David Cameron’s Flawed Debt Story
DAVID Cameron has been quiet on the banking crisis. Want to know why? It’s because he and his party have nothing meaningful to add:
Cameron is then directly quoted, saying: “I think that we have had a failure of regulation and we have had a debt boom that went on for far too long and it reached into parts of the economy it shouldn’t have done. The whole thing has become infected and it has got to be dealt with.”
A propos our previous post, Cameron is playing with fire taking this line. For sure, it is generally agreed that that has indeed been a “failure of regulation”, but by far the bulk of regulation, and the regulatory structures, are of EU origin. They are not within the gift of Cameron to change, without taking on the European Union, which the leader of the opposition shows no sign of doing. But to pretend that they are “Gordon Brown’s” is a very silly strategy indeed.
Isn’t it all the failure of capitalism?
September 28th, 2008 at 5:16 pm
Well, yes.
I am rather more worried about the fact that the reports that Bradlford and Bingley has been ’saved’ suggest that whilst the US lawmakers in Congress are fighting tooth and nail over what the response to this financial should be, our legally elected representatives are being given no input whatsoever into what is being done in our name.
It is far from clear that the Bradford and Bingley is essential to the economic life of our nation, unlike MFI, of course.
Incidentally, whilst I respect everyone’s right to witter on about the EU, the completely unregulated $60 trillion credit default swaps market needs to be dealt with now. We can worry about EU later…
September 28th, 2008 at 5:45 pm
The phrase ‘debt boom’ seems a bit strange, wasn’t it credit boom and now a debt disaster Mr Cameron?
September 28th, 2008 at 6:26 pm
Cameron survived Black Wednesday, and thus likes to roll up his sleeves to display the scars acquired that day.
Sadly, it didn’t go as well as Agincourt did, but once you have watched the first £ billion disappear into the void, watching the next £26 billion does get a bit easier…
September 28th, 2008 at 8:40 pm
hey chernier - are you saying the greatest home furniture company that britain has ever had is going bust? My god we are in the shit. I didn’t realise the severity of the problems until now. Where on earth am I going to get my top quality chipboard kitchen from? Where on earth will I be able to find a customer service team that are second to none? Where on earth am I going to get the sofa that only lasts for three sittings from? So many wheres I just don’t know what to do with myself…..
September 28th, 2008 at 8:50 pm
That was the word on the street, Lone; I appreciate that it might be a bit of a blow.
However, the breaking news is that MFI has been saved at the 11th hour by a management buy-out, thus achieving a near miracle, though Dog only knows who agreed to lend them the money.
Let’s face it, management buy-outs are so 20th century…
September 28th, 2008 at 8:53 pm
Yeah why on earth have a management buyout when you’ve got Ali D and Gordie Boombastic
September 28th, 2008 at 9:04 pm
Yes, I was wondering whether the minds of our leaders have been focused on top quality chipboard work tops, and the need thereof to keep the Great in Great Britain.
In a wierd way B&B going down the tubes would have fitted with MFI tanking, since it was B&B who did the vast majority of the buy to let lending, and MFI who sold the stuff which was put into the buy to let properties in order to let them.
All of which approved by some chap who was Chancellor at the time…
September 28th, 2008 at 9:17 pm
and therein lies the problem…