Dave Plowman (News) wrote:
In ,
The Natural wrote:
Are you saying Brown was responsible for the sub-prime crisis?

Actually to an extent he was.



"We know in retrospect what we missed. We set up the Financial Services
Authority (FSA) believing that the problem would come from the failure
of an individual institution," he said. "So we created a monitoring
system which was looking at individual institutions. That was the big
mistake. We didn't understand how risk was spread across the system, we
didn't understand the entanglements of different institutions with the
other and we didn't understand even though we talked about it just how
global things were, including a shadow banking system as well as a
banking system. That was our mistake, but I'm afraid it was a mistake
made by just about everybody who was in the regulatory business."
BBC Article: Gordon Brown admits 'big mistake' over banking crisis.

So he was responsible for not doing what no one else in the world did
either?

Thought you didn't like him. But you obviously thought he was Superman.


Get it right. Brown cocked it up. The navigator is responsible if the
ship goes aground. The captain had jumped ship by the time it was
realised the ship was sinking.