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Written by Peter Charalambous
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Sunday, 05 July 2009 18:58 |
Following the recent debate of the credit crunch, market failure, economic downturn, recession....what have you it is now time to name names and point fingers. David Cameron and Prime Minister Gordon Brown are is opposite corners and it is the conservative leader who has put some of the blame squarely on the PM's shoulders accusing him of creating the high risk culture by borrowing heavily, de-regulating and just allowing the good times to roll which have cause the current financial crisis. During the reign of the labour government thus far borrowing I seemingly the keyword, although in an economic downturn that will do enough to avert a forthcoming crisis. According to Cameron "the financial recapitalization of the banking system is the right thing to do, but it's not a triumph,'' as he blames the prior irresponsibility and style of capitalism that Brown allowed to happen. From that Cameron has called for tighter controls over bank borrowing and that the FSA should be more accountable for the economy, with tighter regulation in order to deal with incompetence as Labour's economic policy has been scrutinized. In his typical style Gordon brown retaliated with bravado signalling that in this current economic crisis it is ``no time for a novice'' even though under the Brown regime unemployment has risen at its fastest pace in over 17 years.
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