Wij
I am a FH squatter
- Joined
- Dec 23, 2003
- Messages
- 18,228
What? All those countries had banks they were exposed to the sub-prime fiasco, some more than others and those like Iceland or Ireland almost collapsed because of it. Italy was hard hit, Spain too and combined with the housing bubble burst it really left them in the shit. Greece almost folded, Portugal is on the brink.
Austria, Demark, Sweden, Germany all bailed out banks too and countributed to the European Unions bailout fund.
Canada had to bail out to the extent of $75 billion for it's chartered banks, they just did it by stealth and said it won't cost them anything in the long run, still they had to pump the money in or make guarantees to keep the banks afloat.
Everyone made the mistake to one degree or another, you were right to point out that our housing bubble contributed heavily as well but again that housing bubble was being repeated globally. It was all down to the free for all lending era that the banks and markets encouraged.
As for your last point, it is so trite that it is hardly worth answering. Politicians the world over make mistakes, your precious Conservative party included.
I already mentioned the PIGS economies. As for the others yes, many of their banks failed but many of their economies rode out the crisis better than us.
I remember even in the early 2000s many people warning that levels of consumer debt were too high but Gordon brushed this off and reminded us that he abolished boom and bust.
Regarding mistakes, that's exactly my point, you are admitting Labour made mistakes then.
And regarding my precious Conservative party, I don't think I've ever voted Conservative before this election