George Osborne's deficit reduction plan: a blunt axe, blindly wielded

Vision

Chancellor George Osborne that the economy is in trouble with a record deficit of £ 14 billion in August

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plans are divided into three categories. There are good plans that are poorly executed, as in the model developed by Count Alfred von Schlieffen for the invasion of France in 1914. There are strategic plans are executed well bad, as in the Russian campaign of Napoleon in 1812. And then there is the plan of the coalition government to reduce the deficit.

monthly update last Friday on public finances was bleak for George Osborne and his Liberal Democrat colleague Danny Alexander. Back in the heady days of 2010, spoke of how an ambitious plan to reduce red ink splashed all books Treasury could be combined with solid growth and protecting frontline services. None of these objectives was achieved.

quality of public services has decreased due to job losses, the economy has hit the wall and, perhaps most telling of all, the gap between what the government spends and it receives taxes getting bigger, not smaller.

deficit last month was more than $ 14 billion, a slight increase over the previous year and a record for the month of August. On budget day, the chancellor said he expects the deficit to fall by more than 4% in the current year, in the first five months of 2012-13 is 21% more than 'in 2011-12. It will take a quick - and totally unlikely - the accelerated growth in the coming months to Osborne have any chance of reaching their forecasts

Most likely you will need to use his autumn statement in early December to admit that will break at least one of the rules that he himself established to control public finances when became chancellor. The goal of reducing debt as a proportion of national income at the end of this Parliament seems extravagant and given the flatlining of the economy over the last 18 months, leaving Osborne with the possibility of creating a new challenge, less burdensome, or to announce new austerity plan.

be humiliating, however, the Chancellor is almost certain to take the first option. The deficit reduction plan and involves greater austerity in 2013-14 and 2014-15 compared to the year and would be a brave Chancellor would eliminate the additional demand for an already fragile economy. The idea of ??expansionary fiscal contraction - get tough with the budget stimulates growth by allowing monetary policy to work its magic - has been a fiasco. Why? Because the banking system is broken and the debt are not interested in taking on more debt, no matter how much interest rates fall. Osborne and the Office for Budget Responsibility (OBR) have significantly overestimated the power of monetary policy to continue to adjust fiscal policy would result in an even lower growth targets and state budget even more difficult achieve.

Osborne
• back into defense used by all Chancellor since time immemorial: the fault abroad. If it was not for the sovereign debt crisis in the euro area, rising oil prices and the weakness of the global economy, for example, everything would be wonderful for the moment. There was nothing wrong with this plan. It was a great plan. It was, indeed, the only plan that could save Britain from the dystopia of Greek debt. It was just that other complicated issues.
• Sir Mervyn King provides the chancellor with some political cover in turn. The Governor of the Bank of England says it will be ok for the government to miss its target, as long as the debt is the result of external factors and not because their deficit smooth death itself. Since the king had four-square behind the austerity Osborne from the beginning and used the same defense of bank records overestimate and underestimate the growth of inflation, their support is surprising but welcome if it prevents Osborne compose their own mistakes.
• While it is true that the administration of public finance work leaves much to be desired before the Great Depression of 2007 and that any government facing a budget deficit of 11% of the national production is necessary to take measures to balance the books, the truth is that the plan was ill-conceived Osborne, hastily prepared, based on optimistic forecasts and perform that amplify the pain felt by the public.

Map

deficiencies are explored by Brian A Reading from Lombard Street Research paper entitled Blunt Axe. The title is a reference to Geddes Axe called the program of deep spending cuts imposed in the 1920s, after a thorough analysis of the savings could be realized.

Reading assessment focus

Osborne was scathing, saying he has failed miserably to achieve the coalition "urgent priority to ensure economic stability in a period of continued uncertainty in the global economy . "In particular, the document says it has not sought to assess the impact on the growth of spending cuts, the government is hiding behind" optimistic forecasts "provided by the OBR, the" scorched earth " investment in more expensive prestige projects, it has not attempted to identify the whereabouts of the taxpayers' money to be saved, not to measure the actual resources provided to departments, taking into account different rates of inflation that s 'apply to services such as health, could not protect the front-line workers (or even identify what work they did), and it is intended for the inevitable cuts in the public sector, 372,000 that the first two years are nearly six times higher than the 66,000 estimated by the OBR.

