Thursday, 18 September 2008

George Foulkes - Credit Crunch Crap Chat

There isn't much about the HBOS takeover from Lloyds that isn't crap but it seems George Foulkes felt necessary to add some crap chat into the mix, presumably to try cheering us all up:

Short Title: HBOS and Lloyds S3M-02559

George Foulkes (Lothians) (Lab): That the Parliament recognises the personal intervention of the Prime Minister, Gordon Brown MP, in negotiations between HBOS and Lloyds to save Halifax Bank of Scotland; believes that the Prime Minister’s strength of leadership and decisive action will preserve the jobs of thousands of people not only in Scotland but across the United Kingdom and overseas while also securing the finances of tens of thousands more, and further believes that there is no one better equipped to steer the United Kingdom through these difficult economic times than Gordon Brown.

(NB: Thanks to ScottishToryBoy)


Ricky Simpson said...

If the PM didn't move quickly - there could have been a run on HBOS; leading to massive damage in the sector.

I fail to see how his actions could be deemed crap; the PM would have been crucified if he had dithered.

Anonymous said...

Perhaps because praising Brown for his actions yesterday is like thanking an arsonist who burns your house down for rescuing your pet cat from the flames?

Ricky Simpson said...

That comes from the view point that the entirety of the credit crunch is the fault of Brown; which any reasonable person knows is patently false.

Anonymous said...

Not at all - but there is plenty of blame to go around, and it's only fair that Brown takes a chunk of it.

The Brown "economic miracle" was fundamentally built on mountains of personal debt, and an unsustainable boom in house prices. Sooner or later is was all going to come crashing down.

He may not have been the one holding the matches in the metaphorical house fire, but he was certainly more than culpable in splashing the petrol about beforehand.