The government at the time of the financial crash happened to be Labour.In other parts of the world hit at the time were of many political persuasions but all of them were stuck in the neo-liberal version of capitalism,which would have been much worse under the Tories because they were demanding even less light-touch regulation than Gordon Brown.This started in the UK with Mrs Thatcher and her Big Bang and continued under Blair and Brown.However,when the crash hit I thank the heavens Gordon Brown,who proved very capable,rather than George Osborne,was the man in charge. The Tories have been allowed to rewrite history and will have borrowed,with LibDem help, more in 5 years than Labour did in 13. It was greedy bankers who caused the problem and they must pay with a Robin Hood Tax to help the poor.
How did the "Big Bang" (abolishing the distinction between Brokers and Jobbers) have any bearing on the financial crash of 2008?
It gave bankers too much freedom.People's behaviour needs regulating espesciallyin risk taking situations with other peoples' money money,some of which is mine.It has to be pay back time for the bankers.
F1: Rosberg has questioned the safety car's timing (namely it emerged after he and about three other cars had passed the pits, disadvantaging the leading cars): http://www.bbc.co.uk/sport/0/formula1/28545304
Got to say I think that's legitimate. He pitted at the first opportunity, had a clean stop, and a 9s lead from 1st became 4th place.
On the banks - before the crisis hit I naively thought that in a capitalist system, where people are trying to make as much money as possible - well...
If you are a banker - lets call him "Ted the Shed" and you took lots of risks, and they came off you could give yourself a £100 million bonus, a yacht and a dozen young ladies in the Bahamas.
And if you took big risks, they didn't come off and you bust the bank then you should end up destitute and penniless. And if you've taken cash from people who believe it is basically safe with yourselves and gamble it all away then add 20 years inside as well.
You are right that there was a lot of misselling. And where people are deceived those doing the deceiving should be held responsible.
But you also touch upon a point which has been less remarked on. People also bought. Adults did so. They could and should have read what they were buying.
Up to a point. I once joined a company whose pension advisers were selling guaranteed income if a staff member fell ill. The adviser sent me a strongly-worded standard letter saying that I'd surely want to take this superb offer.
I quite like reading small print, because I'm allergic to being had, and discovered a clause which completely ruled me out from benefiting, for a reason that the adviser will have been aware of. I frostily pointed it out, and got an abject apology. Then, a year later, I discovered that the company pension fund was predicting double the benefit that it was really offering (they were double-counting contributions). Feeling a bit of a troublemaker, I pointed this out too, and got another apology and corrected statements for everyone in the company.
I'm prepared to believe that both were accidental errors, and I took no further action. But out of idle curiosity, could/should I have done anything, given that I'm not aware of anyone who lost by it?
Your priorities are all wrong., You politicians as a group should be handing over all your massively over generous pensions to those like me who will have a reduced pension for life due to several Govts incompetence and mismanagement of Pension Company legislation.
You are right that there was a lot of misselling. And where people are deceived those doing the deceiving should be held responsible.
But you also touch upon a point which has been less remarked on. People also bought. Adults did so. They could and should have read what they were buying.
Up to a point. I once joined a company whose pension advisers were selling guaranteed income if a staff member fell ill. The adviser sent me a strongly-worded standard letter saying that I'd surely want to take this superb offer.
I quite like reading small print, because I'm allergic to being had, and discovered a clause which completely ruled me out from benefiting, for a reason that the adviser will have been aware of. I frostily pointed it out, and got an abject apology. Then, a year later, I discovered that the company pension fund was predicting double the benefit that it was really offering (they were double-counting contributions). Feeling a bit of a troublemaker, I pointed this out too, and got another apology and corrected statements for everyone in the company.
I'm prepared to believe that both were accidental errors, and I took no further action. But out of idle curiosity, could/should I have done anything, given that I'm not aware of anyone who lost by it?
Your priorities are all wrong., You politicians as a group should be handing over all your massively over generous pensions to those like me who will have a reduced pension for life due to several Govts incompetence and mismanagement of Pension Company legislation.
Oh and all those with pre 97 service get no increases at all on that part of their pension. We were stuffed. The compensation was never enough.
Comments
I'm sure it won't last long
F1: Rosberg has questioned the safety car's timing (namely it emerged after he and about three other cars had passed the pits, disadvantaging the leading cars):
http://www.bbc.co.uk/sport/0/formula1/28545304
Got to say I think that's legitimate. He pitted at the first opportunity, had a clean stop, and a 9s lead from 1st became 4th place.
In unhappy news, the ex-Caterham staff suing the team are now being counter-sued for allegedly misrepresenting the truth:
http://www.bbc.co.uk/sport/0/formula1/28546567
If you are a banker - lets call him "Ted the Shed" and you took lots of risks, and they came off you could give yourself a £100 million bonus, a yacht and a dozen young ladies in the Bahamas.
And if you took big risks, they didn't come off and you bust the bank then you should end up destitute and penniless. And if you've taken cash from people who believe it is basically safe with yourselves and gamble it all away then add 20 years inside as well.
Big risks, big rewards.
Live by the sword, die by the sword.