Play concluded that there was no need for Plan A for wild growth. The coalition, he said, would have significantly increased capital expenditures without breaking its own fiscal rules. However, net capital expenditure in 2014-15 is forecast to be nearly 60% lower than it was five years ago. This is not a new phenomenon. Governments of all colors is always easier to reduce capital expenditures for current expenses, despite the long (and often short) term consequences for the economy.
is not convinced by reading the argument that everything that can be attributed to events across the Channel. "The deterioration of the global environment and the collapse of the euro night certainly the British economy, but it was predictable. OBR was complicit in the persistence of granting graduations despite darkening sky." Request new Geddes Commission, concludes: "The ax was blunt, blind guitarist."

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US 'supermax' prison is condemned internationally for its abusive regime | Sadhbh Walshe

boss BOP does not seem to notice as ADX Florence faces a class action lawsuit filed by inmates with mental disorders

In 1990, John Jay Powers was sentenced to prison for stealing a bank. Once there, he saw murder of another inmate and began to suffer from post-traumatic stress. In 2001, after a brief attempt to escape, was transferred to the administrative authority Maximum (ADX) Florence, only a maximum security federal prisons, where inmates are housed in conditions of extreme isolation that prison is known, not a lot of love, like Alcatraz "Rocky Mountain".

Before ADX, Powers had no history or symptoms of mental illness, but as it was installed, it became unbalanced and has participated in numerous acts of self-mutilation, including including the amputation of his testicle and scrotum, bite your finger and try to commit suicide several times.

To give you an idea of ??why a previously healthy person would fall into the madness of ADX, you do not look beyond the circumstances of their detention. ADX was designed to ensure complete isolation of all prisoners are held in cells the size of a normal bath. The cells have thick concrete walls, a soundproof door with bars and a steel door strong second. The only means of communication with other human beings is crying in the toilet bowl and hoping that someone would hear. Interns take place in the cell 24/7 for two days a week. In the other five days they can spend an hour in a cage of similar size in what is known as laughing "outdoor" recreation. By its own policy, the Bureau of Prisons (BOP) excludes ADX mentally ill, but it seems that many mentally ill prisoners get there because of a poor selection process - and they are not always healthy for get tend to stay for long.

Powers is one of 11 prisoners of ADX Florence named in a federal lawsuit filed against the BOP on July 18 this year, alleging mistreatment and abuse of prisoners with mental disorders are often misdiagnosed (if diagnosed at all) and then denied appropriate care. It comes at a time of growing pressure from the international community, including the UN Commission for Human Rights and the European Court of Justice. However, the balance of payments, which would not comment on pending litigation, it has been demonstrated by its front and back, unconscious actions that are, at best, and at worst indifferent to the charges.

To give an idea of ??the kind to forget that I'm talking about, you need to look beyond a note with the line "Suicide Prevention" subject that has been sent by Charles Samuels, Director of Federal Prison Bureau, two days after the lawsuit was filed, all inmates in the federal system - including staying in solitary confinement in ADX. In the note, Samuels, sounding like a social worker in question, urged inmates who may feel suicidal to try to see the good side of things. Below is an excerpt:

• "Incarceration is difficult for many people Many people experience a range of emotions - .. Sadness, anxiety, fear, loneliness, anger or shame can sometimes feel hopeless about their future and their thoughts can turn. Suicide If you are unable to think of a solution other than suicide is not because the solutions do not exist. 'S because now we can not see them not to lose hope solutions can be found, the feelings change, unexpected positive. events. Looking for meaning and purpose in the education and treatment, faith, work, and family and friends. "
Samuels continues to urge suicidal inmates to use psychologists, counseling and other services seem to think are available to them. Now, it may be noted at their nominal value as a genuine attempt to boost the morale of prisoners who are in a bad mood. But if we consider that the note was addressed to prisoners, many of whom Samuel recognized in the last paragraph, "you can read this message for a special housing unit or special management unit cell" (all euphemisms containment only) and that prisoners are experiencing suicidal feelings are much more likely to be a direct consequence of the fact that they are housed in segregation units such as for existential reasons, it is difficult not to be cynical . It is even more difficult when one learns that Samuels himself seems to have a vague idea at best as to what type of advisory services to inmates have access, if necessary.

A month before the memorandum was published, Samuel said at a hearing of the Senate subcommittee on isolation, during which he said that "no negative effect" of isolation prisoners. He took his answer to a direct question by Senator Durbin on ADX prisoners access to psychologists.

