Labour and Ken

[Calaen]

yup but the thousands of fuckers that were sold down the river weren't, London isn't the be all and end all of this country, and the second the fuckers in charge down there realise this we'll all be better off.

 

[cHodAX]

Bollox. Labour ruined it before the global recession took place.

Labour made massive mistakes in 2003-2004, no, wanker one eye made massive mistakes by breaking all fiscal policy rules and going on a spending spree with cheap credit. Thing is Deebs, without the credit collapse we were headed for a 2 year recession to pay back what we over-borrowed. Sadly the arse fell out of the market, the banks had to be bailed out and the government ended up further in the hole than we were after the second world war. The U.K. did not cause the credit collapse though, nor did Labour and to say otherwise is plain stupid.

 

[Deebs]

Well as long as you are alright everything must be rose then? Or was it? Currency devaluation, two major stockmarket crashes, selling off all the social housing stock at up to 80% below market value and not making sure the money was reinvested in new stock thus ensuring a housing price bubble and forcing us into another crisis with unsustainable lending.

I don't deny that they got certain things wrong, those wrongs are still less than the fuckups the labour (cunts) government did.

 

[Calaen]

I don't deny that they got certain things wrong, those wrongs are still less than the fuckups the labour (cunts) government did.

Ah is that because the things they did didn't really effect you?

 

[Deebs]

Ah is that because the things they did didn't really effect you?

Everything that ANY Government affects me.

 

[cHodAX]

I don't deny that they got certain things wrong, those wrongs are still less than the fuckups the labour (cunts) government did.

Deebs you are obviously not stupid, just look at the timeline of events. We over-borrowed and got caught out as many others did, the credit collapse was an American phenomenon though mainly down to thier ratings agencies giving AAA status to bundled sub-primes. Labour did not cause that, nor the Tories before them, we just didn't legislate for our banks buying into these bundles without real oversight and we are now paying for it.

 

[Deebs]

Deebs you are obviously not stupid, just look at the timeline of events. We over-borrowed and got caught out as many others did, the credit collapse was an American phenomenon though mainly down to thier ratings agencies giving AAA status to bundled sub-primes. Labour did not cause that, nor the Tories before them, we just didn't legislate for such an event and we are now paying for it.

Crap. I have been voting since I was 16, over 23 years ago so I have knowledge of how the middle aged population has lived. The Tories were pressing in their privatisation, Labour just wanted to spend and make our lives cosy as fuck. The American collapse happened but due to how Labour acted before that happened had a major, MAJOR, MAJOR, impact on where we are today.

 

[cHodAX]

I don't deny that they got certain things wrong, those wrongs are still less than the fuckups the labour (cunts) government did.

To an extent I agree, the problem is that some of the changes in legislation that lead to the current crisis occured under Tory government. Bank and market deregulation is not always a good thing and this time we all really got burnt for it.

Crap. I have been voting since I was 16, over 23 years ago so I have knowledge of how the middle aged population has lived. The Tories were pressing in their privatisation, Labour just wanted to spend and make our lives cosy as fuck. The American collapse happened but due to how Labour acted before that happened had a major, MAJOR, MAJOR, impact on where we are today.

I am 37 myself and if you were voting at 16 you were breaking the law!

Now for your points. Yes the Tories privatised, some went well and some didn't, I don't get where you were going with that though. Labour went spend happy? From 1997 to 2003 they actually did a fucking brilliant job because they stuck to the fiscal rules they set, shortly after the fuel strikes Gordon Brown saw weakness in Blair and decided to go in for the kill. He broke his own fiscal rules and went spending mad to buy popularity in his own party. He sunk us bigtime and the fat cunt is now worth in excess of ten million iirc.

Do not think for a second I am giving Labour a free pass, I am not, they fucked us all. Just not to the extent that you would have us believe. The global crisis that followed crippled over 100 countries, it wasn't just the U.K. that made mistakes and over-borrowed but it was the American credit rating system that totally fucked us all for the next decade. No party politics, the end was coming no matter who was in charge, just that one eyed fucker help push us over the edge to get himself into Number 10 and secure a fantastic future for himself.

 

[Deebs]

To an extent I agree, the problem is that some of the changes in legislation that lead to the current crisis occured under Tory government. Bank and market deregulation is not always a good thing and this time we all really got burnt for it.



I am 37 myself and if you were voting at 16 you were breaking the law!

Now for your points. Yes the Tories privatised, some went well and some didn't, I don't get where you were going with that though. Labour went spend happy? From 1997 to 2003 they actually did a fucking brilliant job because they stuck to the fiscal rules they set, shortly after the fuel strikes Gordon Brown saw weakness in Blair and decided to go in for the kill. He broke his own fiscal rules and went spending mad to buy popularity in his own party. He sunk us bigtime and the fat cunt is now worth in excess of ten million iirc.

