Golden Balls is just that all balls.

Ed Balls is an economist with a proven record of ruining the economy. Balls is just that, all balls. He cannot even grasp the difference between regulating and just filling in more forms. The former involves action, like proper audit of the banks, monitoring their capital ratios, watching over their credit policies, like extending mortgages over 80% of value of property, and yes fraudulent loans and accounting practices. You do not need more regulation to do all or any of these. What you need is a good understanding of banking and economics. Ed Balls just doesnt get it.

Labour were in power for thirteen years. If all they can say at the end of that time is 'it wasn't our fault' or try to blame the opposition then what more do you need to know. They allowed an economic bubble based on house price inflation to develop and spent money as though it would never end. They could have controlled it by raising interest rates but didn't.
Labour were in power when all this (and various other failures) took place. Trying to blame it on the conservatives is like trying to blame black wednesday on labour. When you are in power you take responsibility.