Cameron on the origins of the crisis

From DC's speech at Bloomberg:

"The failure to regulate U.S. sub-prime mortgages was an American failure. And the failure to regulate public and private debt in Britain was a British failure. It was a failure Gordon Brown was warned about time and again. And time and again he ignored those warnings. Four years ago he was telling the city: “I want us to do even more to encourage the risk takers”. Two years ago, he was dismissing calls for what he called a “regulatory crackdown” on the City. And only last year, he was celebrating what he called a “golden age for the City of London."

...

"Now he’s describing that very same time an “Age of Irresponsibility”.

“A Golden Age” to an “Age of Irresponsibility” – in less than a year. That’s what I call a Rock of Stability.

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