Tuesday, 17 March 2009

Saying sorry Gordon Brown style

I see Gordon Brown is up to his usual tricks with this mealy mouth comment.

"I take full responsibility for all my actions, but I think we're dealing with a bigger problem that is global in nature, as well as national," he said.

"Perhaps 10 years ago after the Asian crisis when other countries thought these problems would go away, we should have been tougher... keeping and forcing these issues on to the agenda like we did on debt relief and other issues of international policy."

His words demonstrate his total lack of understanding of what has gone on.

Firstly this is no apology for his role in the crisis, this is a wish he had done more years ago.

He does not appreciate that his regulations were the cause of the problem as they allowed financial institutions to bend the rules as there was no financial teeth to those regulations.

He thinks his regulations were OK but the global crisis developed because there were no global regulations.

If he cannot recognise or apologise for past mistakes, how can he possibly find the way out of this mess.

Think for a minute - the root cause of the crisis was the availability of cheap credit and the ability by individuals, companies and the government to load up on this debt. The banks have now seen sense and restricted this access to debt. Gordon's solutions to the crisis is to force the banks to unload more debt on to everybody.

So too much debt got us into the crisis and more debt will get us out?

Expect another year of this crisis before market confidence returns with the end of this failed Labour government.

No comments: