Labour party conference, is no-one else interested?

On Black Friday Darling (then Chancellor) was informed by the B of E that HBOS and RBS were out of money and wouldn't be able to open doors the next Monday.

Thanks for that, Dinahmo.

This is the point which most people don't seem to 'get'. The failure of those two banks would have led to the failure of others because people would rush to get their money out before their bank failed too. (Northern Rock had queues round the block) Like the current fuel panic buying. Which would have had catastrophic consequences.

But let's go on bashing Labour for a jokey note left by a junior minister...

Dinahmo, the problem is that most people are not aware of this, and many still believe the 'Labour left us bust' lies churned out by the Conservatives, thus being suckered into believing in austerity as a cure.

GillT57

Dinahmo, the problem is that most people are not aware of this, and many still believe the 'Labour left us bust' lies churned out by the Conservatives, thus being suckered into believing in austerity as a cure.

It will always make me very angry that Labour never vigorously defended their record in this respect.

Dinahmo

rosie1959 Surely, as mortgage brokers, you should have known a bit more about the financial crash in 2008 and not believe the Tory rhetoric.

It started in 2007 in America with the targeting of low income, low information and primarily ethnic minority home buyers with mortgage offers.

This was combined with excessive risk taking by global financial institutions and quickly followed by the bursting of the US housing bubble.

This then lead to mortgage backed securities (MBS), tied to American real estate and the derivatives linked to MBS collapsing in value.

As a result of the above worldwide financial institutions suffered sever damage and it climaxed with the collapse of Lehman Brothers in September 2008.

If you haven't seen the film Margin Call, shot in 2 weeks in what I think were empty Lehman Brothers offices you should look out for it. It's an excellent film.

I'm sure that you can see from the above that the crisis in the UK was not the fault of Labour or Gordon Brown, it was the fault of dubious practices by financial institutions the world over. In fact Gordon Brown together with Alistair Darling were responsible for persuading America and Europe how to deal with the crisis. On Black Friday Darling (then Chancellor) was informed by the B of E that HBOS and RBS were out of money and wouldn't be able to open doors the next Monday. Darling flew to America and Brown went to Paris for a meeting (to which he had not been invited) with the EU heads of state. The English had already decided that it was necessary to re-capitalise the banks and they persuaded their counterparts that that was the right way to go. And it worked.

I am not a Mortgage Broker my husband is i did not work for our company all that time ago
I just remembered the fallout and problems with the FSA and Gordon Brown admitting he had made a big mistake over the handling of financial regulations in the run up to the banking crisis
My husband knows far more about it than me

I just remembered the fallout and problems with the FSA and Gordon Brown admitting he had made a big mistake over the handling of financial regulations in the run up to the banking crisis

The USA, where the GFC started, that very model of that conservative ethos you so admire, had even less financial regulation. At least Brown acted very promptly to save us from financial disaster.

Thank you for that excellent presentation of the truth Dinahmo [Fri 01-Oct-21 12:19:21]. Sadly some don't want the truth as it spoils their beliefs.

MaizieD

^I just remembered the fallout and problems with the FSA and Gordon Brown admitting he had made a big mistake over the handling of financial regulations in the run up to the banking crisis^

The USA, where the GFC started, that very model of that conservative ethos you so admire, had even less financial regulation. At least Brown acted very promptly to save us from financial disaster.

I remember it being pretty disastrous but we survived many didn’t
Now we have plenty of financial regulations

rosie1959

MaizieD

I just remembered the fallout and problems with the FSA and Gordon Brown admitting he had made a big mistake over the handling of financial regulations in the run up to the banking crisis

The USA, where the GFC started, that very model of that conservative ethos you so admire, had even less financial regulation. At least Brown acted very promptly to save us from financial disaster.

I remember it being pretty disastrous but we survived many didn’t
Now we have plenty of financial regulations

But I don't think you're giving Labour any credit for saving the situation. We were coming out of recession when Labour lost office. The tories plunged us straight back in again with their idiotic 'austerity'.