Do not think for a second I am giving Labour a free pass, I am not, they fucked us all. Just not to the extent that you would have us believe. The global crisis that followed crippled over 100 countries, it wasn't just the U.K. that made mistakes and over-borrowed but it was the American credit rating system that totally fucked us all for the next decade. No party politics, the end was coming no matter who was in charge, just that one eyed fucker help push us over the edge to get himself into Number 10 and secure a fantastic future for himself.

Reading your post it just shows how much Labour are inferior to the Tories.

 

[Wij]

Deebs you are obviously not stupid, just look at the timeline of events. We over-borrowed and got caught out as many others did, the credit collapse was an American phenomenon though mainly down to thier ratings agencies giving AAA status to bundled sub-primes. Labour did not cause that, nor the Tories before them, we just didn't legislate for our banks buying into these bundles without real oversight and we are now paying for it.

Actually RBS were a leading light in chopping up US sub-prime mortgages and selling the constituent parts off for a sum greater than the value of the parts. Thing is they effectively held onto the risk which netted them big profits for almost no effort, as long as the risks didn't realise. British bank, not being regulated, major causal factor.

 

[cHodAX]

Actually RBS were a leading light in chopping up US sub-prime mortgages and selling the constituent parts off for a sum greater than the value of the parts. Thing is they effectively held onto the risk which netted them big profits for almost no effort, as long as the risks didn't realise. British bank, not being regulated, major causal factor.

Well aware of it. Did you see the documentary about how RBS hid thier exposure to investors and the government until literally the day they need a bailout? That was the problem with the credit rating system, you think you are sat on a goldmine of bundled AAA quality loans when infact you are sat on a couple of good loans bundled with dozens of sub-prime garbage with default chances way beyond what anyone rational would invest in. So, do we blame Labour for RBS buying into that? We can't, it was an offshore operation and not subject to any substantial U.K. regulation, all RBS had to do was report investment numbers and not actual details of asset quality. That is something that pre-dates Labour.

 

[Deebs]

RBS have paid their debt plus profit. Carry on....

 

[cHodAX]

Again, do not mistake what I have just said as me saying 'Labour are not at fault for any of the economic problems'. They are highly culpable but the banks, the ratings agencies and the regulators in America did all the damage that really mattered. Had the credit crisis not occured then the national debt would be condsiderbly less than half what it currently us. Gordon Brown is still a cunt though and he sold our kids futures away.

 

[Deebs]

Again, do not mistake what I have just said as me saying 'Labour are not at fault for any of the economic problems'. They are highly culpable but the banks, the ratings agencies and the regulators in America did all the damage that really mattered. Had the credit crisis not occured then the national debt would be condsiderbly less than half what it currently us. Gordon Brown is still a cunt though and he sold our kids futures away.

Use quotes please.

 

[cHodAX]

RBS have paid their debt plus profit. Carry on....

Now you must feel really silly. The U.K. taxpayer owns 84% of RBS stock which we got in exchange for the bailout funds. They will not be straight with the taxpayer unless we can sell that 84% for the amount we invested. Oh and they are still losing money, devauling our investment even further.

 

[Deebs]

Now you must feel really silly. The U.K. taxpayer owns 84% of RBS stock which we got in exchange for the bailout funds. They will not be straight with the taxpayer unless we can sell that 84% for the amount we invested.

And? Look at want le lent them.. RBS has payed back all that and more. We stiill OWN a majority but the bottom line is that they paid back what they owe and more.

 

[cHodAX]

It hasn't actually paid anything back beyond returning loan guarantees that the treasury underwrote and credit fees, they are still recording losses and we still own 84% of stock. Do you think we already got all the taxpayer money back and get to keep 84%? Don't be niave mate, we are still in the hole for tens of billions on RBS and only by it returning to good health can we recoup everything or possibly make a profit. The problem is that RBS still has toxic assets on the books and that is why they are still in the red, too many defaults from American homeowners who should never been given mortgages in the first place.

They got greedy and they got burnt, it happens and I just hope they recover because alot of pension funds are relying on it.

 

[cHodAX]

Just looking at it now, we loaned them something in the region 150 billion and we have had 1.5 billion back in credit fees (interest) which is 1%. So we loaned them a vast amount at 1% and then we went to the markets and borrowed money at much higher rates, that is why we are still in the hole on RBS.

 

[Embattle]

In essence it boils down to another boom and bust, in reality this style suited a lot of population and in this the government echoed the habits of the population for not taking a responsible approach of saving some money during the good times so you've money to spend during the bad times which will always happen.

