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The 10 people most responsible for the recession

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    The 10 people most responsible for the recession

    The 10 people most responsible for the recession

    Dick Fuld (Lehman Brothers)
    Hank Paulson (US Treasury)
    Alan Greenspan (US Treasury)
    John Tiner/Hector Sants (UK FSA)
    Fred “the shred” Goodwin (RBS)
    Gordon Brown
    George Bush
    Kathleen Corbet (Standard & Poor)
    "Hank" Greenberg (AIG)
    Angelo Mozilo (Countrywide)
    Apparently Gordon Brown predicted the global financial crisis ten years ago, in a speech he made to Harvard students. Sadly he did little to prevent it. James Gordon Brown was Chancellor of the Exchequer during “the longest period of growth” in the UK ’s history, but economists blame Mr Brown for encouraging soaring house price inflation and the spread of credit which fuelled the years of boom and led eventually to the current bust.

    In a recent speech to the London School of Economics, George Osbourne, the Shadow Chancellor, said: "Our competitors used the fat years to prepare for the lean years. Britain did not. We are the least prepared country in the developed world to cope with the current financial turbulence. Our financial reputation has been badly damaged by the only run on a retail bank in the world. Our double deficits - external and fiscal - are worse than any other European economy. Taken together, they are worse than the United States." The blame "lies squarely and fairly with Gordon Brown", he concluded.
    They might have added that Gordon Brown set up the FSA, and set it up to fail.

    #2
    Is Kathleen Corbet Ronnie's daughter?

    When did GB set up the FSA? Surely they've been around for a long time before NL came to power.

    Comment


      #3
      Originally posted by Moose423956 View Post
      Is Kathleen Corbet Ronnie's daughter?

      When did GB set up the FSA? Surely they've been around for a long time before NL came to power.
      No. Brown set up the FSA in October 1997.

      In June 1998, he transferred responsibility for banking supervision to the FSA from the Bank of England.

      Kathleen Corbet is almost certainly Ronnie's daughter, but it is a secret.

      Comment


        #4
        Taking house prices out of the consumer price index coupled with BoE control of interest rates with strict guidelines on 'inflation'.

        Basically the BoE did a good job on inflation but were told to read the wrong dial. So I blame Brown.
        Cats are evil.

        Comment


          #5
          Originally posted by swamp View Post
          Taking house prices out of the consumer price index coupled with BoE control of interest rates with strict guidelines on 'inflation'.

          Basically the BoE did a good job on inflation but were told to read the wrong dial. So I blame Brown.

          I agree. Brown knew exactly what he was trying to achieve, just as he did when one year he used one low inflation index to determine the pensions increase of 25p and a different much higher inflation index to increase the fuel price escalator.

          Comment


            #6
            Originally posted by Moose423956 View Post
            When did GB set up the FSA? Surely they've been around for a long time before NL came to power.
            The FSA was set up to replace the myriad of self-regulatory organisations that looked after their specific type of business under the umbrella of the Securities and Investments Board (SIB). The main SROs were:

            IMRO - Investment Management Regulatory Organisation
            SFA - Securities and Futures Authority
            PIA - Personal Investment Authority

            The FSA also subsumed the regulatory powers of other regulators such as the Building Societies Commission and the Friendly Societies Commission, in addition to regulating the duties of other professions that might touch upon the personal investment area as a part of their other business (such as lawyers, accountants etc).

            In theory, the complex structure looked like a prime candidate for simplification. In practice that complexity was never an issue for the people it affected because there was little or no overlap between the specialist SROs.

            I always used to work for IMRO firms and whatever the SFA or PIA got up to had no impact on what I did whatsoever.

            So the country ended up abolishing the SROs (who understood their members' businesses) on the basis that self-regulation was unsuitable, and replaced it with a monolithic civil-service type authority that didn't really understand what anyone was doing.

            Banks and their core business never came under the auspices of the SIB though. The real issues for the FSA seem to appear in 2004 / 2005 when it became responsible for regulating Mortgage and Insurance business, which would appear to be at the root of the troubles now.


            EDIT: Back to the OP, it is therefore all Gordon's fault.
            Last edited by Gonzo; 23 February 2009, 04:24. Reason: Responding to the OP.

            Comment


              #7
              What about Bill Clinton? He wanted everyone, no matter how poor, to own a house. Cue credit tranche options.....

              Comment


                #8
                Originally posted by BrilloPad View Post
                What about Bill Clinton? He wanted everyone, no matter how poor, to own a house. Cue credit tranche options.....
                I'm happy to be proved wrong, but isn't pushing home ownership on the masses a Conservative Party ideal, I remember my father (a Tory) saying so when I was a young boy?
                Originally posted by MaryPoppins
                I'd still not breastfeed a nazi
                Originally posted by vetran
                Urine is quite nourishing

                Comment


                  #9
                  Originally posted by d000hg View Post
                  I'm happy to be proved wrong, but isn't pushing home ownership on the masses a Conservative Party ideal, I remember my father (a Tory) saying so when I was a young boy?

                  Yes it is, but not to people that cannot repay !!

                  Comment


                    #10
                    How about Tom McPillock, group chairman of RBS who was forced by MPs to admit that he didn't know what a credit derivative is?

                    How about James Crosby, who sacked the HBOS risk manager that told him things would go wrong and then went off to run the FSA? That's a real case of a loony running the asylum.

                    Letter to the times this morning;

                    Question: who is the odd man out? Lord Stevenson, former chairman, HBOS; Andy Hornby, former chief executive, HBOS; Sir Fred Goodwin, former chief executive, Royal Bank of Scotland; John McFall, MP, chairman of Treasury Select Committee; Alistair Darling, Chancellor of the Exchequer; and Sir Terry Wogan, presenter of Radio 2 breakfast show.

                    Answer: Sir Terry Wogan. He is the only one with a banking qualification.
                    And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

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