Stock market crash

[David Johnson]

?125 billion knocked off shares on the UK stock market since last Friday. Eurozone in freefall. Dow Jones suffering big falls.

Bloody Gordon Brown, he's still buggering up the UK and the world's economy even when he doesn't make an appearance in Parliament! What a bastard!

I feel sorry for Boy George Osborne, he can't be held responsible in any way, can he?

And as for David Cameron, how can he help? He's on hols in Tuscany apparently, relaxing with a book about hi jinks in a Dublin Catholic public school. Priorities my dear boys!

http://www.guardian.co.uk/politics/wint ... edmiliband

!wink!

D

[jimslip]

Your New Labour and the corporate crooks of the Bush administration, built and lit the fire of destruction, which is now starting to burn out of control!

Whilst your sainted fools, Blair and Brown lounge around in splendour having stashed away ? millions, the rest of us are all ready to go down the pan. How dare you blame this government?

The fire was burning long before they took over. You and your corrupt party of no hopers should hang your heads in shame!I'm astonished that you are dancing around in joy at the plight of millions that are about to suffer as a result of measures taken years ago.

You are a prime example of how political fanaticism can actually drain a person of every last bit of moral fibre! You are enjoying and indeed salivating at the spectacle of impending doom, for no other reason than to get a cheap jibe at the Tories. You don't actually give a toss at the millions who will be thrown out of work or have their homes repossessed.

[David Johnson]

As you rightly state, Jimbo, problems in Greece, Spain, Portugal, Ireland, Iceland and now Italy are all completely down to Gordon Brown.

I know for a fact that Greek taxes all went into Brown and Blair's current accounts. And as for Italy, once Brown and Blair had taken their huge cut, all Berlusconi had left was a few euros for the occasional bunga bunga party.

Perceptive analysis!

Thought of a stint on Newsnight or more likely, a regular column in the Mail, Jimbo?

!wink!

Cheers
D

[Alex L]

Same old


Here is an interesting post from the blog of someone in the city who is not an evil banker but does know what he is talking about, as does his head of research, who has a Dr. in front of his name: 2nd paragraph from end.



Oh, and here is someone who has "nurse" after her name but does not actually do any nursing.

[David Johnson]

Ah yes, Terry Smith - stockbroker and fund manager. They are just the sort of people who played no part whatsoever in the banking crisis, eh Alex?

They were the sort of people who were demanding greater bank regulation in 2006, I guess. Or maybe not? What do you think, Alex?

Ah yes, and the other link is the comments of Guido Fawkes, the Tory political blogger who was lined up for the David Cameron Director of Comms job until Rebekah Brooks told Cameron he had to take Coulson.

No one could accuse you of being even-handed in your selection of quotes. Perhaps you could add a few more from George Osborne saying it is all Brown's fault in order to give your argument greater weight?

Cheers
D

[Robches]

David old chap, reductio ad absurdam is no real argument. What we are seeing now is a crash caused by the chronic indebtedness of governments in the US and EU. Grim Gordon played his part in getting the UK into deep shit, but even I would not blame him for everything, and, credit where it's due, he kept us out of the Euro when that cock Tony Blair would have gone full steam ahead.

The bottom line is that Keynesian economics is dead. Governments cannot borrow their way to prosperity, eventually they run out of people willing to lend them money. Then they resort to printing their own funny money. Eventually reality bites. It always has and it always will, and who pays? We do of course.

[David Johnson]

"The bottom line is that Keynesian economics is dead"

In the past nine months, economic growth has been .2% (-.5% in fourth quarter, wrong kind of snow; +.5% in first quarter, rebound; .2% in second quarter, wrong kind of heat and too many people getting married).

In the previous nine months when it can be argued that the impact of Labour policies were evident, economic growth was over 2%. Therefore the tax take improved and the borrowing requirement was less than anticipated.

Compare that with Boy George's efforts. Growth revised downwards three times by the OBR and the head of the OBR has stated the obvious, Boy George has no way of meeting his target for growth. The impact of this is that the tax take is far lower than expected and Boy George will not meet his deficit reduction plans.


Question 1
So one approach cuts the deficit in line with target and fosters growth; the other doesn't. Why the difference do you think?

PS IMF doesnt seem to be convinced by you or Boy George. Need to have a Plan B with tax cuts, quantitive easing and growth stimulation apparently. I've heard that before somewhere, havent you?

Question 2
How well do you think the junking of Keynesian economics and a concentration purely on deficit reduction is doing for the Greek and Irish economies?

Any reply which avoids answering these two questions will be similarly left unanswered, "old chap"! If you can't stand the heat, don't come into the kitchen.

Cheers
D

[Alex L]

OK, I'll try one of your own, Labourlist.org:



"Labour says the reason it created this fiscal mess was to save the country from a collapse of the banking system. But let's get real ? the reason there's a deficit is because tax income didn't cover the high public spending before the credit crunch/banking crash. Had the Labour government had a spending review mid 2000s, and reduced public spending, the deficit today would have been smaller. We must begin to admit that we were fiscally irresponsible for years, in order to gain the trust of the public again, at least on the economy."


No matter how you look at it or how you read it, unsustainable public spending was the root of the demise of the New Labour "experiment" which failed miserably!

I am not, as you seem to think David, a blind supporter of the Conservatives, if I thought New Labour had made a good job of their years in office, I would be right up there with you as a supporter. I do not think that being a deficit denier however, helps anyone.

[Robches]

David old sport,

This may be news to you, this is a discussion forum, not an exam paper, and you don't set the questions.

The reason Keynsian economics is dead is that there just isn't any money left to borrow. Obama spent his $800 billion stimulus, and it didn't stimulate anything. Now the US government "borrows" money from the Federal Reserve, which just prints the stuff. It can't last, the wheels are coming off. You might not like it, but it's the way things are. Sorry.