Probably not MaizieD I just remember it being a pretty grim time along with the financial loss and a personal loss which was far worse than any effect on the bank balance
I admit to not being so involved in politics as some people are or reading and researching everything but then again nor do most people

All to do with bundles of subprime mortgages being traded with the banks having little knowledge of the risks they were taking. My nephew spent 48 hours basically locked in the treasury as part of the team trying to work out a solution, the country was in a very serious position and no-one knew if they could stop the banks going bust and they very nearly did. FWIW a lot of people would say that the Thatcher Govt led deregulation of the financial markets in 1983 was the main reason the banks got into a mess. Big Bang certainly helped to make London the financial capital of the world but it also allowed the banks to become involved in financial operations that exposed them to huge risks.

I admit to not being so involved in politics as some people are or reading and researching everything but then again nor do most people

Fair enough, rosie. It's instructive to know what people who aren't particularly interested believe.

Thanks for responding

I so agree that Labour should not have gone along with the idea that they were responsible for the GLOBAL financial crisis. I think that if Andy Burnam had spoken out against this he would have had a better chance of winning the leadership.

I still would love to know how taking a failing company back into public ownership is better or different from nationalising the railways and how giving grants to energy companies to take on customers from failing companies is better than public ownership?
I suppose it's how you sell it- if Labour propose it, it's bad. If the tories do it, that's OK. Although as far as I can see the present system just lets people make profits and bails them out when they don't.

I think you are spot on trisher

trisher

I still would love to know how taking a failing company back into public ownership is better or different from nationalising the railways and how giving grants to energy companies to take on customers from failing companies is better than public ownership?
I suppose it's how you sell it- if Labour propose it, it's bad. If the tories do it, that's OK. Although as far as I can see the present system just lets people make profits and bails them out when they don't.

I keep saying it, trisher. Get into power and the electorate don't mind what you do so long as it doesn't cause them any bother.

We've plenty of posters on Gnet who only take a mild interest in politics (or none at all), those who only take an interest around about a GE. They're not into the minutiae of public v private ownership; they've no interest in political economy, they just respond the the slogans that they like best.

Some pragmatism is badly needed, I think.

And it's not good railing at the electorate for not seeing that you're trying to do good for them...

Re my post above. The sad thing is that I have written more or less the same post more than once in the past. I also think it's sad that people who profess not to take much notice of politics have a point of view, based upon what?

The Daily Mail?

The English had already decided that it was necessary to re-capitalise the banks and they persuaded their counterparts that that was the right way to go.

Darling and Brown.

Just sayin'

It is the Bamk of Englnd and they, after some discussion were instrumental in persuading the banks, including Lloyds TSB which was heading in the same direction as HBOS and RBS.

What I don't understand why these problems weren't fully recognised after the run on Northern Rock which was September/October 2007. I remember it well because we had just sold our cottage and put the proceeds into N Rock.
My DH was very worried about it although I was pretty certain that the govt would let it collapse because of all the knock on effects. We were supposed to be visiting some friends in Hampshire that weekend and I looked for a N Rock branch that would be on our route from Suffolk, having tried to transfer our money on line on Friday. I sat at my computer on Saturday morning and was able to connect to N Rock's banking system when they switched it on at 8.00am and was able to do the transfer. DH greatly relieved.

Not sure if that's an answer to my 19:28 post Dinahmo, but I'll assume it is

The Bank of England is the central bank of the UK and the banks that were out of money were Halifax Bank of Scotland and the Royal Bank of Scotland

All are British Financial Institutions.

PippaZ

^Labour’s polling has fallen after Keir Starmer’s ...-^

If this is true then why haven't you put a reference to the poll that says this. I haven't been able to find one so far. Is this an attempt to make us question reality? I don't think that will appeal to many people or put the far-left any higher up the polls.

I have found one poll that says Keir Starmer outperformed Mr Johnson's first conference speech in 2019

However I can't find one taken since the conference. Perhaps you could put a link on.

skwawkbox.org/2021/09/30/labours-polling-falls-after-starmers-speech/?fbclid=IwAR1UqNDj-fugDzjprAdE-cfKhvmqT1gyxSqprr71bX4H9zuP5pj1yLm76yg

Oooohhh I think skwawkbox are being a bit devious there....

Starmer's speech was on the 29th at 3pm. Their fieldwork was on the 28th and 29th September.

Judge that for yourselves.

The Skwawkbox, a one-man operation apparently run by a Labour Party member from Liverpool. Not a reliable source.

Their = yougov's.