The end of Thatcherism

[sasguru]

History will record what has happened in the past few weeks as the end of Thatcherism. What began as the "Big Bang" de-regularisation of finance in 1986 has now come full circle.
Since 1986 both political parties have been in thrall to the City - one of Blair and Browns primary initiatives before coming to power was the "prawn cocktail" wooing of City big-wigs. Nothing expressed the decline of the Tories so much as the fact that they were shunned by the "great and good" of the City in the late 90s onwards.
Now that excessive liberalisation of the financial markets has proven to be a crock of crap, the only way forward will be to adopt a more European model of capitalism.

[moorfield]

So do you think this was all a deliberate plan secretly hatched by Red Gordon in 1997? Discuss.

[SandyDown]

History will record what has happened in the past few weeks as the end of Thatcherism. What began as the "Big Bang" de-regularisation of finance in 1986 has now come full circle.
Since 1986 both political parties have been in thrall to the City - one of Blair and Browns primary initiatives before coming to power was the "prawn cocktail" wooing of City big-wigs. Nothing expressed the decline of the Tories so much as the fact that they were shunned by the "great and good" of the City in the late 90s onwards.
Now that excessive liberalisation of the financial markets has proven to be a crock of crap, the only way forward will be to adopt a more European model of capitalism.

I bet my bottom dollar that you are my alter ego – I was thinking about this just before you posted it !!

[snaw]

So do you think this was all a deliberate plan secretly hatched by Red Gordon in 1997? Discuss.

No, unless he was in cahoots with Greenspan, who's now getting a reputation battering btw in the US - looks like he had a large part to play in the mess we're now in ...

[The Lone Gunman]

History will record what has happened in the past few weeks as the end of Thatcherism. What began as the "Big Bang" de-regularisation of finance in 1986 has now come full circle.
Since 1986 both political parties have been in thrall to the City - one of Blair and Browns primary initiatives before coming to power was the "prawn cocktail" wooing of City big-wigs. Nothing expressed the decline of the Tories so much as the fact that they were shunned by the "great and good" of the City in the late 90s onwards.
Now that excessive liberalisation of the financial markets has proven to be a crock of crap, the only way forward will be to adopt a more European model of capitalism.

Are you starting to repeat yourself or are you quoting someone else from this board? I had a distinct daja vu moment with that post.

Didn't Thatcher leave one or two limits in place? Didn't Golden Clown remove the last of the handcuffs and allow banks et al to trade without restriction?

[rootsnall]

European model of capitalism.

the European banks seem equally as stuffed ( no Frog ones yet though ! ).

The shorters have moved onto Santander, they are still talking a good game but sitting on a bigger stupider property bubble than ours. Anybody betting against them being in the doo doo soon.

[Cyberman]

the European banks seem equally as stuffed ( no Frog ones yet though ! ).

The shorters have moved onto Santander, they are still talking a good game but sitting on a bigger stupider property bubble than ours. Anybody betting against them being in the doo doo soon.

AtW said they are the safest bank, so it looks as if shorters are onto a good thing to me !!

[DodgyAgent]

History will record what has happened in the past few weeks as the end of Thatcherism. What began as the "Big Bang" de-regularisation of finance in 1986 has now come full circle.
Since 1986 both political parties have been in thrall to the City - one of Blair and Browns primary initiatives before coming to power was the "prawn cocktail" wooing of City big-wigs. Nothing expressed the decline of the Tories so much as the fact that they were shunned by the "great and good" of the City in the late 90s onwards.
Now that excessive liberalisation of the financial markets has proven to be a crock of crap, the only way forward will be to adopt a more European model of capitalism.

Whilst you may be right about the end of Thatcherism (certainly as we know it) the wealth that has been created would not have happened without her reforms. The question of course is will economies roll back to what they were in the dark ages of socialism? We will see. At the moment the net gain is still in her favour by a long way.

[shaunbhoy]

Trying to insinuate that Thatcher is in any real way culpable for the current mess is a bit tenuous to say the least. What is up sg, medication wearing off?
For me the root causes are more to do with Governments across the world relying on Financial Regulators with all the clout of Tinky-Winky, and a greed-culture within the banks that is staggering!! Whilst it would be impossible to have any real impact on events internationally, the regulators here ought to have been able to prevent some of our financial institutions from taking completely irresponsible risks that involved flawed business models, and an over-reliance on borrowing from overseas banks, something that has latterly come back and bit us all on the backside(excluding of course the Head of RBOS, who is now going to have to eke out an existence on his £500K pension!!). Obviously global events would have had a detrimental effect upon us, but we could and should have shielded ourselves from the worst of it. This Government sat idly by and watched this whole mess develop. They were either blissfully ignorant, which suggests incompetence, or chose to look the other way, which suggests culpability. Bring on the Election and let the people decide just what a "rock" GB is!!

[sasguru]

Are you starting to repeat yourself or are you quoting someone else from this board? I had a distinct daja vu moment with that post.

Didn't Thatcher leave one or two limits in place? Didn't Golden Clown remove the last of the handcuffs and allow banks et al to trade without restriction?

No my words and thoughts entirely.
We can argue about the who had what limits etc - it may well be that New Labour made it even more liberal as they were desperate to show they had left their old interfering instincts behind.
But the general principle of liberalisation came from Thatcher and Reagan in the 80s.