Small thought

Lots of people are saying that it\’s all the failure of the regulatory system. Could even be true.

But the regulatory system that we\’ve got was invented and imposed by one G. Brown.

So is it in fact all his fault?

6 thoughts on “Small thought”

  1. “fuckwit? That’s a rather strong term to use of our host”

    Particularly since Tim argues very cogently against EU fuckwittery (indeed, that the very structure of the EU is a cause of fuckwittage).

  2. Interesting take on blaming deregulation:

    http://www.washingtonpost.com/wp-dyn/content/article/2008/10/05/AR2008100501253.html

    (from knowledgeproblem)

    I think Merkel would argue that Snake-Oil should be made illegal from the get go, but that would put the government in the position of determining what exactly is snake-oil and what is not. Seeing how the German government runs one of the world’s largest Ponzi schemes (“Die Rente ist sicher”), perhaps this is not such a good idea.

  3. I’m pretty sure that Richard North is either being impersonated, or is describing G. Brown as a fuckwit.

    OTOH, I suppose it’s possible he’s gone stark raving mad…

  4. That’s right. It’s all the fault of Gordon Brown and the nasty foreigners.

    In the US, the “Blame Clinton” excuse is already being parroted in the Right Wing media.

    It’s not the fault of bankers and the ratings agencies that woefully misread the true risk of securitized sub-prime mortgages, could it?

    The most worrying aspect of the crisis is that the most regulated banking systems (I think of France and Australia in particular) are the ones least affected. If anything is likely to encourage governments to stick their jammy fingers into the banking machine, that will.

    Pointing fingers at Gordon Brown or the EU is just so much political propagandist bullshit. GB hardly controls the City of London, but rhetoric like Timmy’s is likely to embolden him.

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