Sep 22
Chancellor Darling
Watched his speech in full and cannot believe the cheek of the guy. The man is basically blaming the UK’s financial problems on the US and the City of London. He was unwilling to take any blame whatsoever for state of the economy despite the fact Gordon Brown promised the end to boom and bust. He failed to mention the massive increases in borrowing and taxation by this government.
Naturally he claimed that the American government “nationalised” Fannie & Freddie when in fact they were quasi-governmental already (akin to British quangos).
Inotherwords it was untruthful and inaccurate. Would you expect anything less from this Labour Government?
NB: The unions are in full socialist mode calling for a “windfall” tax on energy companies, heavy regulation for the city and other outdated ideas.
Update: Maybe Darling should read this before prattling on about things.
1 Comment so far
Yes, though he is also wrong in claiming they got nationalized. The Federal Reserve is not part of the US gov’t, it is a federally chartered banking syndicate owned by JP Morgan and the Rothschilds. Ergo, the Fed is not federal, it has no reserves (fiat money wot wot). When it takes over something, it’s like one company taking over another that owes it money.
If the FDIC is taking over banks due to failure, thats it’s job as a quasi-public insurance company. It will take it over, revamp its portfolio, sell off bad loans, and bring in new management. So long as this sort of insurance exists, then banks will continue to take excessive risks with their depositors money and operate too close to the edge of their reserves. The only way to end the risky lending behavior behind this is to end govt subsidised deposit insurance.
Oh, and one other thing: The REAL CAUSE of the whole mortgage crisis? Remember in the first Bush admin, all the dems and race-extortion groups were bitching about banks refusing to lend into risky zip codes that tended to be predominantly black, resulting in low home ownership among blacks? Well in response to threats from congress to require that they loan to people in risky neighborhoods, banks went out and did that as demanded. The people who borrowed were not fit to borrow money, and lo and behold, when they couldnt keep paying those loans, they became targets for predatory mortgage brokers and prone to mortgage abandonment.
But you wont hear that from the politicians, its always the fault of those big bad bankers.