Quote: BiffasBoys "Thanks, but it's common sense really. Lehmann Bros didn't cause the financial crisis. There wasn't a global crisis either. HTH'"
Who did cause the crisis if not banks taking unjustifiable risks with other people's money?
Oh yes, sorry, it was that nasty Gordon Brown wasn't it, who created the US housing bubble that burst and led to the need for Freddie Mac and Fannie Mae to be taken into Federal Ownership, it was Gordon Brown who lent immense sums in sub-prime mortgages across the US, it was Gordon Brown who packaged them up into financial instruments and sold them on, it was all his fault.
It was Gordon Brown who created property bubbles in Spain and Ireland.
It was all Gordon Brown's fault.
Except it wasn't ... and you and I both know it wasn't.
Gordon Brown was indeed guilty of not regulating the banks
sufficiently in the UK ... but let us not forget that it was not he who deregulated the banks in the Big Bang. Let us also not forget that he was roundly criticised by the Tories that he was
regulating too tightly, the same Tories who, now in power, have done feck-all apart from a bit of cosmetic shuffling to improve that regulation.
You say there wasn't a global crisis ... I would agree that wasn't a crisis in global banking (i.e. only Western banking and institutions failed or needed bailing-out) ... but it was quite definitely global in its effects ... even China's growth rate was slowed by it as its greatest exports markets in the West bought less from them.
Quote: BiffasBoys "Just imagine how simpler it all could have been if, as an example, interest rates had risen as they normally would to dampen borrowing & prevent the market overheating.'"
As you only deal in facts
Oh, and could you let Mark Carney know, he thinks it's his job.
