Biased BBC’s Alan notes
“As you know the BBC had Mervyn King do a speech for them last night but seem rather shy about revealing some the contents so far…
Mervyn King in a speech for the BBC Today programme states that because Labour’s economic policies and failure to control the banks we have lost 1 million jobs in the UK.
The Telegraph has a report here:
http://www.telegraph.co.uk/finance/financialcrisis/9242161/Labour-lost-a-million-jobs-says-Bank-chief.html
The BBC website hides the high profile speech on the politics page and fails to mention Labour losing us 1 million jobs but does blame King for the recession and states that ‘He also admitted the BoE should have done more to avert the banking crisis.’
http://www.bbc.co.uk/news/business-17929120
The BBC then bring on Labour’s pet economist who writes for the New Statesman and the Guardian promoting Labour’s policy of more borrowing and spending ……
‘However, David Blanchflower, a former member of the BoE’s Monetary Policy Committee, accused Sir Mervyn of being “disingenuous”.
“If Mervyn King had thought more regulation was important he could’ve done something about it. And because he didn’t he must take responsibility for the fact the Bank of England missed the biggest financial crisis in a century,” he told BBC Radio 5 live.’
What did King say?
‘So why, you might ask, did the Bank of England not do more to prevent the disaster? We should have. But the power to regulate banks had been taken away from us in 1997. Our power was limited to that of publishing reports and preaching sermons.
With the benefit of hindsight, we should have shouted from the rooftops that a system had been built in which banks were too important to fail, that banks had grown too quickly and borrowed too much, and that so-called ‘light-touch’ regulation hadn’t prevented any of this.
From the beginning of 2008, we at the Bank of England began to argue that UK banks needed extra capital – a lot of extra capital, possibly £100 billion or more. It wasn’t a popular message. But nine months later, market pressure forced banks to raise new capital or accept it from the state. UK tax payers ended up owning large portions of two of our four biggest banks, Royal Bank of Scotland and Lloyds TSB, but almost all banks would have failed had not taxpayer support been extended. That bold action in October 2008 could have happened sooner.
Bailing out the banks came too late though to prevent the financial crisis from spilling over into the world economy.
Over 25 million jobs disappeared worldwide. And unemployment in Britain rose by over a million.’
http://news.bbc.co.uk/today/hi/today/newsid_9718000/9718062.stm
Couldn’t be much clearer even in diplomatic speak….power to regulate the banks was taken away from the BoE by Labour in 1997, Brown’s ‘light touch’ regulation failed to control the banks, the BoE warned Brown from the start of 2008 to pump capital into the banks, a warning which was ignored, and that Labour’s failure to control the economy cost over 1 million jobs.
Astonishing cover up for Brown who fails to get a name check. This is a speech commissioned by the BBC itself, for its most prestigious political news programme ‘Today’ and yet the story is buried on the ‘back pages’ and anything detrimental to Labour removed or ‘neutralised’ by an opposing voice.
It is a sure bet that if King had said Osborne must change tack and adopt the mythical ‘Plan B’ it would be front page news. Labour does not need large political donations to fund its campaigns when it has the taxpayer funding its propaganda arm through the BBC license fee.
‘Macavity’
http://allpoetry.com/poem/8453751-Macavity_The_Mystery_Cat-by-T_S__Eliot
Alan
Thank you for that thorough Fisking of the BBC’s reporting on King’s speech.
Truly a superb example of biased editing at the BBC.
Isn’t it amazing that those creeps can take a speech that was delivered on their own airwaves and then cancel the central message of how disastrous Brown’s management of the economy was. !
This really is Orwell stuff.
Tory Central Office and No 10 Press Office ought to be on this case – but they will be asleep as usual. This is such a forthright condemnation of Labour by the Governor – it should have been seized and turned to advantage for today’s elections.
Tory Central Office and No 10 Press Office ought to be on this case – but they will be asleep as usual. This is such a forthright condemnation of Labour by the Governor – it should have been seized and turned to advantage for today’s elections.
BBC memo: Job done, all Labour bad news hushed up and kept away from the voting public just before election day. Thank you editors, producers and all staff for your efforts over the last few months – now its time to open that champagne and leave the empty bottles strewn around the place. Then after the break lets get back to the task of smashing the coalition and putting our lot back into power, the Tories won’t even see us coming.
Mervyn King was paid to give selected soundbites for their archive.
Witness Evan Davis presumption “inviting” King to nominate his successor-and when he wouldn`t, Davis silkily tried to get him to suggest that an academic( like himself) may no longer be as welcome as a practiced banker.
When some pierced cokehead on £250,000 or whatever presumes to tell the Bank of Englands head what to say and how to big up “Plan B”, “Smash the Banks and bonuses”and “let`s have Balls back now that Brown has ridden off into the sunset with his medication”….we`ve seen the arrogance and untrammeled presumption of a Beeb staffer who needs cutting down to size.
And all we get is Warsi, May, Lansley etc….eek!
“Pierced cokehead” – love it !!!
Come on guys…Brown was right, he had replaced the boom and bust cycle, just a pity he had replaced the cycle with one big BUST cycle!
Regards
Mailman
“MAIL COMMENT: Holding the guilty to account for the crash .”
Read more: http://www.dailymail.co.uk/debate/article-2139186/Sir-Mervyn-King-Holding-guilty-account-financial-crisis.html#ixzz1tt8iMD1q
“Gordon Brown earns over £1 million while absent from Commons”
(Jan 2012)
http://www.newsnetscotland.com/index.php/scottish-news/4031-gordon-brown-earns-over-p1-million-while-absent-from-commons
I remember looking up those jobs stats, the real number is 1.7M manufacturing jobs lost from 1997 to 2010 (institute of Manufacturing). Manufacturing also went from 20% of GDP to 8%. Labour like to rant that Thatcher broke British manufacturing. The reality is Bliar/Brown destroyed the British economy and manufacturing.
Must not be as bad as the bBC, it was from 20% to 12% an 8% drop. Sorry (something else you don’t get from the bBC).
where’s Dez?
cherry picking again……..obviously
I can only deduce from this that ‘Alan’ reads Owsblog! 🙂
Be it on TV or the internet, if there’s one thing that should never surprise anyone with even half a brain, like all the utterly deluded and super-short memoried fucktards that voted Liebour yesterday!, it’s BritishBroadcastingCorporation political editing.