Repossession
November 17, 2009 37 Comments
Without doubt we have witnessed an economic tsunami the like of which none but the very oldest in our community will have witnessed before. Strong government intervention has prevented a collapse in our banking system that would have been truly disastrous. That it now looks like we are approaching recovery is something to be thankful for,
There have been some casualties along the way. The jobless queue is lengthening and this has further implications.
But, I remind people that in many ways we have got off lightly. Today we have record low interest rates and low inflation, and despite the job losses we still have many more in work that when we came into Government a dozen years ago.
Recent news about housing repossessions is nothing to gloat over, but I think it worthwhile comparing this recession with the previous one. Repossessions, arrears, and those with negative equity are half in number compared to 1991. Levels of homelessness are a third of what we saw eighteen years ago, whilst home-ownership has risen by a million and a half during the same period.
I am pleased that my party has ignored the sink or swim policy advocated by the Conservatives.
As a consequence of our Labour government’s actions, we have seen over 300,000 homeowners get help and advice with their mortgage since April 2008, including 200,000 homeowners receiving Support for Mortgage Interest and 100,000 receiving information and advice from their local authority or a debt advice agency.
136,000 households have benefitted from formal lender forbearance, 35,000 people benefit from free advice in Court in 2008-9, and almost 11,000 households get help and advice from their Council through the Mortgage Rescue scheme, with over 1,100 live cases in the system.
All actions opposed by a Conservative frontbench who are out of their depth when it comes to tackling the serious economic issues, and seemingly uncaring about the plight of ordinary people
Julian's musings 
I think it’s very interesting to note that during all the current economic problems, the figures are usually said to be “the worst since the mid-90s” or something simular, but they tend to point towards a period of Tory government.
So in summary, “Labour’s economic crisis” is so bad it’s almost (but not quite) as bad as when the Tories were in.
I don’t think anyone under-estimates the economic stormy waters we are in. But I think people have forgotten the misery of recessions under the Conservatives. Interest rates that stayed at 16% for a year are just one manifestation. In every measurement I have seen we are doing far better under a Labour Government than we ever did under the Tories. We should also remind people that our ‘boom’ broke every record in the book (a book that covers over two centuries).
I’m far too young to remember any previous recession we had, but this is not as bad as it could be.
Being out of a job obviously sucks for me, but all things considered, it’s not that bad.
Bearded Socialist – perhaps a grip on reality might be a good place to start if you’re looking for employment.
Employers like people who are honest and truthful. The deceit and lies you spout here would make you a perfect employee of any department that New Labour is involved in.
First out of recession? PAH
Thanks for your cracking insight Billy. You should start a recruitment agency where you can joyfully slag off all manner of people you’ve never met.
We’re not first out, but then we were last in. There’s a longer term plan here.
What bits of what I say do you have a problem with?
Bearded Socialist – My point is the numbers.
Your slavish support of New Liebour blinds you to the fact we owe more money than at any time since WW2. It is a Labour problem and dwarfs anything the Tories ever did.
End to boom and bust? PAH
The alternative to borrowing the money was to allow the banks to collapse – not a scenario I would have enjoyed. In most cases the banks will be repaying, with interest. And since we, the tax-payers, now have shares in these banks we will also benefit from any increase in share values.
Big debt is not the problem, only when it’s unsustainable. Long term interest rates on government debt are at an all-time low.
They did what was needed, as Julian rightly points out. If they had stepped in, we’d be far worse off. Surely even someone who can’t spell the name of the governing party realises that?
The banks wouldn’t have collapsed – typical Labour scaremongering to keep the population thinking the government is important. Like Brown saying “Copenhagen, we have 56 days to save the planet”.
What a load of childish drivel. Even if that were why would anyone believe Brown and his cronies could do it anyway?
The man has no aptitude for leadership any more then he had any for matters financial. The banks wouldn’t have collapsed they would just have been bought out by other banks – it’s called capitalism and seems to be the best thing we have at the moment.
Why is it that Labour keep saying what might happen if blah blah. It’s the politics of scaremongering again. We know what has happened and come the election next year we will let Mr Brown know how we feel.
Abolishing 10p tax won’t hurt the poor? PAH
You never let the facts get in the way of a rant do you?
The banks would have collapsed. Why? Coz no-one had the money to buy them out, which is why the state had to step in. The economy was in serious crisis, averted by Gordy’s action. Which, incidently, has been followed world-wide.
