You're right in that it was a lack of 'proper' regulation. England had more regulation than you could shake a stick at, we had so much regulation there were three different institutions to impose them all (the Financial Services Authority, the Bank Of England and the Treasury - collectively referred to as the triumvirate), the problem was the regulations were created by Gordon Brown and he's a firkin balloonatic. What has been quite apparent from the fallout from the crisis was neither the government nor the regulators had the slightest understanding of what the bankers actually did.utopiomania wrote:the second problem is if this system is let loose entirely without proper regulation. (as IMO has happened in the USA
and England).
Gordon Brown is so delusional he claimed, on more than 100 occasions, in the House of Commons that he had put 'an end to boom and bust'. There again maybe he was right about that, we now just have bust and even more bust.
Now he puffs himself up and pontificates about how he saved the banks when what he actually did was use hundreds of billions of pounds of British tax payers money to prop up failed businesses (when all he should have done was underwrite the depositors) and now the bankers are pi55ing themselves with laughter because they're pocketing that money too. Gordon Brown will swan off into retirement with a very handsome pension having deprived at least one generation of working class people the possibility of ever retiring.
He's also effectively shafted the banks that behaved responsibly who should now be seeing the field clearing as their wayward competitors fall by the wayside.
