STIWD …… see what I mean, people just can’t resist it, blame ‘bloody Thatcher’ - in this case for a financial crash that began in the U.S. due to over lending to the poorest in society via Sub Prime mortgages – a practise that had been around (and been fine) from the 1930’s. lol
Excuse me, the sound has been broken on this computer for a while, but I see that the radio link you provided has “Glass Steagall” on it, which was a U.S. Act in 1933, after the great Wall Street Crash a few years before, which basically separated high street banking from investment banking (to protect the former).
Now the repeal of that 1933 Act link to the late 2007 financial crash can strongly be argued (as below), but you do know Thatcher left office around 1990 and banking was let loose in the late 1990’s???
“Repeal of U.S. Glass-Steagall Act (1933) Caused the (2008) Financial Crisis”
www.usnews.com/opinion/blogs/economic-intelligence/2012/08/27/repeal-of-glass-steagall-caused-the-financial-crisis
”In fact, the financial crisis might not have happened at all but for the 1999 repeal of the Glass-Steagall law that separated commercial and investment banking for seven decades. If there is any hope of avoiding another meltdown, it's critical to understand why Glass-Steagall repeal helped to cause the crisis.”
In 1997 Bank Mortgage lending was £21 billion a year, by late 2007 it was £115 billion a year – as a Labour government used the excuse of an America deregulating its banking market, to loosen our domestic banking controls – by taking sole responsibility away from the Bank of England around 1998, and giving it to Brown’s newly formed regulator, the FSA.
Brown admits in the link below that he did not understand the obvious, that the global banking system was so interconnected (via the interbank money market etc) that there was a huge risk of financial contagion if ‘stuff’ hit the financial fan elsewhere.
metro.co.uk/2011/04/11/gordon-brown-i-made-big-mistake-on-banks-before-financial-crisis-650630/
Furthermore, as Labour/Brown’s instructions to their new government kiss arse regulator was to allow that huge growth in UK bank lending, that they were directly responsible for the EXTENT of damage done to the UK banking system - and (I’d suggest) our economic ability to bounce back via a broken financial transmission of lending to businesses/citizens needing it after and recession - never mind the worst in over 80-years.
www.theguardian.com/business/2011/dec/12/labour-regulations-city-rbs-collapse
If I have not got the point of that radio link please enlighten me, but currently the way I see it, if Glass Steagall was the main point, Thatcher is owed yet another apology. lol