Are you one of these people who thinks everything is a conspiracy by the left-wing liberals to repress free speech and keep hard working people down?
Bearded Socialist – sounds good but again is nonsense. The value of the shares would have collapsed and the banks would have been bought cheaply by bigger banks. It’s called capitalism. Just because you refuse to accept how capitalism (normally) works doesn’t make it not so I’m afraid.
Why anyone with your web name would support Gordon Brown is beyond me. They can find billions to support the banks and pay the bonus’s again with our money but can’t find £30 million to keep thousands of Woolworths workers in jobs?
It’s disgraceful behavior and you can dress it up however you like but Labour is supposed to be the party that acts on behalf of the poor and as a *real* Labour voter I detest Brown and the thuggish bullies he surrounds himself with.
Surely bailing out Woolworths would contravene your capitalist ideals?
I am a real Labour voter, member, supporter – lifelong socialist me.
Julian – I am not saying that capitalism is perfect but compared to other systems there is nothing better.
The point I make is that while the the millionaire bankers get bailed out, the poor get shafted by Labour – again.
Why support the unsupportable? To keep saying the whole world follows Brown is not true. American bankers are to be taxed on their bonuses big time but here we will let them gorge themselves with our money and that is so New Labour.
Actually, bankers are not being bailed out – banks are. Like it or not, our capitalist system requires banks. Without them all of our jobs, savings, pensions go down the drain.
I accept it is galling.
You may be interested in this: http://www.compassonline.org.uk/campaigns/campaign.asp?n=5246
What you say is true, but the difference between class-room economics and applied political-economics are the consequences for people in the society.
Those of the neo-classical school (Hayek, Friedman etc.) would say ‘stuff em’.
Gordy, as a social democrat, took the decision that letting the market forces take their course would be too costly for wider society, so he intervened.
Why shouldn’t I support Gordy? He’s of the left, and just because I don’t agree with everything he doesn’t mean I can’t support him at all.
re: Woolies – i suppose that the banks underpin the whole economy, Woolies doesn’t.
Let’s not get into who’s more “real” as a Labour voter.
You forgot to say Pah
is New Labour too scared of business and direct tax? Yes.
Are they doing terrible? No
Would the Tories be better? No.
At worst, Labour is the lesser of two evils
PAH
ta
My dad was a Marxist. He would have lectured me about capitalism containing the seeds of its own destruction, etc. Marx had some great theories – unfortunately reality intervenes. I am a pragmatist, and this means dealing with some unpleasantries, such as propping up a banking system infested with greed.
I never get this “New Liebour” jibe – exactly what are we supposed to have lied about? You can disagree with our policies (and even Parliamentary candidates find things to argue about) but this is some remove from telling porkies.
at least the Zanu bit has been dropped recently
Bearded Socialist – I’m not saying you shouldn’t support Brown because he’s a dishonest, unpleasant individual but because if he is still Prime Minister Labour will lose the next election by a landslide.
I live in a strong Labour area and not one person I speak to will ever vote Labour again they say.
He’s the least popular leader since records began and if (like me) you believe the country is best run by Labour then you should be screaming about how bad he is from the rooftops.
PAH 😉
I’m inclined to agree Billy.
It’s sad that the success of Labour and labour-ist policies comes down to the leader being unpopular. I’ve never met Gordy, but I have heard good things about him. He’s not, however, a skillful politician in the Blair mold. I personally think if he’d been around in Attlee’s time, he’d be as successful and popular as anyone. Or if he’d stayed at the Treasury.
Who would replace him? It seems the choice will be between David Miliband and Alan Johnson.
I live in a strong Labour seat, and most people there are perhaps to the left of the current leadership. I’d like to see us move to the left, but not so far we’re unelectable
For me policy is always important. I do not like personality cults. I think it regrettable that we live in X-Factor times as regards to our politicians.
too true, but i don’t know how much this is historically unique.
Have you read The Political Brain by Drew Western? Very intereting, and the findings may well play a part in deciding the election
Bearded Socialist – Alun Johnson. Tony Benn. Frank Field (shame there) – someone who is ideologically different to the opposition, so people have a choice of the type of government they want and not the personalities in it. Yes Brown surrounds himself with weak ministers but he does that to try to disguise his own shortcomings but look at when Thatcher was deposed. Whatever your views on the Tories anyone could have been Prime Minister, Major got it and won an early election but it could have any of that cabinet.
