View Full Version : Cameron blames government for Northern Rock crisis

Lazarus and the Gimp
16-09-2007, 08:57:01
OK- he's really flipped now.


The government is to blame for the crisis at Northern Rock, Conservative leader David Cameron has said.
Writing in the Sunday Telegraph, he accuses Prime Minister Gordon Brown of presiding over a huge expansion of public and private debt.

The government should explain what led to Northern Rock needing support from the Bank of England, he says.

Customers have rushed to take money out of Northern Rock, amid concerns over their savings.

Mr Cameron said the situation raises issues that affect "every one of us" and the lines of savers queuing to withdraw their savings from the bank "serve to remind us just how fragile the stability of the economy can be".

"The credit crunch, previously restricted to the City, has burst onto the high streets," he said.

"Under Labour our economic growth has been built on a mountain of debt.

"For all its past talk of prudence, the government has been on a spending and borrowing spree of gigantic proportions."

The government had to learn that "an economy built on debt puts economic stability at risk", Mr Cameron added.

He also called for changes to fiscal rules including greater transparency between lenders about borrowers' credit histories.

"It is not enough for the chancellor simply to talk about common sense in banking," he said.

Utter bollocks. Here's what really happened-

HBOS screwed up their mortgage pricing strategy in the first half of the year. This created an unprecedented chance for other lenders to seize market share, and Northern Rock dived in hard. Normally they'd cover their operational costs through the international money markets, but the credit squeeze caused by the US sub-prime collapse has closed that route. That means, as you'd expect, the Bank of England bridged the gap. However the press whipped up a panic, and the public got jittery.

Anyone see the government in there? Me neither. Next news- Cameron blames Gordon Brown for the St Brice's Day Massacre and the mass extinctions at the end of the Permian era.

25-09-2007, 08:49:43
I love how Brown didn't even mention the Tories or Cameron in his conference speech. Ha.

Dyl Ulenspiegel
25-09-2007, 10:18:38
Well, there is one point that has some merit: ""Under Labour our economic growth has been built on a mountain of debt." - just that it's private sector debt.

Resource Consumer
25-09-2007, 10:59:17
I saw that with Cameron and agree with Laz. It seems that there is absolutely nothing that he can't blame labour for.

"My front door stuck this morning, under this government........"

25-09-2007, 11:07:36
... the average British doormat has risen by over 135% in 10 years!

Resource Consumer
25-09-2007, 11:09:16
"I have had an ingrowing toenail ever since Gordon Brown became Prime Minister"

Dyl Ulenspiegel
25-09-2007, 11:22:13
Originally posted by Funko
... the average British doormat has risen by over 135% in 10 years!

While your doors have been shrinking!

25-09-2007, 11:23:48
In real terms, as the average height of the nation increases, our doors have been shrinking.

25-09-2007, 11:27:18
So what was the last good rock band out of Norhtern England?

Resource Consumer
25-09-2007, 12:34:30
Not during the period this government is in office

25-09-2007, 13:28:34
Then you could say it's a crisis indeed

C.G.B. Spender
25-09-2007, 13:30:13
Crisis? What crisis?

Dyl Ulenspiegel
25-09-2007, 13:39:48

25-09-2007, 14:22:25
Take a look at my mortgage!

25-09-2007, 15:24:36
It's the only one I got!

Dyl Ulenspiegel
25-09-2007, 15:48:07
Not much of repayment
Never will I pay it down

26-09-2007, 01:54:13
Yeah I totally thought this thread was going to be about Oasis and the Arctic Monkies and stuff. =/