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Global financial crisis 2007–present

Tom

Tom

TS Member
I wanted to start a discussion on this, but I'm not sure there will be many that would want to defend the people I'm pointing a finger at, but here goes:

The real reason for this recession is simply that the West's wealth has come from the exploitation of its own and other people, and the earth's natural resources.

Despite all these promises of regulating banks etc, unless humans decide to do away with money and work to better themselves, the long-term outlook is bleak.

But even without the recession we're currently in because of the greedy banks, how anyone can continue to expect living standards to rise indefinitely while the planet's population is rising all the time and resources are fast running out, is beyond me.
 
The current economic situation is due to the last Labour government spending money it didn't have, individuals spending money they didn't have, and banks lending both of these money they didn't have!

I was hoping this current bunch of self serving pigs of a government would sort out the mess but there screwing it up as well.
We can't spend money we don't have.
 
This is a global issue largely triggered by the Americans, it isn't confined to Britain.

Yes, Labour wasted and borrowed billions but so does every government in this country (including the current one).
 
Again, I would blame Labour. To get our funds back up in Britain. I believe we should bring back our thriving nuclear industry that Labour shut down to bring back billions. I'd invest in China and Brazil and some other E7 countries and allie with them to become great market traders. We should also get back to manufacturing, cars and clothes for a start. Just a few of my ideas.
 
Call Me Dave, Gideon and Cleggy Weggy have made it worse for us.

The Labour government actually reduced the debt as a percentage of our GDP from when the last Tory government were in charge.
 
I can't help but think this all stems from the partisan politics that Government is based upon. Rather than make decisions that benefit the nation, politicians make decisions that increase their chances of being re-elected.
 
Blaze said:
Call Me Dave, Gideon and Cleggy Weggy have made it worse for us.

The Labour government actually reduced the debt as a percentage of our GDP from when the last Tory government were in charge.
Click to expand...

No they didn't, the debt as a percentage of GDP has been rising since 2002 despite being boom years, look at your history labour have always spend, spend , spend with no regard to where the money comes from.
If that prat Ed Balls was in charge this country would now be like Italy and Spain, rising interest rates that are about to be come unaffordable.
The current rabble in charge haven't so much as made it worse but are not doing enough, they need to cut more and now in the public sector and give tax breaks to the private sector to create growth.
 
Because it is nothing to do with policies of current government, it would have happened anyway, the whole of Europe is in recession exept Germany and a lot deeper than UK.
 
I think everybody should watch the 2010 documentary film: The Inside Job.

It reveals exactly what went wrong in the banking system where it actually became in the bank's interest to lend money to people they knew couldn't pay it back, so they could claim the lucrative financial insurance. Who is really to blame, the financial experts who knew everything and purposefully lent in a reckless way, or the non-experts who borrowed and were told that it was all going to be fine?

What we need to do to get out of this crisis is to increase taxes on the richest in our society, install a Robin Hood Tax, and give government the regulatory power over the out of control financial sector. It is completely conceivable that we can tax our way out of the deficit whilst also funding economic stimulus and creating jobs. The only thing that stands in our way is the dominant influence of corporations on policy makers and the way banks hold us to ransom with threats to leave.
 
BigT said:
Blaze said:
Call Me Dave, Gideon and Cleggy Weggy have made it worse for us.

The Labour government actually reduced the debt as a percentage of our GDP from when the last Tory government were in charge.
Click to expand...

No they didn't, the debt as a percentage of GDP has been rising since 2002 despite being boom years, look at your history labour have always spend, spend , spend with no regard to where the money comes from.
If that prat Ed Balls was in charge this country would now be like Italy and Spain, rising interest rates that are about to be come unaffordable.
The current rabble in charge haven't so much as made it worse but are not doing enough, they need to cut more and now in the public sector and give tax breaks to the private sector to create growth.
Click to expand...
But we have that prat Cameron in charge and the debt is over £1tn. Labour initially reduced the debt left behind b the previous Tory government. The huge borrowing wasn't exactly limited to the UK, the US debt is seen by many economists are the cause. The current government is planning on borrowing more in 5 years than Labour did in 13. Our debt has increased more than any Eurozone member. The government is clueless and are making it worse.
 
Meat Pie said:
I think everybody should watch the 2010 documentary film: The Inside Job.

It reveals exactly what went wrong in the banking system where it actually became in the bank's interest to lend money to people they knew couldn't pay it back, so they could claim the lucrative financial insurance. Who is really to blame, the financial experts who knew everything and purposefully lent in a reckless way, or the non-experts who borrowed and were told that it was all going to be fine?
Click to expand...

I personally think everybody is to blame. Not necessarily 50-50, but everybody needs to take some responsibility. If you know how much disposable income you have, then you know what you can afford to pay back on any borrowing, there's no point blaming someone else, it's your decision. Trust me, I've been there and I blame no-one but myself.
[Enter rant about consumerist economy]
At the same time, financial institutions bear some responsibility too. In exactly the same way, if you know how much a customer can afford to repay, then only lend what they can comfortably afford to repay.
[Continue rant about consumerist economy]

As for Government debt, I think this image should help:
Screenshot_5.png

Source: Government Debt and Deficit under the Masstricht Treaty (.PDF file)

I do believe that the population is just as to blame as elected Government. The way I see it, Government is making decisions that bear short-term fruit but fail to think long term, being interested only in making sure that they get re-elected in the next election. This is, however, only because the general populace is only interested in what's in it for them now. They see it that if they aren't receiving some kind of tangible benefit from a policy then it's not working and needs to be scrapped.

Mark my words, come election year, we'll have all kinds of concessions and perks in a last desperate attempt to "buy" votes. And it'll probably work.
 
You can also make the argument that the pressures of a capitalistic system forces the poorer echelons of society into borrowing money just to achieve a reasonable standard of living, and the banks abused that.

Whilst there is a responsibility on the borrowers in that case, I think the banks and government are much more reprehensible.
 
Blaming the last government = Fisher-Price economics.

Our relatively insignificant country and its policies have little to no impact on the rise and fall of global financial markets.

Sent from my HTC Wildfire using Tapatalk 2
 
I didn't create this to talk about the recession in Britain only, but I guess it's that sort of inwardism and exaggerated sense of self-importance that makes workers in this country strike over the use of European labour.
 
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