Subscribe Feed (RSS)What are the people who predicted the credit crunch saying now
October 11th, 2008 by admin | Filed under Daily News, Global Credit Crisis.Who predicted the credit crunch? Believe it or not, there were a lot of people who say the problems build and tried to bring attention to it. The problem was that no one in authority would listen. They waved all comers away with standard “It’s fine” rhetoric. How can we have in the UK a tripartite financial regulator and not see an issue as huge as this before it surfaces? No doubt, there will be many people who will pay for the oversight once everything settles down and the blame game and the lawsuits start in earnest.
Let’s start at the very top. The Chancellor of the Exchequer for the period leading up to the credit crisis – please take a bow Mr Gordon Brown. He labelled his own time as the chancellor as “the age of irresponsibility”. How those words must be haunting him now. Not only did he not oversee the banking system effectively as the huge credit binge got underway, neither did the FSA or the Bank of England. They literally sat there are the housing bubble grew to sizes that were both unprecedented and unsustainable. They oversaw explosive growth which led to record levels of personal debt. They stood by as the banking system went on a derivatives binge that would bring it to its knees…and yet they said nothing. Why?
There is no answer to this, but there was definitely coordinated ignorance or wilful participation. Only months before the crisis began, the powers that be told us that the economy was in great shape and GDP growth was expected to continue clipping along at a decent pace. How could the people who led us in our economic destiny get something so fundamental so wrong?
The answer is simple. Either they are all incompetent to the extent that they should all be fired and personally immediately for negligence, or they are all lying to us. Either way…they have to go.
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Tags: Chancellor of the Exchequer, Credit Crunch, Global Credit Crisis, Gordon Brown
