This was published by the Tories in 2007:
The last ten years in particular have been good years for the world economy as a whole. They have been characterised by two massively favourable trends. The first is an era of easy money. The main central banks worldwide have opted for low interest rates, the ready creation of credit, and tolerance of innovatory means of financing public and private sector activity through big increases in debt. It has been the era of public/private partnerships, specialised credit-based funds and funds of funds, collateralized debt obligations, collateralized loan obligations, credit default swaps, special purpose vehicles and many other similar ways of raising borrowing throughout the financial system.
I had to work hard to find this. They've removed as many links to it as they possible can. Unsurprising really. It shapes they think:
1) The economy went really well during the ten years of Brown's lax regulation
2) Easy money is good.
3) Credit is great.
4) Increases in debt are welcome.
5) Public / private partnerships work. Call them PFI if you like.
6) Hedge and other funds are positive.
7) CDOs and other derivative products have been beneficial.
8 ) As for Special Purpose Vehicles: bring them on!
And now we have them saying the exact opposite.
Hypocrites. In 2007 they were signing the praises of all this stuff. There is no way they can now blame the economic crisis on Gordon Brown: they were the advocates of the methods that have brought us to our knees.
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