Quote Juan Cornetto="Juan Cornetto"I think you will find the Tories did not agree with the flawed system of regulation introduced by the Labs which split responsibility three ways and totally failed to regulate the banks. "Oh I though you lot were going to check that!" "Ooo..No we thought that was your job"'"
And yet the Tories still advocated a lighter touch on regulation while in opposition. I expect they'll change their tune now in coalition government.
Quote Juan Cornetto="Juan Cornetto"The US sub-prime mortgage market may have been the start of the crash but the cause of the problem was the long period of low interest credit based overspending by both governments and consumers alike which ran up debts that we now have to pay back.
In the UK the New Labour Government after promising "an end to boom and bust" went along with a spending spree which as a country we simply couldn't afford and was gross financial mis-management. You can speculate all you like about what the Conservatives may or maynot have done had they been in power but you have to accept the fact that it was on the Labour government's watch and therefore their responsibility.'"
I speculate it would have been no different except the hospitals and schools would have been left to crumble.
Quote Juan Cornetto="Juan Cornetto"The UK as a very wealthy country had enjoyed a sustain period of growth based on a world boom, yet its Labour government failed to save anything for the rainy day that they never saw coming. Like Viv Nickolson, we went on a binge of "spend spend spend" but whereas she used her own pools winnings Labour borrowed the money for our binge.'"
Labour invested in the infrastructure and public servants effectively ignored over the previous 18 years of Tory rule where public services were deliberately starved of resources and left to wither and die before (oh so unfortunately - yeah right) having to be privatised.
Quote Juan Cornetto="Juan Cornetto"With regard to the bank bail outs. Mr Brown showed us with his handling of the Lloyds episode why he is a politician and will never be professional manager.'"
He also led the world in the need to protect the individual investor and the need to re-capitalise the banks to prevent a recession becoming a depression.
Quote Juan Cornetto="Juan Cornetto"I think we need a period of "nasty" government to fix the "nasty" problems left by that "nice" Mr Blair and that "naive" Mr Brown!'"
We'll see who is being naive when Mr Cameron realises the voluntary sector isn't really there ready to fill the holes in his 'big society' idea as public services, the poor, the elderly and women in general pay the price for the bankers greed which likely as not will carry on regardless.
And to return to your earlier claim re-Labour's answer will always be to raise taxes the most regressive tax going has always been VAT and it's always the Tories tax of choice ever since they introduced it under Heath.
The only time I can recall it being reduced was by Labour on domestic fuel and last year as a stimulus to the economy, on the other hand I can recall it rising under Thatcher, Major and shortly Cameron.