Julian – Liebour. hmmmm where to start. OK –
WMD – 45 minutes to destroy Cyprus was a pretty catastrophic lie.
“I cancelled the election because I thought I’d win it” as above.
I did not suppport the Iraq War, yet how can the Government be blamed for bad intelligence? Hindsight is a wonderful thing.
I wouldn’t call the media-hyped November 2007 election-that-never-was a lie. I will agree it was a silly excuse, but I never wanted one then anyway.
Julian – it’s the point about it. Slavish support for a US Republican president has resulted in the deaths of thousands of innocent people.
On top of that the New Labour smearing of a good decent mans character, David Kelly resulted in his suicide.
Brown surrounds himself with people like McBride and Draper and it shows his true character. For him to even contemplate smearing a member of the opposition the week his disabled son died and then to have that thuggish Liam Byrne try to dismiss it as party politics was disgraceful.
More lies – try these:
Tax – 10p tax won’t hurt anyone.
Immigration – There will only be 13000 polish plumbers coming in.
To Billy The Kid –
For more ‘stout’ defence of Labour Lies please see the previous posts on this blog where apparently under Labour Education services have improved, Crime is under control and the weary “it’s not our fault and it was worse under the Tories” excuse is trotted out again regarding the recession (although not that convincingly)!!
https://warelane.wordpress.com/2009/11/03/you-can-tell-a-man-who-boozes-by-the-company-he-chooses/
Roll on May!
Education has improved, you can tell by well educated people complaning about it being too easy.
Crime is down by some measures, and it’s easy to get tangled in a web of opposing statistics on that.
some things WOULD have been worse under the Tories.
To paraphrase you ‘Just because you refuse to accept how politics (normally) works doesn’t make it not so I’m afraid.’
So you didn’t actually read the link then Bearded Socialist?
Typical.
https://warelane.wordpress.com/2009/11/03/you-can-tell-a-man-who-boozes-by-the-company-he-chooses/
Bearded Socialist – Education is a joke and you know it. If we (as a country) weren’t so obsessed with league tables things may improve. I see the reasons for tables but they simply don’t work.
When Labour messed up (although it doesn’t seem to affect Labour MPs – Diane Abbott anyone?) with the dreadful comprehensive system in 64 and the Tories colluded by building more comps (and council houses) under Tory governments than Labour the thing was wrecked.
Bring back the 11 plus and grammars – they provide a leg up to the working classes. By trying to send every one to university means Labour devalues and looks down on skilled / semi-skilled jobs like plumbers and chippys and the like and that’s not good.
Your comments on better educated people finding exams too easy is a good point, I agree with you and therefore I shall not say PAH this time.
Education is not a joke, although I do agree about league tables. One of the few things that Margaret Thatcher did that I wholeheartedly endorse was her shutting down more grammar schools than any other education minister.
I believe in equality of opportunity and a selective education system delivers the reverse.
A competitive education system is a problem when schools have control over admissions – schools then have the power to dump worse pupils on other schools e.g. Academy schools exclude and expel far more ‘touble’ pupils. The local state school then has to deal with these pupils. Then the Gov comes along saying ‘look how wonderful our new Academy schools are and how awful the local state school is’. To say nothing of the vast differences in resources.
I agree with Billy about sending lots of people to University being wrong. We’ve focused too much on degrees so that we have people doing degrees who have no interest in being there but are pressured into it. Now, as with nurses we have too much emphasis being put on having a degree, as if that was the be all and end all in life, which is really isn’t.
I think there needs to be a reasonably radical reform of edcation, but one where the minister then leaves it in place for 4 years without interfering
Julian – You agree with Thatcher shutting down grammars – we disagree there. Where were you educated btw? Public school by any chance?
Bearded Socialist – It is unlikely you and I would agree on many things but your answers are concise and seem to me to have merit even if I disagree with them. My initial post about your truthfulness was not reasonable, I withdraw it and apologise for it’s unfairness.
Good luck with finding a job as well dude.
Still can’t stand New Labour though 😦
PAH
Added in case anyone accused me of going soft in the head 😉
Billy – I was educated at a Secondary Modern, all male, school. I left school at 16 and went into employment. University of Life since.
I am not New Labour (nor Old, just ‘Labour’).
hugs all round i’d say, thanks Billy *hand shakes*
I’m with Julian on being Labour, not ‘old’, not ‘new’, just Labour