In short, even Brown knows he’s not what he’s cracked up to be. Making such an admission at this stage of the election cycle is extraordinary. The intention may have been to make Brown look human. In which case, he’s succeeded, but to his detriment. Brown looks Biblically fallible.
Labour’s campaign rests on one deduction. Gordon Brown built an era of prosperity; then Gordon Brown saved the country from a recession that originated in America; therefore Gordon Brown is the man to lead the country back to prosperity. The premises and conclusion are conceited enough, but his admission that the recession didn’t originate in America - that his policies contributed to near meltdown – undermines that logic.
Labour’s argument now reads: Brown presided over illusory prosperity made possible by lax regulation and vast state spending; then Brown weathered the inevitable recession whilst intensifying his original policy; therefore he’s the man to ensure future prosperity that will depend on the total reversal of Brown’s policies. It is not credible.