Wednesday, 26 November 2008

Labour has done it again


mikey said...

Gordon Brown: mouth breathing, shit cunt, useless fuck piece of the highest order. I depise the cunt more than there are Anglo Saxon words to do justice. Please die in pain you cunt. *collapes*

mikey said...

actually you claim that I love your throbbing organ and yet you have yet to show me descriptions ect ect. ;o)

killemallletgodsortemout said...

I've never rated Osbourne; just another pompous, privileged tory twat.

But, fuck me, he certainly wiped the floor with the scotch fucktards Darling and MacSnot.

Fair play to the boy.

The Penguin said...

More power to your organ, Mr Holborn!

The Penguin

Panopticon Britain said...

It seems your London walk struck a chord in Darling's head.

Damo Mackerel said...

But at the end of the day did anyone really see this coming? How could any government curtail people's spending? People wanted credit, got it and spent like lunatics. I don't know really.

Anonymous said...

Damo I think a lot of people did see it coming. I certainly did and made plans to get out of Britain before the shit hit the fan. When the price of a one bedroom flat hit over £120,000 in my area and most people I knew were earning under £25,000 it was pretty obvious to me that the party would soon be over. I put in my application to emigrate. It took four years but now I am out of it. Over ten years of Labour pissing away the British economy, it will take decades to put that right.

Gareth said...

Damo Mackerel,

Did anyone see this coming? Yes. A few economics reporters. The people at, anyone who saw folly in borrowing money to keep up with the Joneses, anyone who saw folly in people piling into the buy to let market without an ounce of knowlege of it. But so long as lending was cheap and house prices were going up the powers that be chose to not ask difficult questions.

The FSA was asleep at the wheel. It didn't know the true balance sheet position of the Banks. It could have stamped down on off-balance sheet stuff and offshore special investment vehicles, but chose not to. For the last decade or so Chancellor Brown has itched, squirmed and looked the other way to get London as the defacto financial capital of the world. He did, but the cost is now only being realised. All so he could gloat at the Despatch box and buy votes.

The most immediate weapon in controlling personal debt is interest rates. But the Bank of England was no longer allowed to set the rate appropriate for the economy as a whole, it's attention was focused solely on the rate of inflation. Since 2001 or so it was a measure of inflation that specifically excluded housing. This created fertile territory for an asset bubble to form. Another of Chancellor Brown's doings. All so he could gloat at the Despatch box and buy votes.

The perilous finances of American home owners have also been known for a long time. They were taking a different route but ended up at the same destination.

John Pickworth said...

I saw it coming and took great delight in telling the folks over on Labourhome back in May.

It didn't take a genius to work out what was going to happen... which probably explains how I did.

And there's worse to come too.

While I believe the World is scared enough to do whatever it takes to drag us out of a recession. I also know our economy has been so critically damaged by the hand of Brown that we're going to under-perform in the UK for years to come.

Anonymous said...

Spot on Gareth, the Wank of Ingerlund decided to drop interest rates in face of booming house prices, yet the second food and fuel prices started rising up went the rates, so assets got the green light commodities the red, I wonder who that was ment to benifit? Not me thats for sure.

Still, looking on the bright side I can ask all the boorish fuckwits how much their house has depreciated this month.

John Pickworth said...

Still, looking on the bright side I can ask all the boorish fuckwits how much their house has depreciated this month.

Forget 'this month'... according to The Times you need to be measuring depreciation in days now.

Average cut in house asking prices since November 10

London £48,131 (7.3%)
Nottingham £13,777 (8.2%)
Birmingham £10,200 (6.5%)
Manchester £15,912 (7%)
Liverpool £9,358 (7.3%)
Glasgow £9,041 (6.5%)
Cardiff £15,547 (6%)

Sellers have reduced their asking prices by an average of nearly £17,000 over the past fortnight alone! The panic is setting in.

Anonymous said...

Nice one John!several rural "investment cottages" in my neck of the woods are now up for sale, they've been empty for two and a half years , depriving the locals of living in their own villages.

I love it when greedy selfish fuckers get their fingers burnt.

it's either banned or compulsory said...

"Labour has done it again "
Why does the general public not yet recognise this? Apparantly The Queen ( Gord bless 'Er ) said of the International Credit Crunch " Didn't anybody notice ? "

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