But as a conservative, if you are going to be consistent, you must understand the government is not responsible for the downturn.

John Chuckman, toronto, Canada

I think you are correct, it be good for Brown and New Labour as Cameron and Osbourne have no answers of how to handle the crisis at Northern Rock or the World financial crisis.All they offer is Flip Flops and U turns when they make a statement.In times of a serious financial crisis the World has at the moment trying to score populist political points does not solve the problem.The irony of the Northern Rock crisis is it was created by Camerons greedy banking friends in the City of London.

Bill Rees, Truro, Cornwall

Surely this is a case of ‘same old’ ‘same old’ – spot the difference between now and the last time this lot were in power:

“The 1976 IMF crisis was a seminal event in modern British political and economic history. The seeds of the crisis were sown by the huge OPEC oil price shocks of 1972-3 leading to the potential meltdown of Britain's already weakened economy and seemingly confirming Britain's headlong decline as a major political and economic power. The government was seen as going 'cap in hand' to the International Monetary Fund (IMF) to head off disaster - an image which became a long-lasting political icon.”


The 2007 Credit crisis was a seminal event in New Labour history and economic history. The seeds of the crisis were sown by the huge US sub-prime shocks of 2007 leading to the meltdown of Northern Rock and potential meltdown of Britain's already over burdened and weakened economy and confirming New Labour’s headlong decline as a safe pair of hands with the economy.

Mike, Wokingham,

Daniel Finkelstein's posit would work if people bothered to read the news. The great unwashed prefer to read about Britney's latest hit (the pavement?) and when their pockets get hit they'll blame the government, whatever is happening in the rest of the world.

Keith Daniels, Alicante,

You could summarise this article as "Crisis, what crisis?"

jon livesey, Sunnyvale, CA/USA

With respect don't you mean our black Wednesday?

Mike, plymouth, UK

I do wish Mr. Cameron would paste labour with Black Gold Day, Black Pensions Day Grab, Black Northern Rock Day, in total making Black Wednesday look no more than q typical EU blunder that is repeated each year when accountants refuse to sign the books, to which this government with is so in love.

G Whitehouse, Dudley, West Midlands

Well its good that voters are grasping economics, and are showing sophisticated understanding of globalisation, markets and the like.

But perhaps that same savvy will come into play when they see how incompetent it was of the Government to lend all our taxes to a bank we don't own. And if they then sell it off to one of their cronies the savvy public might well see through the ruse.

Many of the people I converse with on the matter know that inflation is held down by dodgy statistics and cheap Chinese goods. Many people know we have become a phony economy based on ridiculous housing market bubbles. So perhaps the economy wont be the big determinant of the next prime minister after all.

Personally I suspect its the prospective level of sleaze that is determining who people will vote for. More than anything in my experience, people detest corruption in this country. Can you buy a used car off the leader of the party?

David B, Larkhall, UK

Bruce, I think in electoral terms Daivd Cameron may be very close to Neil Kinnock. A party reformer whom the public may not be able to imagine as PM, too much uncertainty, too much risk. In any general election campaign DC would be one screw up away from oblivion.

Richard, London,

"Sometimes hard times can benefit governments as the public do not hold them responsible". I think we the public pretty much know wo is responsible for an economic downturn in the UK. Brown proved he had no idea when he sold gold at an all time low.

Wen, Oxford, England

I disagree with your last sentence. In 1992 the electorate decided they would have no truck with Neil Kinnock and old labour.

roger sykes, christchurch,

David Cameron is not Neil Kinnock.

Bruce Robertson, Brighton, UK

Well Mr Finkelstein I am Joe Public and while i do not blame the Government for Market Turns {Upwards or Downwards} I do hold them firmly responsible for.

(1) Almost complete Lack of Manufacturing Jobs in the UK.
(2) Criminal Waste of Taxpayers Funds
(3) Incompetent or Ineffective Regulatory Bodies & Agencies
(4) Increasing Erosion of Privacy & Personal Responsibility.
(5) Above the Law Attitudes of the Political Elites
(6) The Complete Gobbledygook we have on our hands with Nothern Rock

Now there is little doubt that if the politicians will just spend a little time thinking things through instead of just swallowing everything the consultants tell them hook line & sinker, they might not make so many Hugely Costly Mistakes {Costly to Us Taxpayers}
Economies have cycles and will always have slow periods but with complete buffons at the Helm the citizens will have a very uncomfortable ride whereas with Sound Long Term Fiscal Policy the ride would have been less uncomfortable

Obi, London, UK

The public is getting wise to Governments who claim responsibility for the good times and deny liability for the bad, the same as those Chief Executives who want a huge pay rise because the value of their shares has gone up (what they did) and want a huge pay rise when the value of their shares goes down (what somebody else did). Gordon Browns years of prudence have been demonstrated to have been built on sand, with borrowing hidden within a maze. The chickens are now coming home to roost!

David Leslie, Perth, Scotland

"No more boom and bust" was all I heard. Endlessly. Rings rather hollow now.

And despite the fact that GB is clearly not good in a crisis (Northern Rock?), is there not every likelihood that he will cling onto office long enough for a recovery to begin? If the bear market has then ended, is there not every chance that your argument is moot?

Matt, London,

Well everyone I talk to blames Gordon and a lot of these are on minimum wage and would be typical labour voters.

mitch, wolverhampton, England

Possibly, but I don't think so.

Remember specifically Gordon Brown's famous "no return to boom or bust" speach. If we do have a recession, any shred of credibility he may have left is gone.

Colin, Edinburgh,

Dream on.

Jon Leigh, Southern, France

Just go, Gordon Brown.

For God's sake, GO!

S Williams, London,

Yes but we do hold him responsible and IS responsible.

How can a Giovernment have a borrowing requirement of £50Bn at the TOP of the economic cycle. Madness!!!

Darrin, Egham, UK

Most voters may not blame the government for the downturn, but maybe they should blame the government if the UK's downturn turns out to be more severe than in other European countries. UK banks have weaker balance sheets, on average, than European banks whilst they tend to have a higher exposure to property through mortgages and financing of real estate development. In addition, the UK's budget deficit started to grow before the slowdown has taken hold (even worse: tax rates have gone up before the deficit started to mushroom). The UK government is resposible for these two negative factors. And the monetary poliy committee is quite dovish, although not as deep in the pockets of bankers as the FED. Hence inflation for the man in the street is now running at between 4% to 8% rather than the 2%-ish CPI which understates inflation. Real interest rates are now very low and this will cause substantial economic damage in the long term: too much borrowing and high inflation.

Richard Schreuder, London,

Gordon's a genius.

Clearly none of this is fault.

The lax fiscal regime.

Selling gold at an historic low.

Gvnt borrowing at £1.5 trillion.

Consumer debt £1.5 trillion.

Northern Rock

etc etc

As for Alistair Darling, what a stateman!

fnusnuank, Gen, Switz