Iain Dale says: "It is Gordon Brown's regulatory system which is to blame for the current shambles [the recession], and he cannot be allowed to escape from that blindingly obvious fact."I will tell you why Iain is spot on:
We are all victims of basic stupidity, fraud, incompetence and greed. The most important factor by far is incompetence - incompetence that leads straight to number 10 Downing Street. Both the Bank of England and the FSA (Financial Services Authority) have made mistakes, but they both answer to the Chancellor, and it is he who should be protecting this country from financial ruin. He failed to do so.
We all knew what was going on. Self Certification, 125% mortgages, lending 4 or 5 times salary, lending over 40 or 50 years and a massive increase in the buy to let market. We all knew these were dodgy mortgages. Even people like me with no financial education could see that many thousands of people who could not afford a mortgage where being duped into massive debt. I remember the dread of going to see my Bank manager for my first mortgage 20 years ago. I wore a shirt and tie, I had six months pay statements, I had to prove employment, I had to have proof of where I lived, I could borrow a maximum of two and a half times my salary and most importantly - if I had been overdrawn during the last six months, I could forget buying my first house. That was a safe loan for a Bank to give. If the banks still behaved in the same way today, we would most certainly not be in this terrible mess.
This time bomb has been ticking away for at least five years. Gordon Brown has been fully aware of the danger, but he failed to act in the interest of the people of this country.
From the FSA website December 2005:
The area of self-certification mortgages and in particular the potential for abuse of self-certification mortgage products during the mortgage sales process was identified as an early priority by the FSA. The potential for abuse of the self-certification of income has been well publicised in recent years, with two programmes broadcast by the BBC in October 2003 and February 2004 alleging certain abuses.The above is an introduction to a review carried out by the FSA into Self-certification mortgages back in 2005. The review seems to have been carried out in a reasonably professional manner. Many faults in the system were identified. However, absolutely nothing seems to have been done about it. The FSA found widespread bad practice (including fraud), and what did they do? they issued "feedback" - Well pump bloody pump.
Gordon Brown - you are to blame for this mess - you and no one else.
UPDATE: The link to the review above no longer works. The review seems to have disappeared? So I've linked to a page on the FSA which shows that it did indeed exist. If anyone can find the review please let me know.
3 comments:
That's before we even consider the deficit budgets, the tax, borrow, and spend economy, and now the spend, spend, spend, drive on even more dubious credit!
Curly15,
The list is becoming endless. It makes me sick as a ex labour supporter to listen to such blatant lies.
I'll tell you a couple of things for free - there's not many things free in a recession.... I work in the banking industry as a software developer - currently I'm on a break but looking to get back into it soon... maybe a bit later by the looks of it!
I was watching BBC Question Time the other day, and it was asked if the Tories could do a better job than the current Browns cowboys - Well let me just say this very loud and clear: a blind monkey with one arm tied behind its back, drunk and standing on its head underwater could do better. Every day we are finding out something unbelievable about these idiots - where its porn films, 80p plugs,claiming for 2nd houses, attempting to spread lies about the shadow cabinets wifes or whatever... (UNBELIEVABLE but true!)
I'm sick and tired of hearing about things like the Job Center 'one stop shop'. This is all TOTAL garbage. Its totally useless. My heart goes out to these poor unfortunate households with children getting rediculously NO help. As for this stupid claim for helping peoples morgages - just dont get me started! Its all smoke and mirrors. Surely others can see this. Oh, and the VAT reduction episode!... what a complete joke. I can save about £350 if I buy a kitchen over £10,000. Have they gone mad? Really! Have they!!?? I suppose their train of thought is maybe people are considering buying things of huge value in a recession - because lets face its you're not earning any interest on it!... As many a poor pensioner will tell you. Looks like the new message is: be prudent, save for your future, don't rely on your pension (because Mr Brown DIPPED INTO THIS A WHILE AGO!! - remember that one?!?), and don't rely on any interest. So some wreckless individuals who did the opposite are actually BETTER OFF! It pays to be stupid with your finances. (You see they practice what they preach!)
For he who has ears, let him hear: Gordon Brown is TOTALLY responsible for the recession. He deregulated the banks that lead to this financial disaster - possibly the 2nd ever in the history of the planet. Can't believe this hasnt stuck to him. This is SO obvious that he's trying continuously to say its a global recession. You'll notice he mentions the word 'global' in nearly every sentance. Very annoying in fact. I hate the fact the man just can't admit his mistakes. HE IS TOTALLY TO BLAME.
I've always voted Labour. I will never ever do this again in my lifetime. I will campaign to my family and friends not to do so either. Never have I come across a group of incompetent, useless, money grabbing, underhanded jokers who are totally out for themselves.
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