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Libyan parliamentary speaker hints at military strike after consulate attack

Magariaf confirms U.S. authorities intercepted communications between Al-Qaeda in the Islamic Maghreb al-Ansar al Sharia brigade

Libyan Parliament Speaker Mohammed al-Magariaf said that military action is planned against the militants blamed for the assassination of the U.S. ambassador, Chris Stevens.

Magariaf also confirmed reports from Washington that the U.S. authorities intercepted communications discussing the plan of attack against the United Nations consulate in Benghazi, said Al-Qaeda Islamic Maghreb linked to a brigade, Ansar al-Sharia. "Yes, it happened," he said.

Magariaf told the Guardian the intersection point is other evidence showing members of the brigade attended the Tuesday night attack on the compound and a hosting site.

"There seems to be a division within Ansar al-Sharia on the attack, some involvement, others against," he said. "We are in the process of investigation."

These emissions would be strong evidence linking al-Sharia to attack, and Magariaf said Libya had sent information by the U.S. government. He confirmed that the intercepted communications program discussed the assault last week. But he urged the United States not to act unilaterally, fearing that it would oppose the public.

"not hesitate to act, to do what is our duty," said Magariaf. "Let's start with ourselves and if we can not then who can help us. My experience with the Americans, they know what they have to do. "

His comments came as the Libyan Ministry of Interior said that attacks the weekend led to the arrest of 50 suspects, but did not elaborate or say whether they were Islamic militants.

Voltage

built in Benghazi amid speculation that military action is imminent against Al-Sharia brigade, whose commanders have denied responsibility for the consulate attack.

Two U.S. warships equipped with Tomahawk cruise missiles are stationed off the coast and a propeller plane without lights, it is believed that unmanned aircraft, spent several hours in the sky In town the past two nights.

The brigade is based in Benghazi, and his soldiers guard a hospital where medical authorities say two militants wounded are being treated. Sharia guards refused to allow access guardian or a comment on the attack.

• Magariaf said the attack on the U.S. mission, the fifth attack against diplomatic targets in Benghazi since April, was part of a wider campaign by militants to destabilize Libya, taking advantage of the disorder a country still without a government cohesion.
• "This is a turning point for the country. Confrontation is necessary and inevitable these elements, "he said. "[It is] one of them, and Libya are safe and united. Today, it is the Americans, Libyans tomorrow. "

Magariaf rose to fame in the 1980s when, after fleeing to Britain, led the anti-Gaddafi National Front for the Hi Libya. He won a seat in the new parliament in July, in an election in which tribal and liberal parties prevailed against the Muslim Brotherhood.

He said he had evidence "foreign countries" were involved in supporting the attack on the consulate, but declined to name them. "This is a deliberate calculated by a working group in collaboration with non-Libyan extremists. Would not be surprised if it's another country, but not Saudi Arabia or Qatar, I'm sure. "

in Benghazi evidence linking members of the team for sharia attack is increasing. The head of the Supreme Council of the city, security, gendarmerie Libya, witnesses and phone sequences showed members were involved.
This was confirmed by a witness who was among the spectators who came to see what had started as a protest against the United States on Tuesday night.

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How a Paul Ryan Wisconsin effect could alter the US political map | Harry J Enten

preliminary investigation indicates small bounce Mitt Romney VP selection. But if Ryan delivers Wisconsin, that could all change

selection for Vice-Chair Paul Ryan has produced little or no bounce in national polls Mitt Romney. Lack of movement so far is somewhat surprising given that the vice-presidents have produced an average of 4 hit points for the top of your ticket. Although a rebound finished product will be ephemeral.

Momentum is only a viable running mate usually offers in his home state of the order of 2-3 percentage points. This is why others and I think the selection of Ohio Senator Rob Portman makes more sense from the standpoint election. President Obama led in Wisconsin about 6 percentage points before choosing Ryan, who seemed too big for a boost to overcome vice.

There are indications, however, that perhaps underestimated call Ryan in Wisconsin. Public Policy Polling interviewed a hypothetical Romney-Ryan ticket last month and it showed behind Obama-Biden in just 1 percentage point (as opposed to a deficit of 6 points without Romney Ryan). A new Rasmussen poll has Romney picked up 4 points and move to a 1 point lead in the state of badger among potential voters. A new CNN / ORC poll of registered voters has Obama by 4 percentage points, a margin that could be expected to reduce the size of potential voters.

The importance of competition for Romney-Ryan Wisconsin can not be underestimated. If Obama wins Wisconsin, my calculations indicate that probably starts with a minimum of 247 of the 270 votes needed. He could win by simply taking Florida and its 29 electoral votes, or a combination of Colorado, Iowa, Nevada, New Hampshire, Ohio and Virginia.

Without

Wisconsin, Obama has 237 electoral votes. This may not seem like a big difference of 247, but consider the following four scenarios.

1. Romney-Ryan win without Ohio

Republican ticket has not always taken the White House without Ohio, but it is conceivable. All States awarded to Ryan-Romney are the ones where he is in a position as good or better than him in Ohio. No Wisconsin, Romney would only 263 electoral votes. With him, Romney 273 - and the White House

2. Romney-Ryan win without Florida

• Personally, I do not think that the situation in this map is going to happen, but say that Ryan and his Medicare reform scares the elderly in Florida. Romney could win with 272 electoral votes naked, taking all the other states that have a real chance to go red this time.
• 3. Romney-Ryan win without Colorado or Virginia
Part of the reason Obama has an advantage over John Kerry in the electoral college, it is because he paved the way Colorado / Virginia. Its 22 electoral votes combined is more than Ohio or Pennsylvania. A victory in Wisconsin means Romney could not afford to worry about Colorado or Virginia.

. The possibility of a tie in the electoral college is higher in Wisconsin in the game

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Scientists go to war with their funding council

A war broke out between researchers and executives of the main body donor who decides to support projects - and how

If you thought scientists were quiet guys who threw their coats over their heads at the first whiff of confrontation, try saying aloud five letters at a university near you this summer - EPSRC. The main chemical, physical and mathematical are at war with its main sponsor, the Engineering and Physical Sciences Research Council. They accuse the council of being disconnected from reality and experience arrogant, ignorant of science and promote science poor.

With public spending review is expected next year, and academics near Westminster warning that science can not be expected that the cushioning was given in Resolution 2010, rebellion is the origin of gravity waves. Ministers are said to be exasperated that exploded on the public scene and influential personalities, including Nobel laureate Sir Paul Nurse, President of the Royal Society, fighting behind the scenes to encourage resolution.

The rector of the university research summarizes the wrath of a sector: .. "The EPSRC is a disaster, it is quite reasonable to have to take measures to cope with reduced funding is a concern, but much broader than lost contact with scientists. Aware of several examples Board staff saying that something is too important to be left to academics. "

It is not small. The advice given about 950 million pounds of funding for basic research chemists, physicists, mathematicians and engineers per year, becoming the biggest player in this field in the United Kingdom.

In the center of the controversy is the EPSRC development capacity ", which aims to redirect budget council in areas of excellence and national importance. In total, 14 of the 113 subjects of municipal funds were characterized by reduced funding, including synthetic organic chemistry and mathematical physics, with 17 areas marked for growth.

community was quick to mobilize their big guns when the first cuts were announced last summer. David Cameron has received a letter of 25 famous mathematicians slamming the "quango irresponsible", followed closely by other major names of 100 chemicals. In May this year, a group of academics from a hearse parked outside of parliament, to mourn the death of science in the hands of the EPSRC. And more protests on the cards.

However, they insist that it is not simple flouncing with reduced budgets.

Professor Tony Barrett, head of synthetic chemistry at Imperial College London and the head of the protest group science for the future, said that "unqualified" servants exercising Swindon business advice too much power. He is angry that no scientific societies adequately consulted on policy changes. "People who are happy to tell you that evaluators working for bureaucrats generally EPSRC seconds," he added.

Professor Tom Simpson, a senior chemist at the University of Bristol, agrees: "My feeling is that the board does not have much of an understanding of what actually happens at Research Why Why not ask the scientists.? have this term, "we informed the community." This means that "we have made a decision and then told everyone." It is not that consultation. "

Meanwhile, the head of a major university EPSRC describes how the staff tried to tell scientists very high level of what can be done in your search. "This is ridiculous, because they have no experience"

• Nurse, 2001 Nobel Prize in Physiology or Medicine, is more diplomatic than many of his peers have on society EPSRC. But he agrees that the body needs to prove that he is really listening to the researchers. "Valuing individual scientists in the coal mine is how to deliver what the public needs. Overall, I think you should leave the decisions on what to fund scientific practice rather than officials or senior people, like me, you've found it quite beyond. "
• Until now, there has been very little in the way of reconciliation EPSRC public. However, it is hoped that the new president, former Chief Executive Paul Golby energy company, may have a serious chance to unite the divided parts. Although sources close to Golby said he had no idea of ??how the conflict was cut when he accepted the position, sleeves rolled up and get stuck in.

