Ohmymimi…hello there, I think that you have raised two points here, the first being how I formed my view, the second being why wasn’t the opposition party to blame when not in government.
Firstly Brown’s actions are facts, from the following of ex Fed Chairman Greenspans doctrine of looser financial regulation (as they were gradually repealing the Glass – Steagall? Act of the early 1930’s bit by bit) to the taking away of sole financial oversight of the Boe to a tripartite system where he effectively controlled 2/3rds of the regulators – and admitted that they should have seen bank lending ratios from the low to mid 30’s to mid 40’s, as a huge danger signal.
Secondly, whether you believe opposition parties trying to persuade ‘the clunking fist’ of Brown, who had proclaimed ‘the end of boom and bust’, CAN be responsible for a governing party with huge majorities of over 120-seats and voices of their own, or not - the fact was that after 1997 the Conservative Party was decimated in terms of seats/leaders, for years.
Let us not forget that the decade to 2007, was a global boom of consumption/debt, and happened very slowly and if you ever listen to PMQT, if you honestly believe Tory warnings of too much lending growth wouldn’t have caused a riot from the much larger parliamentary Labour Party, then you don’t follow too closely. As to the house market, it was a supply and demand situation and no one in the Tory camp knew Labour’s 2004 immigration policy on numbers.
There is one example of Tory warnings going unheeded, when Mr Brown sold a lot of our gold at a 20-year low price. I believe it was Tory Peter Tapsell mentioned it was a mistake, along with the BoE and City, the negative response was a matter of public record.