Gordon Brown getting the praise he deserves....

[sherminator]

I'll be the first to admit that Gordon Brown has messed up on some occasions. I am a Labour supporter yes its all true. But I also work in th financial sector and speak with a little bit more knowldege than some. Gordon Brown saved every single penny YOU had in a bank! The banks had geared themselves so high that they couldn't afford any more downturns in the market when he stepped in to save them. He was quick, decisive and he really should be praised as a hero. I've still not head what the Tory alternative was going to be. I've still not heard Cameron bashing Brown for it and the rest of the world quickly followed Browns example and stopped possibly the greatest depression the world has ever seen. I suppose I should put a question in so does anyone refute what I say?

[R1Geezer]

OH please get your head out of your a5se. The world had no choice, Brown just went with the innevitable. If a high street bank is allowed to collapse, it's game over, even the dimest of politiician has grasped that. The Tories, gawd even the Lib dems would have done the same. The credit goes to those behind the government, in a rare peice of competance the world's back room boys dealt with it. Get real Tories, Labour, Lib dems, ditto EU numpties, their minds are made up for them by logic alone. Have you given any thought to this yourself? There wher no choices NONE! It's like oxygen, you need it to live!

[wonkon-wonk]

so does anyone refute what I say? yep........him ^

[R1Geezer]

Depression! least of their problems. It'd be game over for civilisation. Money meaningless, survival of the fittest, the stakes where much, much higher. Brown did what he knew he must, even a socialist can see that.

[Lucy-Thomas]

What the Tories would have done is completely irrelevant. They are not the government, Labour is.

If I smashed all your windows, would you call me a hero for re-glazing them.

Brown is part of the problem. He has only tried to fix what he helped to cause.

[R1Geezer]

well said lucy, I expect when sherminator gets his tongue out of Brown ar5s he'll offer and exlanation for this fantasy!

[pjm007]

Mr Brown is a saggy faced **** and will get no praise from me!

[123everton]

The Tories wanted less regulation not more, they were'nt heavily opposed to Labour's banking policies before and they're not opposed to Labour's banking policy after.
Sherminator's right the Tories have been very quiet about what to do, because they have'nt got a clue what to do, they don't want to borrow (fine) but we've nothing left to sell as they flogged the family silver years ago, and it is relevant what they say as it is their earnest intention to form the next government.

[Mr-Marvel]

Wase'nt it Gordon the wonderboy who sold most of our gold reserves off for a song, wase'nt he the moron who taxed millions of pensioners out of their pensions, and felt proud of it. if he gets elected again then god help us all.

[Lucy-Thomas]

If he gets elected again then this country really has disappeared up its own ar5eh0le.

[JockSporran]

Brown does deserve credit, yes, but not because he's Labour. Any Prime Minister of any party would have done the same, because the steps he took followed the logical course of action, as John M Keynes could have told you.

I am not a Labour supporter, but I don't think Brown is a bad Prime Minister. He's just no better and no worse than than anybody else trying to run the UK under the system we're presently stuck with.

[Panic Button]

Vince Cable for President.

[jake-the-peg]

What's your prescription for economic recovery Lucy?

[JockSporran]

Give us stars, sherminator. Click on 'Rate this Answer' and give a response. 3 stars for me, no? yeah?

[Panic Button]

Sorry, stars are cancelled due to the credit crunch,





Also the light at the end of the tunnel is being turned off as an economy measure.

[sandmaster]

Sherminator you are so wrong!!
Brown's first action was to sell of a lot of our gold reserves at rock bottom prices.
He has encouraged personal debt and not regulated corporate debt. He had to save the banks for political reasons
And his answer to our problems now? Spend spend spend. And if you haven't got the money borrow it.
And he wants the banks to lend more to the idiots the banks already know are likely to default.
Please come into the real world. You say you are in the financial sector but you think like a salesman for Loan Repayment Insurance

[R1Geezer]

Which financial outfit do you work for Sherminator? I'm worried, I hope you're not managing any of my pension plan!

[Gromit]

Gordon Brown did not sell our Gold reserves when they were at their lowest.

17% of our reserves were in Gold. He converted �4billion of that into Euros, Dollars and Yen. After the conversion we have 7% of our reserves in Gold. The price of Gold dropped after this was announced in 1999.

The European Central bank require countries not to hold so much gold, and it was seen at the time as Britain readying itself for adopting the Euro.

[Hugh Spencer]

I am not qualified in any to discuss financial matters but people in the past always said you cannot successfully spend your way out of recession. Max Hastings who writes articles in a national newspaper was reminding us of previous bad times when everybody had to '' knuckle down" and "bite the bullet". In any case it would not get worse than the '30s. With the present measures the agony will be extended into many years. The present 'clever' politicians will have made their millions, made a name for themselves and distance themselves from the mess they have left our children and grandchildren. Sooner now cut back severely to shorten the agony.

[New Judge]

Of course the price of gold dropped after Brown's sale of our assets, Gromit! That's what happens when any commodity sees a high volume of selling. The price drops!

The UK�s gold reserves were sold by �the greatest Chancellor the world has ever known� between 1999 and 2002 at a series of sales which netted, on average, about $300 per ounce. Despite the market being bombed for three years with unusually high sales, the price of gold this morning stands at $820. This represents an annual rate of return of about 8% - a fraction more than could have been gained from the Nationwide.

This, of course, was all part of the Great One�s strategy of spending every penny we had and to hell with the future. Your assertion that it was at the behest of the European Central Bank is another reason to disassociate this country from their activities when it is clear they are not in our best interests.

Well, the future has now arrived and despite what we are led to believe, the UK will suffer far more from this downturn (which we were told by the Great One would never happen again) than other similar nations.

sherminator must be alone in the finance industry in elevating Brown to hero status. Many of the current problems were caused by that industry�s crass incompetence but even they cannot understand how taking out ten new credit cards when you are up to your eyes in debt can help. Our Teutonic friends have broken ranks and suggested that the strategy may not be the best thing since sliced bread after all.

But I suppose they don�t know what they are talking about either.

[Gromit]

New Judge

This, of course, was all part of the Great One�s strategy of spending every penny we had and to hell with the future.

As I have already stated, The Gold was converted into Euros, Dollars and Yen. We still had the reserves, it was just in currencies rather than gold.