So what should Labour stand for?

[LordRaven]

Caused by neoliberal policy...or do you think had the banks been properly regulated (deregulation was one of Thatcher/Reagan's "finest" legacies) it would have happened anyway? Before you respond, Canada didn't have a financial crisis and the difference is their banks were regulated, fancy that.

You might want to look at Labour's spending, as it was less as a percentage of GDP than under nearly every one of Thatcher's...

Oh dear, gigabit
You really are a complete pratt aren't you
Did you know that Labour governed the UK from 1997 to 2010?
Did you know that the crash happened in 2008?

A fact he wishes to ignore

Why should a government be prepared to bail out rich wealthy companies when they go tits up Raven?
Shouldn't it be the rich companies that have money put to one side?

Ask Gordon Brown, it was his idea as I recall

[Gigabit]

Mungo is getting angrier and angrier, I must have touched a nerve.

[Rolluplostinspace]

Caused by neoliberal policy...or do you think had the banks been properly regulated (deregulation was one of Thatcher/Reagan's "finest" legacies) it would have happened anyway? Before you respond, Canada didn't have a financial crisis and the difference is their banks were regulated, fancy that.

You might want to look at Labour's spending, as it was less as a percentage of GDP than under nearly every one of Thatcher's...

Oh dear, gigabit
You really are a complete pratt aren't you
Did you know that Labour governed the UK from 1997 to 2010?
Did you know that the crash happened in 2008?

A fact he wishes to ignore

Why should a government be prepared to bail out rich wealthy companies when they go tits up Raven?
Shouldn't it be the rich companies that have money put to one side?

Ask Gordon Brown, it was his idea as I recall

No Raven you fail to understand again.
You keep accusing the New Labour crowd of not being rady with tax payer money should a bunch of private wealthy organisations blow it.
Tories like you hate that kind of thing.
You're suggesting that the state keep billions of pounds of tax payer money ready to bail these pricks out .... that's not the free market its not Tory.

[LordRaven]

Mungo is getting angrier and angrier, I must have touched a nerve.

Is that the plan?

[LordRaven]

Oh dear, gigabit
You really are a complete pratt aren't you
Did you know that Labour governed the UK from 1997 to 2010?
Did you know that the crash happened in 2008?

A fact he wishes to ignore

Why should a government be prepared to bail out rich wealthy companies when they go tits up Raven?
Shouldn't it be the rich companies that have money put to one side?

Ask Gordon Brown, it was his idea as I recall

No Raven you fail to understand again.
You keep accusing the New Labour crowd of not being rady with tax payer money should a bunch of private wealthy organisations blow it.
Tories like you hate that kind of thing.
You're suggesting that the state keep billions of pounds of tax payer money ready to bail these pricks out .... that's not the free market its not Tory.

It was Brown's idea and I recall all you lefties calling him the man who saved the world, why have a go at me about a policy you lefties fully endorsed back then?

[Rolluplostinspace]

Caused by neoliberal policy...or do you think had the banks been properly regulated (deregulation was one of Thatcher/Reagan's "finest" legacies) it would have happened anyway? Before you respond, Canada didn't have a financial crisis and the difference is their banks were regulated, fancy that.

You might want to look at Labour's spending, as it was less as a percentage of GDP than under nearly every one of Thatcher's...

Oh dear, gigabit
You really are a complete pratt aren't you
Did you know that Labour governed the UK from 1997 to 2010?
Did you know that the crash happened in 2008?

A fact he wishes to ignore

Why should a government be prepared to bail out rich wealthy companies when they go tits up Raven?
Shouldn't it be the rich companies that have money put to one side?

Ask Gordon Brown, it was his idea as I recall

You'll be telling me next that the present government have a trillion dollars stashed for next time it happens.

[Guest]

Mungo is getting angrier and angrier, I must have touched a nerve.

Desperate and getting even more desperate. These Tories know that their game is up!

[Rolluplostinspace]

Raven you don't even understand your own fucking posts.
You keep saying for years now that the New Labour government weren't prepared. I keep asking you why they should have been.
You then deflect onto what Brown had to do that he hadn't saved up our money to do.

[Gigabit]

It was Brown's idea and I recall all you lefties calling him the man who saved the world, why have a go at me about a policy you lefties fully endorsed back then?