As David Delpy, chief executive of the embattled board Golby said that a certain amount of pain was inevitable. "We are in a very difficult economic situation," he said, "and some people will always be resistant to change." But he said the board has done all things well. And was quietly going according to his key people - including some of the most vocal critics of the Council -. Trying to understand the problems in the laboratory

"You do not get to that level of noise without a few questions you need to watch," he said. "That original misunderstanding or problem is that I'm find out. "

a bone of contention is the Council's request that all scientists must demonstrate the potential impact of their research funding. While the research councils are theoretically independent of politicians, this follows a strong bull Treasury, which wants evidence of value for money. Gordon Brown urged the administration of this program is and is not canceled by the coalition.

Professor Christopher Moody, a chemical that leads to the University of Nottingham, said: "I have no problem with being held accountable, but we are asked to look into a crystal ball and say what the impact of this will be in 50 years. "It is not only reasonable. I worry about how much weight is on the actual quality of the science proposed against the declarations of national and economic impact."
Barrett is more explicit: "The impact obsession lead EPSRC to fund things that are weak and progressive, because you can not predict the outcome of basic research Either that or it will lead some scientists . simply telling lies. "

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What does London 2012 say about British racial attitudes?

The optimists say that Britain is

finally comfortable with diversity, but skeptics suggest stereotypes back after the Olympics

wore their hearts on their sleeves at Jamaica House, south London base, created for Jamaicans and whoever wishes may encourage Olympians of the largest Caribbean island.

no doubt they wanted Usain Bolt won another gold medal in the 100 meters to break the world record, to humiliate their American competitors. And if the gods conspired against this certainty wanted Yohan Blake, his fellow Jamaican be to usurp the king. In his dreams, given the presence of Asafa Powell in the final, pending Jamaica first, second and third.

Powell stopped short, so it does not happen. But what happened in the two hours before the big race was instructive. Whenever a Jamaican appeared on the screen, the 900 people in the room hooted, applauded and stomped warmly enough to endanger the structure.

When an American is in sight, they booed and hissed like crazy in the crowd panto. And when British athletes appeared - Dwain Chambers, James Dasaolu, Gemili Adam, Jessica Ennis, Christine Ohuruogu and in particular hero Mo Farah 10.000 m - they cheered and shouted for them with a slightly lower intensity which was reserved for Jamaicans

Farah, Somalia-born British won the prize for the best. Said in a loud voice: "All you need now is to grow an afro."

There was something in this dark room who spoke integration in Britain and the extent to which the country's progress can be helped by the success of the multiracial and multicultural reality of British team.

a snapshot, but it is interesting to consider that there is no longer a crowd like that - occurring in the Caribbean and roots in Britain - would have had much more difficulty with the calibration needed to encourage a hero of Jamaica, without missing a beat, proud of the achievement of a black British compete in the same competition. Black cricketers played against the West Indies, once should stick case. But now there is a dynamic change.

This fact of life in some parts of Britain in the 21st century seems to be the antithesis of Norman Tebbit Test cricket, which required migrants abandon all previous baggage or be considered those who were not fully integrated. In real life, the equation is more complex, but it can work and it seems to work in the night from Sunday to Jamaica House.

In fact, some argue that the 2012 Olympics has the potential to make all sorts of future benefits to the way we look at each other and live together. Barbara Roche, former Immigration Minister and Chairman of a draft migration museum said the Games, starting with the opening ceremony of Danny Boyle lifted the veil on the high level of diversity that exists in many parts of Great Britain. "Team GB seems Britain. Thing to note is that there was very little mention. There is a level of comfort. People say athletes who see British athletes."

preolímpico about in the tabloids about some minority athletes who do not deserve the full recognition of British officials, British Plastic calls. But as athletes of color have had success with the public, critics were forced to join the chorus of praise.

In any case, said Roche, the public looked beyond such crude differentiation. "People feel a huge buzz, and not just think it is something in London. Humour seems too positive outside London, people talk and you can pick up the thread. Guests enjoy a communal experience.

