Gordon Brown: I made a big mistake in not seeking regulation of banks

[ck4829]

Ex-prime minister Gordon Brown admitted that he made a "big mistake" in not seeking tighter regulations on banks in the lead up to the financial crisis.

The former leader told a conference in the US that he had not fully appreciated how "entangled" the global financial system had become when establishing the Financial Services Authority (FSA), the country's regulatory body.

"We set up the FSA believing the problem would come from the failure of an individual institution," Brown said. "That was the big mistake. We didn't understand just how entangled things were.

"I have to accept my responsibility."

New Chancellor of the Exchequer George Osborne has announced plans to break up the FSA and hand more regulatory power to the Bank of England.

http://news.yahoo.com/s/afp/20110411/wl_uk_afp/britainpoliticsbankingbrown

Over there, 'too big to fail' means you should break it up? What a bunch of CrAzY SoCiAlIsTs!!!

[Ken Burch]

1. He should've just nationalized them and put them under democratic control

And he refused to listen to anyone in his own party who tried to tell him that.

We need to nationalize ours(I think we could use assets forfeiture for the ones who went bankrupt or whose owners were convicted of crimes)to do that.

Our economy will not function on humane or sustainable terms unless we take control of the financial system away from the few and give it in some way, to the many.