So said Gordon Brown.
Some would argue that the architect of the age of irresponsibility was a bit previous in his assertion. When you consider that today £37 billion of the proposed £500 billion taxpayer provided bail out fund has been used to prop up among others RBS and HBOS, I'd say the age of irresponsibility was merely evolving to a new phase.
In line with not bothering to trouble the Labour party in relation to his elevation to leader and PM, he seems to have forgotten to ask us whether he can use our money to rescue bust banks. What he's in fact doing is shoring up his own position by attempting to distract attention from the fact that his regulatory framework and treasury induced credit bubble were components of a ticking time bomb. When you consider that other countries such as Australia and Canada don't seem to have banking problems - (they have the kind of regulatory regimes that the UK used to have), this taxpayer funded bailout bonanza seems like another example of the calculating political cynicism that we've come to expect from Brown.
I wonder if given the choice between bailing out the banks & Brown and properly funding the armed services, which side would the electorate come down on?
4 comments:
So, what's the answer smart arse ? You tories are all the same. Capitalism is dead.
If the problem is that banks are not lending to each other, as is often stated by experts and non experts alike, then the answer would seem to be instead of a blanket bail out and nationalisation, to guarantee inter bank lending. In other words, if bank A lends to Bank B, the taxpayer will ensure that if Bank B goes bust, Bank A get its money back.
PS
What makes you think I'm a tory? You don't have to be a Tory to think Gordon Brown is a jackass.
Gordon Brown more than deserves everything that is thrown at him. He seems determined to bankrupt the country and then retire on his nice fat index linked pension whilst the rest of us labour till we drop to try and provide any sort of income in our retirement.
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