Labour's sums don't add up

[sasguru]

Surprised that there are so called intelligent people who don't understand that.

Problem is most people on here aren't intelligent.
HTH

[northernladyuk]

Problem is most people on here aren't intelligent.
HTH

Or even so-called intelligent.

The poster child for this is Brillo, the innumerate mathematics graduate.

[AtW]

Sums don't add up is not a problem for Labour - they'll just increase taxes and borrow more.

HTH

P.S. DOOMED!!!

[malvolio]

They did quite well from 1997 to 2005. They got complacent and started spending a bit too much around 2005 so were unprepared for the Derivatives Crisis of 2007 , but the latter is hardly their fault.

Bollocks. They did quite well by spending the balance the previous administration (remember them...) had built up after the disaster that was Callaghan. They also spent a fair amount of our reserves before adopting Brown's stealth taxation to fund further spending. So when the banking crisis hit, we were not in a position to manage it like we should have done. We're still paying for that mistake, or hadn't you noticed; for one example a hell of a lot of the NHS income goes on paying the interest on the PFI deals encouraged by you know who.

BTW the current "shambles" is a small group of MPs who cannot accept that they were wrong and so are making waves to sound important. As opposed to Corbyn and friends, who are a small group holding a party to ransom because their MPs are too scared to complain. I see very little difference in the two myself.

[tiggat]

Labour - they'll just increase taxes and borrow more.

and the current lot haven't? are you sure ??

[BrilloPad]

It wasn't a common or garden recession though, was it?
It exposed a fundamental flaw of the liberalised financial markets: that a small bunch of traders repackaging bad debt with good managed to almost collapse the Western World, which is still only being kept afloat by flooding the market with liquidity a.k.a QE.

People haven't learnt the lesson though - there are still cretins on here and in the wider world who want even more liberalisation of the financial markets. So the next crash is going to happen sometime soon.

I seem to remember you posting in 2009 on the recession "was that it?"

And I agreed with you then.

The root cause was not so much debt securitization as too much of it(though the two are related). However the current solution of more debt is astonishing!

However, I believe that at the first sign of any recession that interest rates will be pushed down or more QE. I think the next recession is a generation away. I hope I am wrong.

[BrilloPad]

and the current lot haven't? are you sure ??

They have austerity. That is working well.....

[BlasterBates]

Bollocks. They did quite well by spending the balance the previous administration (remember them...) had built up after the disaster that was Callaghan. They also spent a fair amount of our reserves before adopting Brown's stealth taxation to fund further spending. So when the banking crisis hit, we were not in a position to manage it like we should have done. We're still paying for that mistake, or hadn't you noticed; for one example a hell of a lot of the NHS income goes on paying the interest on the PFI deals encouraged by you know who.

BTW the current "shambles" is a small group of MPs who cannot accept that they were wrong and so are making waves to sound important. As opposed to Corbyn and friends, who are a small group holding a party to ransom because their MPs are too scared to complain. I see very little difference in the two myself.

It is a myth that Labour governments generate more debt, the Conservatives are the party that have generated the most debt over the years. Cutting taxes is just as irresponsible as spending more. The slogan that Socialists are good at spending other people's money is simply that, a meaningless slogan.

Historical comparison between Labour and conservative over 70 years

Every country in 2008 was caught off guard, the US had to bail out their banks to the tune of 7 trillion dollars, there was no sign of socialists in the US.

I think we can safely say knowing what we do about the Tories now, that they would have made a huge pig's ear of the financial crisis if they had been governing on their own at the time, in the same way Lawson completely f***ed the economy in the early 1990's.

[northernladyuk]

It is a myth that Labour governments generate more debt, the Conservatives are the party that have generated the most debt over the years. Cutting taxes is just as irresponsible as spending more. The slogan that Socialists are good at spending other people's money is simply that, a meaningless slogan.

Historical comparison between Labour and conservative over 70 years

Every country in 2008 was caught off guard, the US had to bail out their banks to the tune of 7 trillion dollars, there was no sign of socialists in the US.

I think we can safely say knowing what we do about the Tories now, that they would have made a huge pig's ear of the financial crisis if they had been governing on their own at the time, in the same way Lawson completely f***ed the economy in the early 1990's.

[sasguru]

It is a myth that Labour governments generate more debt, the Conservatives are the party that have generated the most debt over the years. Cutting taxes is just as irresponsible as spending more. The slogan that Socialists are good at spending other people's money is simply that, a meaningless slogan.

Historical comparison between Labour and conservative over 70 years

Every country in 2008 was caught off guard, the US had to bail out their banks to the tune of 7 trillion dollars, there was no sign of socialists in the US.

I think we can safely say knowing what we do about the Tories now, that they would have made a huge pig's ear of the financial crisis if they had been governing on their own at the time, in the same way Lawson completely f***ed the economy in the early 1990's.

It's becoming obvious that there are roughly 2 types of people on this forum, as in wider society: those who base their opinions on random brain farts and/or being brainwashed by the media OR those who examine the evidence and data.
Malvolio, like most Brexiters, is in the former camp.