Ben Bernanke - regarded by many as the world's most powerful banker - claimed the UK was ill-prepared to deal with the crisis in the wake of decisions made by Mr Brown when he was chancellor. In an extraordinary attack, Mr Bernanke said the Prime Minister's measures - which included stripping the BoE of its powers to regulate banks - had been responsible for the ' destructive run' on Northern Rock.
His comments will embarrass Mr Brown, who has refused to concede his decisions may have contributed to the economic crisis.
Mr Bernanke told the U.S. Senate: 'The government of Britain removed from the Bank of England most of its supervisory authorities. 'When the crisis hit - when Northern Rock came under stress - the Bank was completely in the dark and unable to deal effectively with what turned out to be a destructive run and a major problem for the British economy.
Brown will just not admit it was his fault. If you say GLOBAL financial crisis enough, even your own Cabinet will start to believe. I can't wait until he writes his autobiography. I wonder if he'll call it, MEA CULPA.
12 comments:
DL Two twats calling each other names whilst a third cunt looks on. Tell me the MSM actually informs us of anything other than these green shoots of man juice have never left the play ground.
BWaaaaa a big boy did it and ran away.
DL
Ha ha . Two bald men arguing over a comb.
From the New York Times..
" WASHINGTON — Under fire from Democrats and Republicans alike, Ben S. Bernanke defended his record Thursday as chairman of the Federal Reserve but admitted that the central bank’s own lapses contributed to the financial crisis.
“I did not anticipate a crisis of this magnitude,” Mr. Bernanke acknowledged in an occasionally contentious hearing on his nomination for a second term as Fed chairman.
Mr. Bernanke volunteered that the Fed had been “slow” in protecting consumers from high-risk mortgages during the housing bubble and that it should have forced banks to hold more capital for all the risks they were taking on.
“In the area where we had responsibility, the bank holding companies, we should have done more,” he told...
INCOMING!!!! You're probably right, but portioning political blame is also important. Fucking Brown is more pious than a wee free Minister who's just delivered the 'fire and brimsone' speech. He sits down at PMQs with a look of rioteus indignation on his jowly face after making some inane comment to Cameron.
Boaby, the differnce is that the 'Fed' is a private bank. It is not 'nationalised' like the Bank of England. As such any decisions it takes are outwith political control in America. It answers only to the International Banking Cartel of which Mandelson's pals the Rothschilds are founding members.
To all. Sorry for the serious posts tonight, it's just the mood I'm in!
Cure share rise for Nokia.
Dunno this Ben S. Bernanke but Alan Greenbum was regarded as Economics God for years but now everyone knows he was just a twat.
DL
Not true.
The federal reserve has no reserve.
It's all smoke and mirrors. It does what it is told by the US government. Pump $100 billion. No probs, printing presses pumped up and money printed. It's all a scam.
Banned, I think most of them are twats. They don't understand how the economies are affected by various situations and to be fair I don't think anyone can, it's best guess time.
Boaby, sgreed but it's still an independent bank with some of it's own money, I believe.
No sorry DL.
" Who owns the Federal Reserve?
The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.
As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress.
Boaby, it's the private aspects that worry me, but I'll bow to your superior knowledge. P.s. have you ever watched a film called 'Zeitgeist'. Down load it if not, it's quite long but you'll enjoy it, I guarantee you.
I'll look at that film DL. I just googled federal reserve etc so I cheated a wee bit !
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