The credit crunch was indeed caused by people borrowing more money than they could pay back. So yes, Gordon was right to spin the focus on making sure banks were acting ethically and to make sure that they were giving money to small businesses with the appropriate business model. However, Britain needs to start looking at trade. We currently have a very low GDP due to low demand because people do not wish to spend. Therefore, we should look at overseas trade with countries who are now out of the recession where the people have a higher level of demand. This way we can keep jobs in Britain whilst increasing GDP without requiring the British people to spend a penny. But Gordon Brown is neglecting this large part of our economy. And this is why we will o into another recession.

http://www.heritage.org/Research/InternationalOrganizations/wm2107.cfm

``1] Tony Barber, "Brown Cals for Global 'Early Warning System'," Financial Times, October 15 2008, at http://www.ft.com/cms/s/0/b2d37338 -9aae-11dd-bfd8-000077b07658.html (October 17, 2008).

[2] Bretton Woods is the New Hampshire location where leaders met to establish these institutions in 1944.

[3] Gordon Brown, "Out of the Ashes: The Financial Crisis Is Also an Opportunity to Create New Rules for Our Global Economy," Washington Post, October 17, 2008, p. A25, at http://www.washingtonpost. com/wp-dyn/content/article/2008/10/16 /AR2008101603179.html (October 17, 2008).

[4] "Lamy Convenes Meeting to Ensure Developing-Country Access to Trade Finance," WTO 2008 News Item at http://www.wto.org/english /news_e/news08_e/tnc_dg_stat_oct08_e.htm (October 17, 2008) and "Lamy Calls for Summit on Trade Finance Amid Global Credit Crisis," Bridges Weekly Trade News Digest, Vol. 12, Number 34, October 15, 2008.

[5]"U.S. bank bailout comes at steep price," Reuters UK, October 14, 2008, at http://uk.reuters.com/article/stocksAndSharesNew s/idUKLNE49E01E20081015?feedType=RSS&fe edName=stocksAndSharesNews (October 17, 2008); "Royal Bank of Scotland Chiefs to be Forced Out Under Bailout Deal," Telegraph, October 8, 2008, at http://www.telegraph.co.uk/finance/financetopics/ financialcrisis/3155667/Royal-Bank-of-Scotland-ch iefs-to-be-forced-out-under-bailout-deal.html (October 17, 2008); "HSBC has 'No Plans' to Use Government Funds," Telegraph, October 13, 2008, at http://www.telegraph.co.uk/finance/newsbysector/b anksandfinance/3190698/HSBC-has-no- plans-to-use-Government-funds.html (October 17, 2008); "European banks in no rush forbailouts," International Herald Tribune, October 17, 2008, at http://www.iht.com/articles/2008/10/17/europe/banks.php (October 17, 2008).¨

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