Brown must stop sounding like a sore winner

john problem

Of course we should blame it on Wall Street - they invented all those glittering derivatives that the City bought. In the old days, when the City was populated by chaps, there was a chance that the phrase 'Timeo Wall Street et dona ferentes' would have sprung to mind. Not with the new breed of investment banker. They were dazzled by the sleight of hand of Wall Street's most accomplished card players. And the promise of out-bonusing their mates, and acquiring Lambos and yachts and gallons of Krug. Nonetheless, we have to blame someone foreign.

David

"The Prime Minister has triumphed for now with his grand rescue plan, "

The Sarkozy plan?

David Short

John Problem is right to say the City is no longer populated by 'chaps'.

After Big Bang, you had to have brains, not just family connections, to work in the City.

All that family connections gets you now is a job in Fleet Street. Hence the number of 'chaps' and 'chappesses', wiht not much upstairs, with familiar surnames who now work in journalism.

And one reason why newspaper circulations continue to fall.

R King

Good article but for the originality of the "so called" Brown rescue plan. According to the french finance minister on newsnight the plan was thought up over several days at the meeting of the european finance ministers. She stated that Brown was the first one to adopt the plan. As David (9:19am)said it really should be called the Sarkozy plan as he was the one who initiated the talks.

A Theologian

There are only 4 Qs for historians:
1. Why did Sir Terry Burns resign from the Treasury in 1997?
2. Who took really took the decision not to let Lloyds TSB take over Northern Rock?
3. Who leaked to Robert Preston re Northern Rock and down the line?
4. Did GB at any point take a decision which precipitated the crisis which makes him a "Saviour"? e.g. like Caesar Augustus not the real Jewish fellow

Rafaelo

I write from Virginia to say-oh, go ahead, blame us. Why not? The New York Times blames former Federal Reserve Chairman Alan Greenspan for blocking regulation despite Warren Buffett and George Soros warning that derivatives were wild, hair-trigger "financial weapons of mass destruction." Also Greenspan's interest rates encouraged handing out mortgages like candy at Halloween, to giggling children in masks (do you do that over there?) Greenspan in turn, blames greedy ambitious bankers who took on absurd risk, thinking they'd lay off the bet in time. http://www.nytimes.com/2008/10/09/business/economy/09greenspan.html?hp Former Republican US Senator Rick Santorum blames Democrats, blames Wall Street for manic greed--and then charmingly, blames himself for running up his own credit card. http://www.philly.com/inquirer/opinion/20081009_The_Elephant_in_the_Room__Meltdown_has_many_culprits.html Democrat Barney Frank, of course, blames the Republicans for irresponsible free market dogma. http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/ This we call in America the Circular Firing Squad.

R King

Browns defence that the USA is to blame for the economic woes of the UK are stretching belief somewhat. If he really wants us to believe that he wasn't able to see that the almost completely unregulated finance system in the UK under his tenure had no part to play then he has surely re-written the law that ignorance is no form of defence?
Can I now say when next charged with speeding that I thought it was OK because they drive this fast in America?

Just a thought!

Peter

The proposal to recapitalise the banks in this manner was proposed by George Soros at least three weeks before Brown or Sarko took credit for it.