Ed Balls 'deeply sorry' over banking crisis

[Loz]

http://www.bbc.co.uk/news/uk-politics-14888933

Who'd have ever thought Balls would apologise for his (and Labour's) part in the crisis?

There's be snowball fights and snowman making competitions in Hades tonight.

[Undisputedtruth]

The banks, credit raters, and regulators have all to blame for the banking crisis.

Credit raters - for giving AAA ratings for toxic financial products without carrying out full investigations

Banks - for their sheer greed and lack of due dilligence

Regulators - for not understanding the complex financial instruments

Ultimately the banks have lost the money but the losses are covered by the tax payers. In trading it's a sum zero game where someone loses money and the other one gains. So the tax payers are the real losers and the super rich are now even richer.

[Loz]

Undisputedtruth Wrote:

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> The banks, credit raters, and regulators have all

> to blame for the banking crisis.

... and the governments.

Which is why any of the above actually apologising is pretty amazing.

[Undisputedtruth]

There was certainly a lack of leadership between the three institutions: Bank of England, the HMT and ths FSA. But tbf the trading instruments are complex in nature and were probably lobbied by bankers not to regulate the markets.

[Jeremy]

If only they'd consulted the East Dulwich Forum. With all the experts on here, we can have avoided this whole mess.

[katie1997]

Indeed. They must be kicking themselves now.

Oh well, lessons learned and all that.

[DJKillaQueen]

lol....that's funny :))

[LadyDeliah]

Jeremy Wrote:

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> If only they'd consulted the East Dulwich Forum.

> With all the experts on here, we can have avoided

> this whole mess.

Well next time there is impending financial collapse I'm sure they will be more diligent :))

Edited to add smiley for those with sense of humour malfunctions.