[DemolitionRed]

I never liked NL but I'm not naive enough to believe Labour policy brought us into a recession! They certainly didn't overspend as Osborne so often suggests.

The banking crisis was not born out of policy decision. Greedy investment bankers created the banking crisis, not the government, though the government were aware of rogue lending and their economists probably forecast what could eventually happen. Britain however, was relatively safe but when America crashed, we all crashed with it.

The global economy became fragile because investment bankers around the world were gambling with sub prime mortgages which allow people to buy bigger and more expensive property.

During the financial crisis, NL at least had the sense to put tight restrictions on future mortgage lending but it appears those restrictions have been lifted because exactly the same thing is starting to happen again; just not under the name of 'sub prime'.

Yes, the government and Bank of England did rescue the banks, but through direct capital injections and liquidity provision. Those were different programmes to QE. Describing the latter as a £375 billion handout to the banks is completely misleading. http://www.economist.com/blogs/butto...-and-economics

When Osborne stood up and said, “With our national debt unsustainable high, and with the uncertainty about what the world economy will throw at us in the coming years, we must now fix the roof while the sun is shining.” Just about every economist around Britain, including the well respected ones condemned him, but because Osborne is our front line sales man, we, his minions, all believed him and we continue to believe him.

I haven't read the rest of your post because I only got as far as the bank bail outs and house price increases.