Tories admit Labour did NOT cause the Great Recession

[McAz]

George Osborne here:

https://twitter.com/EL4JC/status/920028051911663616

[Fletch]

George Osborne finally admits that the "Labour crashed the economy" lie is well.... a lie.
(video on link from McAz)

It was always an election ploy yet the easily led Tory voters lapped it up and voted for them because they thought the Tories were good at running the economy.

Some even took it upon themselves to promote this fiction using their own fiction about banking. Fun times.

[Viper]

You caps osbourne acolytes now

So you support his welfare reform etc chaps?

[Fletch]

You caps osbourne acolytes now

So you support his welfare reform etc chaps?

Where does laughing at him for lying tie in to supporting him or any of his failed policies?

[McAz]

It was always an election ploy yet the easily led Tory voters lapped it up and voted for them because they thought the Tories were good at running the economy.

Didn't they just - and what a splendid job their heroes have made of it.

[Viper]

Lol leftie failure to understand deficit shocker

[Cannydc]

Lol leftie failure to understand deficit shocker

As I understand Deficit, it is the difference between what the government gets in, versus what it spends, quoted as an annual figure in GBP.

This leads me to believe that unless we have been lied to, the annual deficits presided over by this shambles of a Tory government have added to our overall national debt to the extent of MORE THAN DOUBLING IT in the last 7 years.

Are they (and you) seriously trying to portray such profligacy as some bizarre form of financial competence ?

Blimey - that stupidity survey was closer than I realised !!

[Lady Murasaki]

Low interest rates in the noughties encouraged people to buy a lot more.
Who precided over those low interest rates? Labour government.
Therefore, whatever Osbo says is irrelevant.

[Fletch]

Low interest rates in the noughties encouraged people to buy a lot more.
Who precided over those low interest rates? Labour government.
Therefore, whatever Osbo says is irrelevant.

BoE was given independence on 6 May 1997.

[Lady Murasaki]

Low interest rates in the noughties encouraged people to buy a lot more.
Who precided over those low interest rates? Labour government.
Therefore, whatever Osbo says is irrelevant.

BoE was given independence on 6 May 1997.

So the government had no say in interest rates?
That wasn't wise. Of course it worked great during the boom but every bubble has to burst.
You must have sensed it was enevitable, I certainly did.

[Viper]

Lol leftie failure to understand deficit shocker

As I understand Deficit, it is the difference between what the government gets in, versus what it spends, quoted as an annual figure in GBP.

This leads me to believe that unless we have been lied to, the annual deficits presided over by this shambles of a Tory government have added to our overall national debt to the extent of MORE THAN DOUBLING IT in the last 7 years.

Are they (and you) seriously trying to portray such profligacy as some bizarre form of financial competence ?

Blimey - that stupidity survey was closer than I realised !!

Please look up the deficit inherited post labour gov by coalition and what it is now.

Pat pat.

[Mekon]

George Osborne here:

https://twitter.com/EL4JC/status/920028051911663616

Embarrassing for the Conservatives but old news, Oct 2017.

[Fletch]

Low interest rates in the noughties encouraged people to buy a lot more.
Who precided over those low interest rates? Labour government.
Therefore, whatever Osbo says is irrelevant.

BoE was given independence on 6 May 1997.

So the government had no say in interest rates?
That wasn't wise. Of course it worked great during the boom but every bubble has to burst.
You must have sensed it was enevitable, I certainly did.

No, interest rates and monetary policy was up to BoE.

It was a banking racket, all part of the neo liberal (Thatcher's reaganomics then Blair's third way) of gaining growth for countries, increasing banking profits and wealth for the few. The widespread use of computers making it much easier for customers to borrow money, much more regular and easy to use credit cards and automated payments and a dropping of lending requirements by banks. It was a money free for all easily accessed and used widely the world over.

The crash was due to hypothecated and rehypothecated lending and mortgages. US banks gave first time buyers and poor creditors mortgages on fixed term introductory deals. They went mad with them and much money was lent on 199 dollars a month (for example) for 2 years. Then normal rates would apply. They knew it would collapse so the debt for those homes was diced and sliced with other debts and sold on as financial instruments with a (crooked) AAA rating, When the rates normalised, people couldn't afford them and so stopped paying. Then you had the robo signing repossession scam by banks but by that time, major banks around the world held lots of debt that was now worth diddly squat.

Due to the way fractional reserve banking works, the loss of value meant the whole bank were suddenly outside lending limits and couldn't create any more money (debt). Couldn't maintain daily trading all exasperated by the public queueing up to demand cash from the banks. It will happen again. Nothing's changed except it's bigger now.

[Cannydc]

Lol leftie failure to understand deficit shocker

As I understand Deficit, it is the difference between what the government gets in, versus what it spends, quoted as an annual figure in GBP.

This leads me to believe that unless we have been lied to, the annual deficits presided over by this shambles of a Tory government have added to our overall national debt to the extent of MORE THAN DOUBLING IT in the last 7 years.

Are they (and you) seriously trying to portray such profligacy as some bizarre form of financial competence ?

Blimey - that stupidity survey was closer than I realised !!

Please look up the deficit inherited post labour gov by coalition and what it is now.

Pat pat.

The deficit in 2010, following a worldwide financial crash and credit crunch, was £103bn.

This year, 2017, the difference between spending (including capital expenditure) and revenue is estimated to be £69.8 billion.

The increase in UK “net debt” for 2017 is estimated to be £100.2 billion.

(Defined by Office of Budget Responsibility)

Some improvement after 7 years of Tory mis-management eh ?

[Lady Murasaki]

Low interest rates in the noughties encouraged people to buy a lot more.
Who precided over those low interest rates? Labour government.
Therefore, whatever Osbo says is irrelevant.

BoE was given independence on 6 May 1997.

So the government had no say in interest rates?
That wasn't wise. Of course it worked great during the boom but every bubble has to burst.
You must have sensed it was enevitable, I certainly did.

No, interest rates and monetary policy was up to BoE.

It was a banking racket, all part of the neo liberal (Thatcher's reaganomics then Blair's third way) of gaining growth for countries, increasing banking profits and wealth for the few. The widespread use of computers making it much easier for customers to borrow money, much more regular and easy to use credit cards and automated payments and a dropping of lending requirements by banks. It was a money free for all easily accessed and used widely the world over.

The crash was due to hypothecated and rehypothecated lending and mortgages. US banks gave first time buyers and poor creditors mortgages on fixed term introductory deals. They went mad with them and much money was lent on 199 dollars a month (for example) for 2 years. Then normal rates would apply. They knew it would collapse so the debt for those homes was diced and sliced with other debts and sold on as financial instruments with a (crooked) AAA rating, When the rates normalised, people couldn't afford them and so stopped paying. Then you had the robo signing repossession scam by banks but by that time, major banks around the world held lots of debt that was no worth diddly squat.

Due to the way fractional reserve banking works, the loss of value meant the whole bank were suddenly outside lending limits and couldn't create any more money (debt). Couldn't maintain daily trading all exasperated by the public queueing up to demand cash from the banks. It will happen again. Nothing's changed except it's bigger now.

Well then the government, whoever they were, let us down by not keeping a hold over the interest rates.
It'll happen again but more to the point it happened before, in the 1930's and the 80's. Depression and recession caused by low interest rates. Why don't they flipping learn?

Our governments should surely be in charge of the rates so that this doesn't keep happening.
Wtf are they playing at?!