"You do not want to be complacent, but the fact is that we are a country of immigrants. Initially there was nobody here. People came and the only difference is the time . A Doesn do not like over-analyze, but I think we are gradually accepting the facts of what we are. "

• Maybe we are making progress. For the most part, analysts have chosen not to think about the race and ethnicity of those who attended. What is, perhaps, why he had such a stir on Twitter when Allan Wells, the 100-meter champion in 1980, said from the couch studio the BBC he was "the last white man" to win.

But with the constant and unprecedented success of the British team, there are some areas attempts to discern a level of significance. This is an adventure story Saturday in the Olympic Park, as described in the Sun "was 46 minutes or when three young Britons showed the world that we see a guy with ginger Milton Keynes, beauty Métis Sheffield., ethnic Somalis gave refuge to these shores of his country ravaged by war. This is what Britain is like today. "

is important not to exaggerate what appears to be the case, there will certainly be more horror stories on stock shop business migrants in the Sun "profiteers" and excessive immigration . But now there is something there and paper bestseller Britain tried to think. Certainly a change in a publication whose former CEO is accused of the famous joked with his colleagues at the office of "Negroes" who descend from the trees.

But if our reaction to the minority interest in the British team did show a growing maturity, will last longer than the Games? Lord Ouseley, the former chairman of the Commission for Racial Equality chairman of Kick It Out, the group against racism in football, is skeptical.

"I think games are games of glory," he said. "Everyone will bask in the glory and people will be proud to succeed. But we must remember that when the harsh reality into action is likely to be back to square one."

Ouseley said, it is reasonable to distinguish between public opinion outrageously talented individuals and communities as a whole. "There will be a sense of well-being. Athletes black and ethnic minorities continue to thrive because they are forced to show their individual skills. But the harsh reality is that the regular black and minority Britons still found in poorly on the job market, the housing market and other areas.

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Financial crisis: 25 people at the heart of the meltdown - where are they now?

In 2009, the Guardian has identified 25 people - bankers, economists, central bankers and politicians - whose work has led the world into the worst economic crisis since the Great Depression. On the fifth anniversary of the credit crunch, what do they do?
Central bankers

Alan Greenspan, chairman of the Federal Reserve 1987-2006

A disciple of Ayn Rand libertarian icon, now Fed Chairman Alan Greenspan just in time to save the world economy since the 1987 stock market crash is a catastrophe. He continued to preside over the boom years of the 90s and bring the U.S. economy following the September 11 attacks and has been widely cited as an "oracle" and "master".

But Greenspan interest rates super-low and constant opposition to the regulation of derivatives market multitrillion dollars are widely blamed for causing the credit crisis. Under the direction of the derivatives market that Greenspan was a record in the industry of $ 500 billion, despite the billionaire investor Warren Buffett warned they were "financial weapons of mass destruction."

their very low prices encouraged Americans to support debt to buy homes, even when he had no savings, no income and no job prospects.

-called subprime borrowers were cannon fodder for the biggest boom and bust in U.S. history. The housing collapse brought the global economy to its knees.

was given the honor of knighthood in 2002 for his "contribution to global economic stability," but in 2008, during a congressional hearing investigating the causes of the financial crisis, Greenspan has finally admitted that "erred in assuming" that financial firms could be resolved.

"You find that your vision of the world, your ideology was not right, it did not work?" Henry Waxman, chairman of the commission, said.

"Absolutely, precisely," Greenspan. 'You know, this is precisely the reason I was shocked, because I've been going for 40 years or more with very considerable evidence that it works exceptionally well. "

After leaving the Fed in 2006, Greenspan joined Pimco, the largest bond investor, as a special adviser. Co-founder of Pimco, Bill Gross, said Greenspan had contributed to the company "billions of dollars'' in its advisory role.

Gross

Greenspan said: "brilliance" is a saver of "a lot of money for us.'' 'He created and saved billions of dollars for Pimco and'' Gross said in 2008 . He also advised Deutsche Bank and hedge fund billionaire John Paulson.