We needed a bailout, otherwise poor people would have paid the price as their savings would have disappeared. The mistake was what followed with austerity, something the Tories were all for.

They also supported a bailout and in fact wanted less regulation than Labour, not looking too good for them is it? Like I say, it was the neoliberal ideology of deregulation and privatisation that allowed the banks to run free and crash the world economy. The Tories are absolutely to blame, as they implemented the policies. And New Labour/Tory lite will also not be excused for failing to regulate as well.

[Gigabit]

You'll be telling me next that the present government have a trillion dollars stashed for next time it happens.

Does he not know the Tories backed Labour's spending plans?

[LordRaven]

Raven you don't even understand your own fucking posts.
You keep saying for years now that the New Labour government weren't prepared. I keep asking you why they should have been.
You then deflect onto what Brown had to do that he hadn't saved up our money to do.

Because in 2003 The Times and other papers dedicated articles to the fact that the world wide boom meant we had a surplus of cash and they suggested paying off the national debt and setting all the extra income aside for a day when the rood needed fixing-as they put it.
Brown, with his prudent handling of the public purse, ignored them and spent all budgeted money, all surplus income and borrowed even more --in a fucking boom.
You had this explained to you many times years ago.
Do try and remember

[Gigabit]

Raven you don't even understand your own fucking posts.
You keep saying for years now that the New Labour government weren't prepared. I keep asking you why they should have been.
You then deflect onto what Brown had to do that he hadn't saved up our money to do.

Because in 2003 The Times and other papers dedicated articles to the fact that the world wide boom meant we had a surplus of cash and they suggested paying off the national debt and setting all the extra income aside for a day when the rood needed fixing-as they put it.
Brown, with his prudent handling of the public purse, ignored them and spent all budgeted money, all surplus income and borrowed even more --in a fucking boom.
You had this explained to you many times years ago.
Do try and remember

And yet the Tories didn't suggest this and backed Brown's plans.

Do you have any links so I can do some research?

[Rolluplostinspace]

Raven you don't even understand your own fucking posts.
You keep saying for years now that the New Labour government weren't prepared. I keep asking you why they should have been.
You then deflect onto what Brown had to do that he hadn't saved up our money to do.

Because in 2003 The Times and other papers dedicated articles to the fact that the world wide boom meant we had a surplus of cash and they suggested paying off the national debt and setting all the extra income aside for a day when the rood needed fixing-as they put it.
Brown, with his prudent handling of the public purse, ignored them and spent all budgeted money, all surplus income and borrowed even more --in a fucking boom.
You had this explained to you many times years ago.
Do try and remember

Labour or New Labour in this case paid down more on the debt than the Tories ever have.
As all Labour governments always do.
While all Tory governments borrow recklessly in order to loot the country.
This present lot have borrowed more money than all Labour governments combined but never a squeak out of you about that.

[Fletch]

Raven you don't even understand your own fucking posts.
You keep saying for years now that the New Labour government weren't prepared. I keep asking you why they should have been.
You then deflect onto what Brown had to do that he hadn't saved up our money to do.

Because in 2003 The Times and other papers dedicated articles to the fact that the world wide boom meant we had a surplus of cash and they suggested paying off the national debt and setting all the extra income aside for a day when the rood needed fixing-as they put it.
Brown, with his prudent handling of the public purse, ignored them and spent all budgeted money, all surplus income and borrowed even more --in a fucking boom.
You had this explained to you many times years ago.
Do try and remember

You can't repay the debt. Debt is the money supply. Private banks create money when making a loan then delete when it's repaid keeping the interest. If debts were repaid, the money would disappear out of the economy.

Balanced budget is household talk. It's not how countries work and it's not how the system of money works.

[Fletch]

Paying down the national debt is impossible. The country can choose not to roll over debt when gilts become due, therefore bringing the national debt down but gilts are issued on years, you can't just choose to pay a bit more off like a bank overdraft. The usual way is roll over debt as it becomes due, that is more borrowing to pay off the debt that has become due. That leaves money circulating the economy. A combination of government debt and private debt is required for an economy to work under the system we have (and the world has) Any drop in one means an increase in the other or recession. (somewhere on here is a Guardian article explaining it)

Banks had to be bailed out or there would be no money supply. The money to bail out banks came from private banks. (created as debt taken on by the government)