Dryce
Hardcore MB Enthusiast
- Joined
- May 17, 2006
- Messages
- 11,281
- Car
- GLE
Labour did not break Lehman Brothers or cause the financial crash of 2008. The policies more aligned with a party of continued deregulation did that. We are inches away from a PM who's idea of Brexit is a 'bonfire of regulations'.
Labour sold of a substantial chunk of the national gold reserves, inflated public sector costs and liabilities, commited to future spending liabilities. Those gold reserves were most valuable in a crisis. But Mr Brown and his cronies thuoght they knew better - over confident? Naive? Lax?
I'm interested though, to know what you think the UK would look like if Labour hadn't bailed out the banking sector?
Well they had a decade for the banks to go wrong on their watch. Once they went wrong then it's a form of economic blackmail on the public finances taht they needed bailing out.
There were plenty of underlying warnings that things were not right - and Labour became very infatuaute wth the financial sector. Nice taxable cash cow in the eyes of chancellor.
Would any other politcians have reigned things in ... almost certainly no ... so that means despite the supposed social morality of the left they are just as greedy for taxes and blind to the excesses of a system when in government as any other mainstream political group.