 

[cHodAX]

In essence it boils down to another boom and bust, in reality this style suited a lot of population and in this the government echoed the habits of the population for not taking a responsible approach of saving some money during the good times so you've money to spend during the bad times which will always happen.

Definately, sadly this time the bust is going to last about a decade for the U.K. and I just hope it helps the population wise up, I doubt it though as I still know people hammering credit cards and living off overdrafts. Hell I know someone who is on a debt relief order and has been getting numerous lines of credit just 3 months after the order was issued. Some people are just greedy dicks.

The ones burnt most are probably the hard working who paid into private pensions all thier lives and will walk away with a fraction of what they should have. Stomach churning stuff that.

 

[cHodAX]

Fuck you Livingstone, greedy lying snide prick!

Johnson CON 1,054,811
Livingstone LAB 992,273

 

[Moriath]

this got quite heated hehe ...

Well tories and lib dems getting the shit for trying to get uk out of the shit that labour got us into in the firts place...

People have short memories..

Only 30% turn out tho more like a protest vote ...

Still cant see David ... erm i mean Ed leading us in 2-3 years time ..

 

[MYstIC G]

The global recession due to unsafe lending and short selling had nothing to do with it eh? Period defines it as total and it is nothing of the sort. The U.K. is as much at the mercy of world credit markets as any other nation our size. In short, no credit crisis and this recession would have ended 3 years ago and not have been anything like as steep.

Labour relaxed the financial regulations as we all know. Also as much as anyone can bang on about previous governments only one cunt from one party sold off all the gold reserves for a "lolpittance".

 

[Lamp]

Well done Boris.
Ken: glad to see the back of you.
Brian Paddick: give it up, son. You ain't got a hope in hell.

 

[MYstIC G]

Well done Boris.
Ken: glad to see the back of you.
Brian Paddick: give it up, son. You ain't got a hope in hell.

I wonder what will happen to Boris in 4 years time, they keep talking about his "magic dust" in the news except his magic dust is "we all fucking hate Ken"

 

[Job]

Everything is headed towards a hole, the books just don't add up, working sround the mintiest partsof the city, I visit whole estates where every new car is a mobility and 80% of the resisdents are on benefits, the landlord calls me out to fix the boiler and they sit watching Jeremy Kyle, playing x-box's and moaning it took 2 days to fix the hot water, while planning their next trip to Spain on money earned doing nails and painting houses, they are so removed from the reality of life they wouldn't last 2 minutes if they had to earn the money, find the tradesman and pay his bill.
It makes me weep sometimes, when you find lifetime doleites living roughly the same life as you by working a few days on the side and having absolutleyeveyrfuckingelse payed for and those service guaranteed at a level us workers can only dream of.
'i've got three fucking kids here mate, tell that fuking landlord to put a new boiler in'.

 

[Ch3tan]

Hah we haven't seen the back of Ken, he doesn't tell the truth, so no reason to believe that he won't try for power again.

 

[MYstIC G]

Hah we haven't seen the back of Ken, he doesn't tell the truth, so no reason to believe that he won't try for power again.

Good point, he'd have probably won this time if he'd gone back to being an independent again and said that Ed Milliband was a cunt.

 

[Lamp]

Hah we haven't seen the back of Ken, he doesn't tell the truth, so no reason to believe that he won't try for power again.

Yeah, sounds like a PR stunt. Gives him carte blanche to mouth off, offend some more ppl & get some column inches

 

[Raven]

Deebs you are obviously not stupid, just look at the timeline of events. We over-borrowed and got caught out as many others did, the credit collapse was an American phenomenon though mainly down to thier ratings agencies giving AAA status to bundled sub-primes. Labour did not cause that, nor the Tories before them, we just didn't legislate for our banks buying into these bundles without real oversight and we are now paying for it.

Labour sold pretty much everything of value at rock bottom prices to cover up over spending in the public sector. Not necessarily related to the credit crunch but something that got revealed during the recession. Phenomenal over spending throughout the public sector to create non-jobs to buy votes, the Tories have the rather unpleasant job of fixing that, which sadly does include getting rid of the padding created by labour, pointless jobs, massive overspending on services etc. The Tories will fix it, lose the next election and then stand by and watch Labour get us back into another mess. Labour don't want the power at the moment because deep down they know they don't have any idea how to clean up after themselves which is why they have Ed in charge. Most of their funding comes from unions representing the people doing the non-jobs that they know have to be slashed. Ironically, people like Bob "cunt" Crow who is only out to make a quick easy buck.

Austerity or bust, a couple of million out of work compared to 10 million. I would rather have the former.