Greenspan has also found time to criticize the program's current Fed Chairman, Ben Bernanke, quantitative easing. "I stayed away from commenting on the Fed's policy," said U.S. television earlier this month. "Let me say this, however, the data show that the expansion of assets has had little impact on economy, for an important reason, we have created a significant increase in the assets of the Fed's balance sheet and a large billion and an average increase in excess reserves. "

Mervyn King, governor of the Bank of England

At its first meeting, the Chair of the Bank's monetary policy committee of the rate of interest (MPC) fell to a record low of 3.5% after the war. King's ambition as governor was to make the Bank "boring". If only this was the case.

been slow to respond to the crisis and initially refused to follow Greenspan to inject money into the system. The Treasury Select Committee (TSC) told me I should have known that the housing bubble to become unstable and should have been "more proactive" to moisten.

just two weeks, the King finally admitted that the financial crisis is the result of "big mistakes" politicians and not just because of the greed of bankers.

investment in Government Conference International in London in preparation for the Olympics, said: "We saw the beginning of the crisis, we met at the International Monetary Fund (IMF), but nothing to solve collectively, and do not think it was a problem that could be solved individually. "

More recently, the king facing the TSC to explain why the bank failed to identify the scandal Libor rate setting which is prior to the credit crisis and Bob Diamond last month resigned as Barclays CEO after King Diamond did not know and have confidence in the Bank.

In the reorganization of the regulatory response to the financial crisis, the Governor of the Bank of England has emerged stronger than ever. However, the king will retire next summer, with the former Cabinet Secretary Sir Gus O'Donnell and Lieutenant Governor Paul Tucker favorites to replace him.

policy

Bill Clinton, former U.S. President

current politicians plan to help prevent another crisis ringfence bank financial "risk" divisions "casino banking departments of the bank street more pedestrian. Clinton 13 years ago repealed the Glass-Steagall who had done exactly that. Clinton Movement, which came after a fierce lobbying by bankers, announced the birth of superbanks and the risk of pump priming high.

also signed the Commodity Futures Modernization Act, which exempted credit default swaps from regulation. Around the same time Clinton has also increased in 1977, President Carter Community Reinvestment Act - forcing lenders to take a more holistic approach to poor borrowers who try to enter the housing ladder

Gordon Brown, former Prime Minister

extravaganza Brown as Chancellor was that there was "deleted Tory boom and bust." He did not. His first term was spent ministerial chair largest raid since the Great Depression.

In his last speech before becoming a great Prime Minister just before the start of the crisis the bankers praised for his role in the creation of a "new golden age for the city of London."

To encourage foreign bankers working in the city fell low tax rate for non-freedom and "light-touch" regulation that meant they could get away with much more elsewhere in London.

Brown is currently working on projects to improve the levels of child poverty and education worldwide, with organizations like the United Nations.

George W. Bush, former U.S. President

The collapse occurred in the Bush administration. While Clinton started the ball rolling with subprime, Bush has failed to provide much stricter regulations, the bar of the Sarbanes-Oxley introduced after the Enron scandal. And do not do much to stop the increase in loans to "Ninjas" [no income, no job seekers].

Nouriel Roubini, the economist who earned the nickname Dr Doom for his prediction that the crisis was about to hit, blame Bush. Obama "inherited a mess," said Roubini. "We're lucky that this Great Recession does not turn into another Great Depression."

Bush politics in self-imposed exile and has stood by its absence in the campaign of Mitt Romney to become the next president. "He enjoys his life in Texas. It does not seek the limelight. Y is strongly concentrated in the center of Bush, "recently said his spokesman. He" did not intend to adopt, at least not right now, "added the spokesman.

The former president wrote a book, Decision Points, the 14 most important decisions of his presidential race. The former president has received $ 7 million to 1.5 million copies.

Senator Phil Gramm

"Some people consider subprime lending and see evil. Subprime loans I look and see the American dream in action," Gramm during a debate in the Senate in 2001.

Another quote dynamite. "When I am on Wall Street and I realize that it is the nerve center of American capitalism and I realize that capitalism has done for American workers, for me, it is a holy place."

was Gramm who had fought hard for deregulation, and contributed to the drafting of the law that allowed the creation of financial giants like Citigroup and Bank of America.

