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New Labour Lies:Economic boom & bust under Gordon.

Ever wondered quite how we ended up in the mess we are in?

Well Gordon knows and he is keeping quiet about the facts, oh yes he is blaming "global economics" or saying "it started in America". Every time he speaks its another soundbite excuse.

For years he has ignored so called real jobs instead focusing on the "Guardian" type public sector jobs, just the sort of thing any centre orientated state run, top down society needs. That's jobs created and paid for from tax revenues. 

Instead of the government accumulating debt to stimulate the economy, he encouraged -despite warnings against it - an explosion of personal debt through cheap loans secured against rising house prices.

Brilliant! What could go wrong. After all house prices will never crash. For St. Gordon has stated that he will have no more boom and bust, for that was cast out into the darkness like the evil baby eating Tories in 1997.

Now throw over £120 billions on PFI projects, in a word shoved off the government balance sheets and onto the never never. Slush God alone how many squillions in quango's to market spuds or what ever the fuck they do. Who cares right, after all house prices will keep going up and the banking sector is secure? Right?

Loads of money coming all, everything will be fine. Except it wasn't coming in, the stock market slowly shrank from 1997.

Now the banks seeing the change in wind an tipped the nod by Gordon, decide to make a quick buck over extended themselves. In a word they had more lent out than they had assets, but based on Gordon's confidence they went mad.

At no point from 1997 did he make the slightest attempt to stop or limit them.

Yep hawking mortgages to damn near anyone with 2 ¾d in old money in their account an their fingers crossed with regards a regular job; yes its you have just been given an el-chepo never worry mortgage. Re-financing, chepo loans, everyone was selling debt to the plebs.

So what did the banks do with all this debt, well they bundled it all up an flogged it of course. They get the money back that they lent out to the chap with 2 ¾d in old money and carry on the process with the next customer.

If you have ever been in a call centre, well you would see hundreds of headset wearing drones taking call after call flogging customers every form of loan you can imagine. I did that. Hell we even flogged them insurance to go with it.

The banks were not alone either damn near everyone jumped on the credit merry go around, lending out squillions and flogging off the debt to someone else, well you get the picture. Furniture companies did it, car companies hell even supermarkets tried to grab a slice. Everyone was selling credit to anyone.

Want a plasma telly get a loan, want a car get a loan, want any damn thing get a loan. Want an expensive holiday on the Costa del knobrot add it to the mortgage. No worries your working, have a home - okay its mortgaged up to the hilt - but you or rather Northern Rock have your home till its paid off. Run out of money, get a credit card, get another and another, then have a re-mortgage and a fucking consolidation loan. 

Want a tit job, knob extension stick it (pardon the expresson) "on the plastic."

Now banks have money coming in via mortgage payments, the investors are making packets flogging off debts to each other, selling derivatives an all is well. 

A huge fiscal debt merry go-around. Everyone taking a cut and selling ever more debt to stupid cunts sorry householders who could see past the end of their now plastic nose.

Now all that debt being racked up, guess who is making money from it? Gordon. Yep interest on loans, mortgages etc it all go's to the Treasury.

HM Govt is getting tax receipts an all is well, well not quite.

Then gradually the fantasy stopped, certain banks had over extended themselves. Then people who should never have had a mortgage in a million years found that 2 ¾d in old money was not enough to cover the damn thing. Especially when their temp job picking fruit ended.

Oh an during the ever expanding house price boom lots of people took out second mortgages based on their house price soaring into the zillions. 

Well whilst all this is going on our Gordon is sat back pissing money away like a drunk after fifteen pints and raking in lots of never ended cash from the credit markets. First in No.11 an then in No.10 Downing Street.

Years, fucking years this worthless cunt sat back an let this roll on. Did he save it? Did he invest in infrastructure? Get proper industty and real jobs to build shit rather than bean counters on the state payroll? 

Did he bollocks. 

Not once did he sit down an say to the nation, look you are all over extended this is not good now fucking stop being a nation of mindless cuntmonkeys an get saving. 

See the problem with credit is that it is just that. In order for the credit system to work someone, or rather everyone has to pay their bills.

Falling house prices started, companies stalled, folk got laid off and then the banks ran out of cash. Slowly at first then like cunting domino's in a game played by pissed up old men. Throw in a share market diving like a kamikaze bomber an its a fiscal shit storm.

Now did Gordon even then act responsibly? Fuck no, the coward fucking buried his head for sodding months then just threw non existent money at the banks to bail them out. In short he created more debt to clear bank debts. 

Now take a second an think who the fuck is going to pay that all off? You are.

Bleating like a little one eyed pussy he wailed on how it was all the fault of Cletus an Billybob in America. Oh sure our banks had their tentacles in America but when a UK bank avoids all responsibility thats not a US problem. Its our problem.

Now the banks are bleating for bailouts, hell even the porn industry wants one. Cars which everyone got replaced once a year on the tick sit unsold in dockyards. 

Now I shall gloat - not to fucking much, but gloat none the less - I cleared my shares out of the stock markets a year back as I saw this coming(well except for the few BT shares but they were so low they would just do as loo roll!). Paid off a shit load of small debts an dug in for the storm. Fuck it I even pointed out that our debt levels were way to high years back. 

Now everyone is pointing fingers - even me - and blaming everyone else, but an this is the important point. 

Gordon fucking Brown knew, he had been warned. Time after sodding time, for years.

Even the bastards in the EU said his fiscal policy sucked.

Gordon is responsible in a large part for this fuckwittery in the UK.

Had he been fucking prudent as he boasted so often we would not be in half the shit we are in now.

He broke his own limits due to his sums not adding up. 

Don't let that worthless sack of shit off the hook. 

Still at least we have our gold reserves. 
Oh bugger. 
Gordon flogged it.

4 people have spoken:

Houdini said...

Listening on the radio last night and heard a few bankers say they would have done the same because it looked good and the profit was coming in, and nobody foresaw the crash.

Well I fucking saw it and said so a few years ago. The housing price rise is unsustainable and can't last...house prices can't keep going up...we can't just borrowing like this...etc. etc.

Debt and unsustainable rises in house prices that fuelled borrowing is what caused this primarily, not some notional crash in the USA, although that brought it to a head; the crash would have happened sooner rather than later, and the USA problems made it sooner.

Brown is to blame.

Fidothedog said...

Yep I bleated like a stuck fucking pig about five years back about consumer debt levels.

When I brought that up in work(I worked for a bank, Lloyds Tsb) I was told in no uncertain terms to shut the fuck up or fuck off.

I fucked off.

Anonymous said...

most of thought those Guardian jobs were just about bribing people to vote labour and massaging unemployment figures down. Recent evidence suggests we were wrong. Suspending a Christian nurse for praying, snatching children from their grandparents to give to a couple of faggots, St George's day parade cancelled etc... its frankfurt school subversion, the destruction of democracy, Christianity, Family values,and patriotism. To be replaced with the evil creed of marxism.
I hate NuLab, but not as much as I hate the Tories for standing back and watching.

Oldrightie said...

"but not as much as I hate the Tories for standing back and watching.

Not the Tories. The stupid electorate who voted for Labour twats.
This piece ought to be on every public noticeboard in the land. Very good post.