Friday, February 27, 2009
Quote of the Day: Gordon Brown
"We set up the Financial Services Authority to, you know before we came into power there was a sort of self regulatory system so you know they more or less regulated themselves. We brought in a statutory regulatory system, supervisory system, but of course we couldn't know exactly what was going on in every individual bank and it's only in the last few days to be honest that what has happened over this pension has come to light."
Gordon Brown on Radio Oxford today.
And he thinks we will swallow that?
IT WAS ON HIS WATCH.
HE CREATED THE SYSTEM.
IT FAILED.
Dithering De-Regulator Becomes Sagacious Regulator
Gordon Brown: "I called for global financial reform ten years ago" - Prime Minister Gordon Brown during his speech on Britain and the Global economy at the Foreign Press Association claimed today that he had been warning for ten years that the international financial markets needed to be more strongly regulated.
Source: Press Association, January 26, 2009
"by moving away from the old blanket approach, of 100 per cent form-filling and 100 per cent inspection that is inefficient and wasteful of your time, to a new approach based on risk… And I believe, too, we should consider how we can continue to extend our risk-based approach, applying the concept of risk not just to the enforcement of regulation, but also to the design and indeed to the decision as to whether to regulate at all… And we will take the fight on deregulation to Europe.”
Source: Speech to the CBI, 5 June 5, 2006
You are often left wondering if he really believes what he says. Does he really think Britain is best placed to weather the financial storm? Does he really think Britain has a low debt economy? He says these clearly untrue claims which are not accepted by any independent observers or global financial investors.
If Gordon does believe what he is saying you have to assume he is delusional, if he doesn't believe it, than he's a liar. Not much of a choice..
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