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DOES GORDON BROWN DESERVE CREDIT FOR STABILISING THE ECONOMY?
Gordon Brown has been relying on the economy picking up before the election and then taking the credit for the rebound so that he can win the election. It certainly seems that he can claim that he has stabilised the economy. However it is less clear whether he should be able to take credit for it, or whether voters will remember that it is partially his decisions at no.11 that brought us into the recession and that the recession was bound to end sometime so come the election brown may well still be blamed for the recession even if the country is no longer in recession.
Does Gordon Brown deserve credit for stabilising the economy?
No, because... Too much emphasis on borrowing and lending
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
See history of changes to this point
Does Gordon Brown deserve credit for stabilising the economy?
No, because... the economy does not need more regulation
Yet that seems to be the most popular solution floated around.
Regulation is needed since banks with higher regulation(including Islamic Banks) suffered a lighter blow.
``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).¨
http://www.heritage.org/Research/InternationalOrganizations/wm2107.cfm
Vote on this point: the economy does not need more regulation
See history of changes to this point
Vote on this debate: Does Gordon Brown deserve credit for stabilising the economy?
Modified:
06 Apr 2010
Point 1. Too much emphasis on borrowing and lending
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.
Point 2. the economy does not need more regulation
``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).¨
http://www.heritage.org/Research/InternationalOrganizations/wm2107.cfm
Yet that seems to be the most popular solution floated around.
Regulation is needed since banks with higher regulation(including Islamic Banks) suffered a lighter blow.