Uncle Gordo crying crocodile tears

Browny has an article in the Times today criticising short termism and the failures of bankers. Yet again, there is no admission of error, no sign of an apology. Brown needs to realise the bankers acted the way they did because Gordo's regulatory system allowed it. Banks are lending nearly £625 billion more than they hold in deposit, whereas ten years ago, lending was matched by deposits, and some banks were in surplus. That happened under Gordon Brown. Everything that man says is hideously wrong. He claimed he had beaten inflation, yet he changed the inflation measure during his Chancellorship, so it didn't take into account house price inflation, and we know that housing has been massively overvalued, judging by the crash.

According to the Telegraph, despite last month stating it's ''stable outlook'' for our country's sovereign debt, it is now considering reviewing our AAA status. CDS (Credit default swaps) on UK sovereign debt, have shot through the roof this year, from 106.9 to 158.6. It shows how little confidence the market has in the security of UK gilts.

Also, the Dow Jones fell by 3.79% yesterday in response to the stimulus package of the Great One. The FTSE was down all day yesterday, even falling below 4000, but it staged a comeback later in the day.

I bet Uncle Gordo feels a complete twat now. He thought that he was such a genius for selling gold at the bottom of the market, despite experienced gold traders telling him gold prices move in decade long cycles, and that gold had been stagnant for about a decade. Yesterday, in dollar terms, gold hit $974. He sold half of our gold reserves, built up over centuries, at $275 an ounce. But he won't admit culpability in that either. He needed to ''diversify the portfolio.''