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From: Adrian on 27 Jul 2010 06:21
Chelsea Tractor Man <mr.c.tractor(a)hotmail.co.uk> gurgled happily, sounding
much like they were saying:

> You may have noticed that the recession is happening in a number of
> countries and was triggered by an international banking crisis. Thinking
> its down to a political party in one country isn't realistic

Very true, but for one small detail.

The fitness of a country's economy to withstand the banking crisis IS
largely determined by internal politics in that country - and when one
party has been in power for a decade before that crisis, then that party
can be said to be responsible for that fitness.
From: Adrian on 27 Jul 2010 06:34
Chelsea Tractor Man <mr.c.tractor(a)hotmail.co.uk> gurgled happily, sounding
much like they were saying:

>>> You may have noticed that the recession is happening in a number of
>>> countries and was triggered by an international banking crisis.

>> Yes I spotted that one - pity the chancellor (Mr Gordon Brown) didn't
>> see it coming!

> you spotted it coming? Nobody else did.

Bollocks they didn't.

It was clearly obvious to anybody that the entire housing market here &
in the US was nothing more than a house of cards built on quicksand in an
earthquake region. The only people who didn't know it were those too
bloody desperate to make a fortune off the back of it to stand back and
look clearly - and that includes those borrowing 6x annual salary for a
110% zero-deposit mortgage on a shoebox as well as those lending to 'em.
From: Adrian on 27 Jul 2010 06:38
Chelsea Tractor Man <mr.c.tractor(a)hotmail.co.uk> gurgled happily, sounding
much like they were saying:

>> The fitness of a country's economy to withstand the banking crisis IS
>> largely determined by internal politics in that country - and when one
>> party has been in power for a decade before that crisis, then that
>> party can be said to be responsible for that fitness.

> that's fair enough as far as it goes. Its always the responsability of
> the current govt.

Especially when you look at some of that government's actions - Brown's
brain-dead gold reserve sale being the classic.

> One reason we have been hit hard is the size and lightly regulated
> nature of our banking sector

And who was responsible for that regulation...?

> the spanish banks, for instance, were not generally hit badly by the
> crash. Spain has suffered more as a consequence of the consequent
> general recession and having their policies of injecting borrowing
> criticised.

But also because they were on the wrong end of the one-size-fits-all
Eurozone economic policy. Greece likewise, but with the added expense of
the 2004 Olympics.
From: Adrian on 27 Jul 2010 07:00
Chelsea Tractor Man <mr.c.tractor(a)hotmail.co.uk> gurgled happily, sounding
much like they were saying:

>>> One reason we have been hit hard is the size and lightly regulated
>>> nature of our banking sector

>> And who was responsible for that regulation...?

> Of American banks and US sub primes?

Strange. Didn't think they were part of the UK's banking sector.

> Of course its only fair we cut public sector pay to make sure bankers
> bonuses remain strong.

No, we cut public sector expenditure (of which pay is a small part) to
make sure that the economy can afford to pay off the GINORMOUS debt
mountain that it's staring at.
From: Adrian on 27 Jul 2010 07:01
Chelsea Tractor Man <mr.c.tractor(a)hotmail.co.uk> gurgled happily, sounding
much like they were saying:

>>> you spotted it coming? Nobody else did.

>> Bollocks they didn't.
>>
>> It was clearly obvious to anybody that the entire housing market here &
>> in the US was nothing more than a house of cards built on quicksand in
>> an earthquake region.

> so you made a quick million or three?

Compared to my losses, my profits were high.
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