Has Brown saved the World Financial System?

[Gromit]

The rest of the World thinks so...

Gordon Does Good
Has Gordon Brown, the British prime minister, saved the world financial system?
New York Times http://www.nytimes.com/2008/10/13/opinion/13kr ugman.html?scp=2&sq=Gordon%20Brown&st=cse

Gordon Brown 'The Raised Magician'
"The Raised Magician", is how the French press greeted Gordon Brown when he arrived in Paris. http://www.telegraph.co.uk/news/newstopics/pol itics/labour/3184665/Analysis-Gordon-Brown-The -Raised-Magician.html

Global crisis reinvigorates Brown
Cameron, who barely a week ago was looking like the heir apparent, now looks like the apprentice. http://english.aljazeera.net/news/europe/2008/ 10/20081011618956131.html

Gordon Brown's stock rises
In a country that practically invented irony, Gordon Brown's return from the political dead should probably come as no surprise. http://www.latimes.com/news/nationworld/world/ europe/la-fg-brown4-2008oct04,0,2641205.story

Is this Gordon Browns 'Falklands'?

[helpmetoo]

good old gordon i say,

bit of a slow rush to the rescue,

nicely hesitant and indecisive as usual and therefore achieving the ultimate labour aim of state intervention by ensuring nationalisation was the only option left,

until labour nationalise my car and start putting the petrol in for me i fail to see any benefit to the big brother type state they so crave,

to$$�rs

[jake-the-peg]

I think he was just giving Cameron time to show that he could take the helm in a crisis..

David?.....Daaaviiiid?

Seriously though - this is not a trivial package it needed buy in from the banks and to be backed up with the ability to execute it.

It's not exactly something that can be knocked up after lunch one day.

And actually Brown has gone a long way not to nationalise them all.

He's getting a stake as security that the taxpayer will get something in return - I'm sure you'd scream blue murder if we got nothing back.

But he could have let them fail and fully nationalise them.



But hey what would you have done? we're all ears

[jno]

yes, it's tough on Cameron. The Tories are by default the non-interfering-with-business party and Labour adopted the same strategy under Blair and Brown. Now Tory non-interventionism looks like the worst possible approach (what, stand by and let the country go under beacuse that's how the Thatcherite market works?) so all Cameron can do is agree with everything Brown says and does, while secretly hoping that (a) it all goes wrong and (b) somehow he won't have to sort it out himself because he doesn't know how. Oh, and that voters will remember Brown was chancellor while this mess was building up (though I think Thatcher's chancellors get to share the blame).

What is the French for 'raised magician'?

[Gromit]

Jno

Le magicien ressuscit�

http://www.lejdd.fr/cmc//international/200841/ gordon-brown-le-magicien-ressuscite_156348.htm l

[helpmetoo]

jake the ears,

the potential calamity stemming from ninja loans was written about in economist papers as long ago as 3 years,

preumably mc broon is not mc visually impaired,

neither is he (his terminology) mc prudent,

as boss now and previous money fiddler he must take responsibility for his actions ....or lack of,

i hear there is a scottish assembly now,

bye bye

[rov1200]

Brown has done an excellent job. And unlike other PMs is willing to get his hands dirty by his involvement. I've said before, he is a do-er and when it comes to financial matters he knows his brief.

The only problem I can see at the moment is the witholding of dividends to shareholders for a year. If they are being denied these then whats in it for them? So the large reduction of the share price in these banks. Barclays who did not participate have increased greatly.

[BertiWooster]

' bit of a slow rush to the rescue '

So slow that no other governement had a rescue plan ; like the one anounced ; which other governments are now following .

As for your penultimate statement - it just shows your ignorance when it comes to economics , particularly the importance of the role of the banking system in a modern economy .

[jake-the-peg]

What so you think Gorden brown should have stepped in and placed limitations on the Banking sector 3 years ago?

I can just hear the screams of "nanny state" and "Socialist managed economy" .

I presume the Tories had this high up on their manifesto?

Get real you're not kidding anybody not even yourself

[jno]

of course Brown is visually impaired; he has sight in only one eye (rugby accident).

[Gromit]

It is worse than that jno...

The Prime Minister's close friends have revealed that he can only see extremely large print and has needed guidance at public events. There were suggestions that if Mr Brown falls or bumps into something his damaged retina could fail and he would go blind completely.

http://www.telegraph.co.uk/news/newstopics/pol itics/labour/3178318/Gordon-Browns-eyesight-is -causing-concern-among-aides.html

[BertiWooster]

Jake

My post was in response to helmetoo's load of bull sh1t

[jno]

I didn't realise it was that bad, Gromit, expecially as I believe he's a voracious reader.

[helpmetoo]

ok bertie,

i have had an excellent last two weeks, in fact it has been consistently enjoyable since august,

i dont trade equities,

i must be ignorant only making 6% return in 10 weeks

[Lonnie]

Sorry, I can't get excited, Yes, it is a good plan, but if our Gordon hadn't sold 60% of our Gold reserves at a massive loss when at the time he didn't need to, he would have had the money to see us through this.

There are lots of other instances where he's wasted our money,

The sooner he goes, the better.

[Prudentia]

brown, pratt of this parish will never be the saviour than anything than other than his own skin, a serial loser who would destroy the world for less than two pence

[Oneeyedvic]

More smoke and mirrors that people are buying.....

Fact - you can't buy yourself out of debt.

Who exactly are the banks meant to give mortgages to - the people who they didn't think would pay the money back.

Now the government have stepped in and said - here you go - here's some more money - start lending it so that people start spending again (note - spending borrowed money).

And people think this is a good idea and that Brown is a saviour.

Christ Almighty

[joggerjayne]

If Brown saves the World, it's the least he can do, having arsed it up in the first place.

[sherminator]

Gordon Cocked the world up? I've heard it all now!

I don't ever remeber him being the ceo at any of the companies that have gone under or been nationalised recently?

i'd love to know where you can come up with statements like that!

[Gromit]

The Daily Mail has finally caught up with this thread

http://www.dailymail.co.uk/news/worldnews/arti cle-1077225/Gordon-Brown-saved-worlds-financia l-says-economics-Nobel-Prize-winner.html