Did Labour crash the economy?

[kevo]

Just heard Clegg (Clegg, not Cameron) trot out this hackneyed line (he thinks Labour should apologise). No doubt we will hear this a million times over between now and May. To what extent do you think this is true - or was the economic crisis caused by the greed of the bankers or global forces beyond Labour's control?

 

[Machiavelli]

It was under Labour's watch that it happened. It happened because Thatcher, Major, Blair and Brown all inflated and deregulated the financial sector in the UK, and other neoliberals around the world pursued similar policies. The Tories have no right to criticise Labour, as they weren't advocating cuts to the budget in the run-up to the crisis; instead, they were pimping around tax cuts for the very rich, via inheritance tax reductions. To be fair, the only MP that was articulating clear concerns with the levels of debt at that point, it was Cable (although his subsequent volte face has been resentfully taken).
The fault is neoliberalism, the idea that privatisation, deregulation, and financialisation will sort out the economy. Unfortunately, we haven't broken out of that mentality, despite its unpleasant ethos and disastrous track record.

 

[penny's harmonica]

Labour and the bankers both to blame, both carried out reckless economic policies. One for capital gain the other to remain in power.
Both utterly shameful and both still trying to avoid any kind of responsibility for the car crash they left behind.

 

[Surf's Up]

I predict a lot of socialist rant on this thread.

 

[Don Quixote]

Yeah they did, and to loads of other countries too. Funny how that happens.

 

[severnside gull]

Not sure you can blame any one political party in any one country for a global crash but I guess that won't win votes come May so let's just lose common sense and logic and go with irrational points scoring

 

[Blue3]

Just heard Clegg (Clegg, not Cameron) trot out this hackneyed line (he thinks Labour should apologise). No doubt we will hear this a million times over between now and May. To what extent do you think this is true - or was the economic crisis caused by the greed of the bankers or global forces beyond Labour's control?

Greed of bankers, easy credit, unregulated markets the fault of all previous govenments since the 1980s voted in by the General public as such we are all to blame and we all have to pay however the gap between rich and poor grows and grows

 

[Husty]

In soviet Russia, crash labours you.

 

[Hampster Gull]

A global crash but they helped the crash with really inappropriate regulation and through poor financial management. But nothing new here

 

[nicko31]

Perhaps the conservatives should apologise too.

Their growth in the economy is half that of the debt they have added, a cool £600 Billion. And they are trying to tell everyone how well they've done

 

[Thunder Bolt]

Gordon Brown selling off £3.5 billion assets wasn't too clever.

 

[Hugh'sDad]

It was under Labour's watch that it happened. It happened because Thatcher, Major, Blair and Brown all inflated and deregulated the financial sector in the UK, and other neoliberals around the world pursued similar policies. The Tories have no right to criticise Labour, as they weren't advocating cuts to the budget in the run-up to the crisis; instead, they were pimping around tax cuts for the very rich, via inheritance tax reductions. To be fair, the only MP that was articulating clear concerns with the levels of debt at that point, it was Cable (although his subsequent volte face has been resentfully taken).
The fault is neoliberalism, the idea that privatisation, deregulation, and financialisation will sort out the economy. Unfortunately, we haven't broken out of that mentality, despite its unpleasant ethos and disastrous track record.

As good an explanation as you'll get.......not for the cerebrally challenged though - expect some red-top rants.

 

[Diablo]

A global crash but they helped the crash with really inappropriate regulation and through poor financial management. But nothing new here

Agree......A global crash....the countries with the weakest governments/economies fared worst.....It`s simpler than most think...spend more than you get and you`re in the proverbial.We are but fortunately to a lesser degree than Greece,Spain/Italy etc
In the coming months Labour/Conservatives/Ukip/Greens will be promising to give NHS/teachers/pensioners/schools/police etc etc loads of money...what they will fail to say is where this extra money is coming from.

 

[Hugh'sDad]

A global crash but they helped the crash with really inappropriate regulation and through poor financial management. But nothing new here

....you forgot to mention how the coalition parties were SCREAMING from the sidelines......"MORE REGULATION FOR THE BANKERS!!!"

 

[Triggaaar]

To what extent do you think this is true - or was the economic crisis caused by the greed of the bankers or global forces beyond Labour's control?

There was a world wide recession that was the main cause of our recession. I don't blame the greed of bankers, as of course they're greedy, that's basically their remit. And I don't blame Labour for the fact we had a recession, but I do blame them for overspending and failing to pay off any of our debt when the good times were here. I also don't think they're well suited to re-building our economy.

 

[Hampster Gull]

....you forgot to mention how the coalition parties were SCREAMING from the sidelines......"MORE REGULATION FOR THE BANKERS!!!"

Fair point. But I am only making a point about the party who were in charge, those who made the decisions are the those who were accountable. It is their throat to choke.

 

[Mellor 3 Ward 4]

No doubt that there was a global crash, which certainly wasn't Labour's fault.

No doubt they massively overspent, which certainly was.

 

[Hugh'sDad]

Agree......A global crash....the countries with the weakest governments/economies fared worst.....It`s simpler than most think...spend more than you get and you`re in the proverbial.We are but fortunately to a lesser degree than Greece,Spain/Italy etc
In the coming months Labour/Conservatives/Ukip/Greens will be promising to give NHS/teachers/pensioners/schools/police etc etc loads of money...what they will fail to say is where this extra money is coming from.

.....and we all know it won't be from Apple, google or Amazon......costas etc(you get my point.)
BUT....their out to get the tax dogers

Absolute c@nts

 

[Hugh'sDad]

Fair point. But I am only making a point about the party who were in charge, those who made the decisions are the those who were accountable. It is their throat to choke.[/QUOTE

Labour were being castigated for being 'too harsh' with Bankers at the time.....go figure

 

[Hampster Gull]

Fair point. But I am only making a point about the party who were in charge, those who made the decisions are the those who were accountable. It is their throat to choke.[/QUOTE

Labour were being castigated for being 'too harsh' with Bankers at the time.....go figure

They clearly weren't, and there were many who said so at the time. I remember the new york press particularly scathing. Vèsted interest, sure, but still made the point