He remains unrepentant. Just a few weeks ago Gramm, who went to work for UBS Investment Bank in Switzerland until earlier this year and is now a visiting professor at the American Enterprise Institute, said: "I see no evidence that allowing them to join through holdings had something to do with the financial crisis and no one has ever presented any evidence to suggest that did. "

Sandy Weill, however, a man with hands on experience in managing a large too fail, the bank and the former chairman and CEO of Citigroup, begs to differ . Last week, Weill said, "I probably should do is go and investment banking separate banking, banks must deposit institutions, banks made loans and commercial real estate loans and banks do something will not risk taxpayers' money, which is not too big to fail. "

Weill added. "The world has changed with the collapse of the housing market and real estate bubble ... so I do not think it is a little more (for large investment and retail combined) "

Wall Street / Banks

Abby Cohen, Goldman Sachs strategist Home

bear market? Cohen seems to have heard of the term.

She made a name for itself in the 1990s as bullest bulls during the Internet bubble, and it is hard to remember when it was on the rise since.

It remains today a bull. "If we were to look only at the estimated fair value during the next year to three years, we believe yields are about 8-10% in the stock market are reasonable," he told Bloomberg last week.

Kathleen Corbet

, former CEO of Standard & Poor

credit rating agencies

, which S & P is the largest, a triple-A ratings to mortgage-backed securities that proved toxic and have been accused of conflict of interest because the issuers of obligations are paid by assessments. As an analyst at S & P, wrote in an email: "[A bond] could be structured by cows and we would."

Another analyst emailed to a colleague. "Hopefully we are all wealthy and retired by the time this house of cards falters"

Corbet resigned after a wave of criticism in 2007. Since then, he has created a company to invest in technology, energy and of course, financial services companies. She has a tumblr, but it's still really blog.

Maurice "Hank" Greenberg, former CEO of AIG insurance group

Although AIG bailout took a multibillion dollar U.S. Treasury and the Federal Reserve after his massive credit default turned sour, 100 executives of AIG, where spending $ 444,000 on a golf course and spa in California. "Have you heard of anything more outrageous?" Said Elijah Cummings, a Democrat said. "They were getting their manicures, pedicures, facials, their, massages, while the American people are paying the bill."

Greenberg, now 87, began - and is running CV Starr & Co., a private equity firm named after the founder of AIG Cornelius Vander Starr. Son of Hank Scott is helping to seize sovereign wealth funds and the super-rich money to buy good plans should last decade.

Andy Hornby

, former head of HBOS

Former child prodigy British company that became the top of its 800-strong class at Harvard and became chairman of Asda at the age of 32 years was the man running HBOS when he had to be rescued by Lloyds. His reputation took a blow to the FSA, the regulator seeks HBOS guilty of "serious misconduct" in the context of their taxpayer bailout and rescue by Lloyds. But there is a very busy man. After the demise of HBOS was installed as CEO of Alliance Boots (who resigned last year without reward) and is currently Executive Director of Coral bookmakers and Executive Chairman of online and mail order pharmacy pharmacy2U business.

Fred Goodwin, former head of RBS

Fred "less" was stripped of his knighthood earlier this year that public anger over its role in the onset of the financial crisis has reached the boiling point. Goodwin, who has been called "the world's worst banker", Royal Bank of Scotland brought to its knees by a series of ambitious acquisitions too. A series of 20 shots RBS become a world leader, but Goodwin was not satisfied and just before the financial crisis hit led an acquisition of $ 100 billion of the Dutch bank ABN Amro.

RBS reported the largest annual loss in UK corporate history and had to be rescued by the government worth £ 45.5bn. Currently, 82% of state property.

Goodwin again made headlines recently when he was accused of a crisis in the largest law firm in Scotland, architect, RMJM, where he served as an advisor. Approximately 80 employees have left the company after a battle over unpaid fees.

Steve Crawshaw, former B & B boss

• What
• fiction Messrs. Bradford and Bingley say? The two gentlemen in bowler hat was the good old conservative bank. The fall of the B & B may be due to a moment of hubris in 1995, when we spend more than £ 1,000 for Stan Laurel melon to show its headquarters.
• Steven Crawshaw
• bought the specialist mortgage lender Lloyds TSB Express, which is aimed at self-employed, those seeking a second home and finances buy-to-let mortgages. Ready won "loans liars" nickname because the plaintiff did not prove that they had a regular income. When the stock market crashed in bulk, as well as B & B, because it could not fund loans. Finally, B & B was nationalized, just weeks after Crawshaw resigned for heart problems. He left with a pension worth £ 105,318 per year.

apparently retired to the Yorkshire countryside, and his public role seems to chair the Advisory Board of the School of Management at the University of Bradford.

Adam Applegarth

, the former boss of Northern Rock
Applegarth

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