For starters, Brown did **** us. Why? He handed all the power to the banks and allowed them to do whatever they feel like. They in turn behaved in a wreckless manor, lending money that doesn't exist being chief amongst their crimes.
Have I already mentioned that "fair" Gordon allowed them to do as they please without regulation? Ah good, just being careful. (Pitty Gordon wasn't, though! Right!)
Meanwhile, the unsustainable bubble kept on growing while the government (lead by then chancellor Gordon "Fair" Brown) Spent and spent and spent and borrowed and spent and spent and borrowed and spent and sold the gold at below market value on auction and spent and spent and spent and borrowed and then finally spent some more. Anyone who saw a problem with this was accused of being a bigot.
Now whenever is finding money easy to come by, the intelligent man puts some aside. You know, just to make sure he's covered for a rainy day. Gordon didn't. I believe even that famous Socialist economist said "spend to get out of a recession - And he was correct: When you say the full sentence. Spend your way out of recession, but save some when times are good.
Another part they forget to remember is he means keep spending by keeping money in the economy. No putting it onto foreign economy's. Oops.
Greedy unions also started going on strike constantly n'all. 1970's, anyone? Aint it a laugh when the Job Centre go on strike. Those who lost their jobs because of labour can't get a job because Labour won't put the resources into those who are supposed to get others into work.
Well, guess what happened. The bubble burst, the money ran out and the biggest mass employment since the, yep, 1970s happened.
Remind me, when were Labour last in power before 1997? What happened then?
Labour brought a culture of deb to the younger generationt, that is their legacy.
The FSA did nothing to curb the trading in mortgage backed securities which led to this, nor did the BOE do anything to curb the year after year house price in...flation brought about due to the expansion in credit due to the former.
The treasury was perfectly happy for both practices to continue without regulation (light hand approach with the city etc) as the tax revenues they generated allowed the public sector to expand to an extent where unemployment was reduced. The public sector employed the unemployables.
Rapid house price inflation in the UK allowed for mortgage equity withdrawl to soar fueling the UKs consumer economy.
Eventually when the defaults on the repackaged sub prime mortgages the US increased, the value of the MBS came into question, spooking the worldwide financial markets and causing a global contraction in credit.
As credit contracted, the house price inflation based labour "miracle economy" shrank.
Of course Gordon leans on his friend Merv and QE intends to expand credit but the law of unforseen (f**king obvious) circumstances sees the majority of the money used to purchase the gilts go into the spooked banking systems reserves and not lent.
So Gordon borrows and borrows to sustain the same miracle economy before with the problem being that the miracle economy was a freak system based on bullsh*t.
Labours big failure - PFI was intended to offload the risk of large developments onto private companies. So the private company build the hospital and the local authority "rents" it back - buy now pay later. Problem is that since these services truely are too big to fail - when the PFI company goes bust or can't complete on time or at all, the government foots the bill. Casing example London Underground. Not to mention that these private companies run for profit, so you pay more. PFI projects currently total 2-300billion pounds in addition to the national debt, money which obviously has to be paid.
In my mind the banking system should have been allowed to fail, with the FSA compensating the savers. Instead the taxpayer underwrote their liabilities of the banks which were a couple of orders of magnitude greater.
So Labour have left the younger generation with houses they can't afford, National debt for the rest of our lifetime and PFI debt for the next 30 years.
Sure, if you don't have a job or earn very little - vote labour. The people who actually contribute to the economy will be paying for this 13 years until they die...
Labour have had 12 years to put things right and yet all I ever hear is their supporters still blaming everything on the Tories, tell me how that works. While I am on the subject, fair play to ...those who make money, cos it's a damned site mo...re palatable to me to see someone earn what they have than have it handed to them on a plate because they can't be arsed or don't want to actually have to put any effort into paying for theiir own lifestyle.
There is a cycle in local and national politics, which, crudely put, is that Labout **** it up, and the Tories straighten it out read for Labour to have their next go at ******* it up.
All that said, I am guesing you will just come back with more reasons why it's the Tories fault.
Northerrn Rock should have gone to the wall, if the Government couldn't get a hanle on managing the banks, and before you say the Tories set the rules, remember labour have had 12 years to change em. Why the hell should I have to pay for everyone else's bad investments, I got nothing back for the money my investments lost in this recession, guess I should have put my money n Norhern Rock, then I would have been ok.
Run the country, I wouldn't even let them have their own bank accounts!!!
That's my final comment though, don't want to spend all night ranting!
Dodgy dossiers and WMD's to all
