Five good reasons why not to vote for Labour in the future

[Acker79]

Anyone watch Newsnight tonight?

They all failed to mention their part in in the last government and their collective failure. SPEND SPEND SPEND, SHIT NO MONEY!!

What were the five reasons?

 

[Diatribe]

what was that statistic, 1£ from every 4 labour spent was borrowed or something?
I'm not tory but that can't be right can it, even in a boom time. must admit i don't really understand econmics at that level but wouldn't have been better jus to spend the £3, so to speak?
conservatives are idealogically ooposed to public spenmding
it must be possible to be fiscally repsonsible AND socially responsible?

 

[Simster]

what was that statistic, 1£ from every 4 labour spent was borrowed or something?
I'm not tory but that can't be right can it, even in a boom time. must admit i don't really understand econmics at that level but wouldn't have been better jus to spend the £3, so to speak?
conservatives are idealogically ooposed to public spenmding
it must be possible to be fiscally repsonsible AND socially responsible?

Sometimes there is beauty in simplicity, and for me, this is one of those times.

I don't object at all to government borrowing, providing the debt remains repayable. In fact, I'd prefer it this way, than to not spend at all. However, what Labour did was appallingly wreckless. 10% of money collected in tax is now being paid in INTEREST. That is absolutely outrageous IMO.

 

[Storer68]

There is absolutely NO WAY the banks could *ever* have been left to go bust, especially in a credit driven economy. Last time that happened was in 1920s America and it left people carting wheelbarrows of useless banknotes.
.

Think you'll find the "cartloads of useless banknotes" happened in Germany

June 24, 1922: 272 Reichsmark (RM) = 1 US dollar

July 1922: 670 reichsmarks = 1 US dollar

August 1922: 2,000 reichsmarks = 1 US dollar

October 1922: 45,000 reichsmarks = 1 US dollar

November 1922: 10,000 reichsmarks = 1 US dollar

December 30, 1922: 500,000 reichsmarks = 1 US dollar

February 1923: Reichsbank buys back RM (or reichsmark); stabilizes RM at 20,000 to 1 US dollar

May 4, 1923: RM 40,000 = 1 US dollar

June 1, 1923: RM 70,000 = 1 US dollar

June 30, 1923: RM 150,000 = 1 US dollar

August 1-August 7, 1923: RM 3,500,000 = 1 US Dollar

August 15, 1923: RM 4,000,000 = 1 US Dollar

September 1, 1923: RM 10,000,000 = 1 US Dollar

Around September 10 to September 25, 1923: Prices reportedly rise hourly in several German cities.

September 30, 1923: RM 60,000,000 = 1 US Dollar

November 15, 1923: Rentenmark issued; pegged to the Gold Standard; Rentenmark 4.2 = 1 US dollar; at this time: Old Reichsmark 4,200,000,000 = 1 US dollar.
1 New Rentenmark = 1 billion Old Reichsmark!

 

[wellquickwoody]

Good grief! Take the Health Service. All of it has been improved under Labour, with more new buildings, and some of the older ones shut.

But now YOU have to pay for it.

 

[Brovion]

it was actually economic policy set down by Clinton that really seeded this, encouraging the US banks to lend to anyone. deregulation of the 80's is one thing, removing safeguards that had remained even then is another. Brown changed the regulatory framework so that the BoE experts had no insight or authority into market trading while the FSA had no expertise.

more importantly, Browns failing was to believe his own mantra that he had eradicated boom and bust, while also breaking his own "golden rules" about spending over the economic cycle as the cycle ended. We could have gone into the situation with moderate public debt and the bank bail outs would have been more manageable. instead we went in with well over £100 billion public borrowing debt.

Once again I don't disagree, and another Brown mistake (which he admitted himself) was agreeing to the banks demands that they didn't need a strong regulatory authority.

However it doesn't disguise the fact that the banking crisis was proof that, contrary to what Thatcher preached, pure, unfettered market economics is not always the right solution for every problem. Sometimes it works, sometimes it IS the right approach - and sometimes it isn't. Sometimes you need strong regulation, sometimes you need government intervention and sometimes you need money spending on social problems. The trick is working out when and where each is the 'best case'.