair Darling was no fool but, like all too many ministers that got too close to Brown, he had to do his bidding too often and had his hands at least partially tied behind his back during Brown's Chancellorship and subsequent Prime Ministership, as he has since admitted.

I am not necessarily suggesting that Gideon and Dave would have done a better job of it all - or even that Britain's actions alone in such matters were wholly responsible for what happened - but none of this exonerates GB from responsibility for what he allowed to happen to GB's financial services industry.

[ahinton]

Surely (come on Beefy) it's ALL the fault of the clowns in Brussels ?

No - it was principally the fault of the Browns in tussles.