Oh dear. Young Gordon is still going round, blaming the current economic FUBAR on the evil banks, and the silly Americans. And he’s claiming that he rode to the rescue with the steps he took.
It would appear that he failed to do anything to stop the banks he ‘saved’ from doing the things that he claims caused the crisis.
From the BBC:
The Treasury has been criticised for allowing Northern Rock to lend £800m in risky mortgages for six months after it was propped up with taxpayers’ cash.
The National Audit Office report on the Treasury’s handling of the crisis found the bank was still giving mortgages of up to 125% in early 2008.
So, once HMG handed over a few billion quid to Northern Rock, a billion of it went straight out the front door in loans that were likely to be in massive difficulty almost immediately. Who the fuckedy fuck thought that was a good idea, eh?
Gordon Brown: burning your money with nothing to show for it, since 1997.