savanna454

In todays Herald Sun (Melbourne):

"BUSH CRITIC DECLARED WINNER ON A GLOBAL SCALE"

US economist Paul Krugman has won the 2008 Nobel Economics Prize. The 55-year-old Princeton University professor....................

Last weekend he praised Britain's rescue scheme, which bought stakes in troubled banks and extended hugh guarantees, and asked whether British PM Gordon brown had "saved the world financial system".

He wrote: "The Brown government's combination of clarity and decisiveness hasn't been matched by any other Western government, least of all our own"

Can Ruddo do the same for us and does this mean Gordon will get re-elected?!!

renth

Brown saved nothing, he is to blame for it all in the first place, he's just bought a bit of time for himself. Remember "no more boom and bust"? His economic miracle is based on rampant house price inflation, he wants more of the same.

Where's the money coming from? expect UK taxation to go through the roof as well as cuts to services. He'll also print lots of new cash so watch the pound's value tank.

Gordon Brown, the man with the Andrex touch.

What a twunt! :curse:

renth

What do you mean re-elected?

IvanM

He certainly is to blame for the unregulated lending and lack of regulation. To his credit his plan is the model that stopped an almost certain collapse of banking and the associated consequences.

The money will come from flogging bonds to the Middle East and China.

savanna454

Renth my sentiments too!

Sorry I forgot unlike Ruddo the twunt was never elected!!

eugene43

I will for one re-elect him God save our Gordon Brown god save our noble Brown god save our Gorden. I hope my visa comes quick as i think i am loosing it LOL

Grayling

He will get my proxy vote

Olibeneli

I think you will find Thatcher instilled the Big Bang unregulated City back in about ...ooo.....27th October 1986......

From wikipedia:
The phrase Big Bang, used in reference to the sudden deregulation of financial markets, was coined to describe measures including the abolition of the distinction between stockjobbers and stockbrokers on the London Stock Exchange by the United Kingdom government in 1986.

This change in the rules of the London Stock Exchange occurred on 27th October 1986. Big Bang (never "the Big Bang") was so called because the abolition of fixed commission charges precipitated a complete alteration in the structure of the market. One of the biggest alterations to the market was the change from open-outcry to electronic, screen-based trading.

Other reforms were enacted at the same time, and it was the aggregation of the measures plus the expected increase in market activity that led to the event being called Big Bang.

In the UK, Big Bang became one of the cornerstones of the Thatcher government's reform programme. Prior to these reforms, the once-dominant financial institutions of the City of London were failing to compete with foreign banking. While London was still a global centre of finance, it had been surpassed by New York, and was in danger of falling still further behind.

Thatcher's government claimed that the two problems behind the decline of London banking were overregulation, and the dominance of elitist old boys' networks, and that the solution lay in the free market doctrines of unfettered competition and meritocracy.

The effects of Big Bang were dramatic, with London's place as a financial capital decisively strengthened, to the point where it is arguably the world's most important banking centre. An economic boom created a new class of nouveau riche that has persisted for two decades, and the boom expanded beyond the City into new developments in the Isle of Dogs area, particularly that of Canary Wharf.

Some critics have charged that the deregulation, and the atmosphere that it created, were responsible for such scandals as the Barings collapse, although others argue the opposite, that the failure to completely disestablish the old boys' networks was to blame.



Brown has done a good rescue it seems, but I can't stand the guy !...robbing penny pinching barsteward he is.....

The financial world across the planet will never be the same again...including Oz !

Tell you what though.........recession we may be in or about to enter but I can't see it being sustained here in the UK. There is too much demand in the economy and with house prices stabilising down the bottom of the cycle I for one am looking forward to the country getting itself back on its feet for 2012.

Never been a better time to buy a house here I suspect.....I looked at a house for £430k the other day and it was £500k in Jan.....

It's not what to buy its when.....

moneypenny20

Yeah right, and I'm 5'10" 38-22-36

OzTennis

And 2009 Nobel Economics prize winner designate?

OzTennis

No, Nobel Prize for Economics 2009 goes to the author of this insightful analysis of the meltdown of world financial markets.

"Brown saved nothing, he is to blame for it all in the first place"

Red_V_Roger

Don't think you can 're-elect' him...since he took over from Blair, so hasn't been elected in the first place!

quoll

Dont be silly, everyone knows that it was really the Kruddster on his little 747 and his iphone who saved the world single handedly

IvanM

Correct however the financial instruments that have screwed us over only grew to the current scale in the late nineties. The nature of low touch regulation is that it needs constant review and tuning. The finance industry is only too willing to create new products which is great as long as the risks are transparent to all. Despite numerous warnings that western economies were spending more than they produced the regulatory authorities and central banks around the world stuck their head in the sand. Doing anything else would result in a politically unpopular slow down.

Even now politicians are talking about boosting house prices once more to boost the economy. When will they learn that it is the economic activity and not the price of the asset that will get us going again.

moneypenny20

Good grief, how the hell are you and where did you pop up from