Quote:
Originally Posted by andrewb
He said the Bank of England should be put back in charge of regulating credit and debt in the economy. Which Gordon Brown removed in 1998, and hence why we are in this banking mess, as they've had no regulation.
Sensible suggestions, I'm glad he is not ignoring the very important North.
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For one, its just a publicity thing coming up north. He could not give a monkeys about us lot up here. Not that labour do either mind.
While the bank of england probably should be in charge of regulating credit etc it would not have done anything to help the current financial problem. The problem we are facing now is not a shortage of money in peoples pockets or the amount of debt people as individuals are in but a problem stemming from banks not trusting each other any more.
One or two american banks go under because of bad credit and it brings the entire system to a halt because every other bank starts to panic.
So no businesses cant get the loans and overdrafts they need and thus start to cut back on their spending, if businesses dont spend money with other businesses the entire economy starts rolling backwards and you get the collapse of large companys and thus a rapid increase in general unemployment.
For the moment it isnt scum bag individuals living off the back of government money that we need to worry about, its getting the system moving forward again.
England should in fact see this as an oppertunity rather than a problem, if we can get back to our feet quicker than other countrys it gives us a chance to grow overall, but to do that its the bankers that need a good kicking before we stick the boot into benifits cheats.
rant over, thats just my opinion