Kemi Badenoch

Who cares about them losers..?

 

We have to care about them because mark my words, they'll be back in 5,10 or 15 years time.

 

Haha, yes I do - I respect all our former players

 

I’m warming to Starmer. I wish it had been a nicer, cross fertile , handover with Jeremy. But that’s my ridiculous, impossible idealism..

 

That implies a belief that labour will **** it up like they did in the Blair years. Interestingly, he's got Blair in some sort of backroom job....that's bad news

 

Don't agree. If you added the Reform vote to the tories vote in many seats, the Tories win where in fact Labour won because of a split right wing vote. I suspect a lurch to the right like France if Starmer doesn't grip immigration.

 

You’ve made a massive assumption (or believed the Tory excuse laden BS about what happened) there that only former Tory voters moved to reform, when some will have moved from Labour as well. You’ve also got the tactical voting that happened that took Labour voters to Lib Dem’s to just get the Tories out.

There was a lot going off in this election, and simple, lazy analysis which is being espoused by the right wing journalists to make excuses for their loss, is only going to destroy the Tories even more than it currently is.

 

To be fair what did for Labour was the World Banking Crash which was hardly their fault. The only thing they did to themselves was the the Gulf War which, on it's own, wasn't enough to kick them out. Even then at the end it was only a failure to agree to enter coalition with Labour by the Lib Dems that forced Brown to step down.

 

Did Blair really fck things up though? Iraq was a massive mistake (obviously) but apart from that, the country was pretty well-run under New Labour. Were things ideal? No, of course not. Were they immensely better than they are now? Not sure you need me to answer that one.

 

Kemi Badenoch will probably be the next Conservative leader, cant see much opposition at the mo, too much infighting and the Partys split like Labour was in 2019, Labour won so convincingly, because the Partys got more togetherness an the Conservatives were, are, 5hite. Who's gunner be in the hotseat in 2029, it'll be another match between Labour an the Cons, Reform will implode an throw each other to the wolves, Lib Dems will continue to get the disgruntled vote, S,N,P, will av a big say in the next election if they can put the party back together, Green's an all the others will just be that, Green an all the others. Watch this space.

 

Gordon brown as chancellor in 2000 dropped the banks' liquidity ratio and changed the rules to allow triple a rated debt to show as assets on bank's balance sheets. Both let the banks create the collateral debt instruments that caused the crash. He wasn't the only chancellor to do this but he played a big part given the position of the city. Private finance initiatives under new labour are a ticking time bomb too. The minimum wage was a good idea but working tax credits were badly executed and ended up subsidising low wages for company profits. I also think their lax immigration policy led to Brexit. Not everyone who voted did so because of immigration but enough did to swing the result. Overall it's hard to deny we all felt better off in the noughties but I think we'd maxed the credit card. I hope the new new labour get it right. We actually have an economist as a chancellor and I think she can do good things.

 

We don’t max the credit card in any way shape or form.

No OBR measures suggest this or prove the point.

The crash happened because of sub prime loans in the US, this is irrefutable facts and UK banks were so intrinsically linked to those very banks that it became a virus in the UK and Global system.

 

Those sub-prime loans were bundled up into collaterised debt notes (CDNs - there are other terms like mortgage backed equities MBEs) flying around for them but that is the best description) and traded. They were (incorrectly) labelled as triple A rated debt by the two main credit ratings agencies and underwritten by merchant banks such as Bear Stearns. Brown and other chancellors had succumbed to bank pressure and allowed this triple a rated debt to appear as assets on the balance sheet and had also allowed banks to reduce their liquidity ratio so they could indulge in more of this nonsense to boost their own profits and bonuses. At the same time Brown / Alistair Darling/ Bank of England had in my opinion fallen asleep at the wheel letting british banks engage in a series of rapacious takeovers (again especially RBS). Meanwhile, the US was running out of sub-prime people and defaulters (they were sub-prime for a reason!) were causing a glut of properties so you had slowing demand and rising supply. Add in that the sale of debt for an amount less than the debt itself would ultimately create an imploding spiral and the decreasing liquidity meaning there was less and less money to fan the flames, some people like The Big Short guys read the runes. The bubble of CDNs burst quite quickly. Lehman and Bear Stearns were left to underwrite CDNs issued by people like Nationwide Bank in the US (not our building society) that were worth a fraction of what they were contractually obligated to pay for them. British banks were faced with holding a ton of worthless assets. Did Brown and Darling cause this? Arguably not directly. Did they help create an environment that led to it when they should have exercised some governance? Definitely. They also made it worse by recapitalising banks with taxpayers money by not putting any stipulations on what the banks did with our money. Most of it was blown on investments overseas. I often think they should have just set up a scheme to pay back a portion of our debt to banks instead and the economy would have had a stimulus instead of this mass withdrawal.

 

Get rammell on

 

Not helped by Sunak and his buddies in The City gambling on the pound crashing and making themselves fabulously rich in the process, at our expense.