The Brown government with Darling as chancellor tried to deal with the Global Financial Crash (which the effing Tories tried to call the Labour financial crisis) caused by the naked greed of Americans (see ‘The Big Short) and helped the world partially recover. RIP.
Having worked in Bank Treasury I wholeheartedly disagreed with the Blair/ Brown policy of removing direct Bank of England oversight of the Banking Industry to the newly formed FSA. The attempt to modernise the industry paradoxically left « the old boys club » to mark their own homework.
The Blair/ Brown pursuit of Greenspan laissez faire economics was best positioned by a somewhat broken Greenspan himself « I could not believe these executives could have so recklessly disregarded the well being of the companies they represented».
Were Blair/ Brown alone? No, there were regulatory authorities across the USA (Notably the Fed and New York - not for the first time) & Europe who were found wanting but the level of UK involvement was on their watch.
I confess I was equally unhappy with the Lord Darling strategy for unblocking the seized wheels of global bank trade which had all but collapsed. Too many culpable parties walked away unscathed, too many innocents paid an unfair price and it is arguable banking has never fully recovered.
All of said it is very hard to understate Lord Darling steadfast performance, his calm strength and bravery in taking unprecedented decisions to rescue what he could from the situation. The pension & asset integrity of many millions were preserved. He acted with such assurance to oversee a calm recovery (where lesser hands could have produced a very different outcome) for which we should all be very grateful.
A class of governing politician which shames the current incumbents of Parliament beyond measure.
Comments
RIP.
The Blair/ Brown pursuit of Greenspan laissez faire economics was best positioned by a somewhat broken Greenspan himself « I could not believe these executives could have so recklessly disregarded the well being of the companies they represented».
Were Blair/ Brown alone? No, there were regulatory authorities across the USA (Notably the Fed and New York - not for the first time) & Europe who were found wanting but the level of UK involvement was on their watch.
I confess I was equally unhappy with the Lord Darling strategy for unblocking the seized wheels of global bank trade which had all but collapsed. Too many culpable parties walked away unscathed, too many innocents paid an unfair price and it is arguable banking has never fully recovered.
All of said it is very hard to understate Lord Darling steadfast performance, his calm strength and bravery in taking unprecedented decisions to rescue what he could from the situation. The pension & asset integrity of many millions were preserved. He acted with such assurance to oversee a calm recovery (where lesser hands could have produced a very different outcome) for which we should all be very grateful.
A class of governing politician which shames the current incumbents of Parliament beyond measure.
Thank you for your service. Rest in peace.