klc123 wrote:^ A reccession doesn't just pop up due to one persons actions, over one prime ministers time...If you want someone to blame, blame the slag of a politician maggie thatcher, it was her administration that set up the financial legislation that have let the banks go loco and quite literally fu** the whole country up. Tony Blair takes over the reigns a few years later and makes the situation worse by doing fu** all.
Gordon brown took over a sinking ship with a nuke as the anchor. There was absolutely, positively NOTHING he could have done to stop what has happened, and he took all the flak for it because he was the figure head of the Government at the time. I know he was the chancellor of the Exchequer for long before becoming Prime Minister, but in that role he had no where near the leverage over parliament to take the necessary action to prevent the bubble popping.
People should have compulsory financial and political education classes in school. fu** sex and drugs, young people probably know more about those than the teachers teaching it. At least if you give them something they can use in the future, we will avoid situations where di**heads like Cameron and his lapdog get voted in because the dailymail preaches that they have the answer, and then 50 million moronic and in-educated "sheep", otherwise known and the British public, would actually vote for who deserves to be in office.
Why not going back further than Maggie? Lets talk about the complete mess she inherited from Labour in the 1970s when Britain had to go cap in hand to the IMF?
The fact remains when Labour came to power in 1997, the economy was in good shape. Labour with Brown as Chancellor implemented a whole load of incredibly poor policies which saw Britain live beyond its means from pretty much as soon as they got in. Everyone (bit of a sweeping statement, I know) got used to living to excess on credit of one form or another. They should have let Northern Rock go bust but once they saved them, they had to save all banks. By letting one bank go bust, it would have sent a message to others. However, Northern Rock was based in Labour strongholds so it was a political decision.
They were printing money - how fu**ing stupid can they get. They printed £200bn between Jan and May 2010. To give you an idea how much tax has to be paid to repay that - increase VAT by 2.5% to 20% will bring in an extra £13bn.
Now we have a massive deficit and the interest payments to service that debt are more than the entire defence budget. That needs to be sorted out quickly.
Don't believe all this bollox about spending your way out of trouble, its not possible. Two things have to happen; tax revenue needs to increase (thats not necessarily the same as increase tax rates) and spending needs to reduce.
Inflation will also creep up a bit further and they only way to combat that will be to raise interest rates. That in turn will hit the housing market and homeowners. House prices will fall and homeowners may struggle to pay higher monthly mortgage payments.
Things are going to get worse before they get better. I fully expect the Tories/Lib Dems to get booted out at the next election in 2015 but when it comes to voting time, look at Labour and remember that Milliband and Balls were at the heart of the Labour government who caused these problems.
Back to the thread topic - Ashley Cole is still a bit of a cock.