Gordon Brown’s woes are not a Labour problem – we are all in trouble
Gordon Brown’s woes are not a Labour problem – we are all in trouble Telegraph Comment 15/09/08
It isn’t Gordon Brown’s fault that the US thought that houses make money. But it was his fault that he did. He let the banks, the brokers, the estate agents and all the others with a vested in the rest in ramping up house prices fleece trillions from the economy. He has presided over the ransacking of private sector pensions. He fiercely resists the needed rationalisation (ie redundancies) of the public sector. And of course he had a vested interest in the commissions generated in the housing boom – tax receipts. He ran out of money two years ago, Blair saw it coming and bailed out.
Houses don’t generate wealth, they are for living in. Production creates wealth. Ask the Chinese. They know this.