Wednesday, Jul 16, 2008
Get ready to batten down the hatches.....
Bloomberg: Britain Is in No Shape to Cope With a Recession
The early 90's recession was nothing....
Posted by rubberneck @ 03:42 PM (909 views) Add Comment
13 Comments
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1. uncle tom said...
Aside from the fact that North Sea oil and gas output has not fallen due to taxation, but due to the fact that it's running dry; this is a pretty good sum-up.
2. Coolguy204 said...
I agree with everything he said, the era of debt will come to an end. People don't realise and esp the government, saying bumpy patch for a year and then back to growth again. This will be much more drawn out and esp as well are services dependant for the economy.
3. waiting for the crash said...
Commentators are looking to the past to draw comparisons but I believe its not the 1930's or 1970's or 1990's its all 3 and much much more. It's a 'Perfect' Storm!
Maybe it will pass over - but the news just is not getting any better - its going to be bad.
4. it_is_going_with_a_bang said...
Ah don't worry. Kirsty has the fix. Just knock the 1% tax off buying a property - thats all that's wrong u know ...
A 75% based service sector economy running into recession....
5. nooneo said...
it_is_going_with_a_bang @ 3.
Agreed, all we have to do to is let the torie win the next election, then Cameron can make Kurtsie our very own property tsar, get rid of that nasty stamp duty (where was the chubby sloanie when we needed her to bash the nasty old poll tax I wonder - Glyndebourne probably, skipping on a pimms) and all our property trouble will be over.. Phew and I thought we had a recession or worse coming. near miss that.
6. plato said...
This is a very good 'must read article' in plain understandable English. What a mess the establishment have gotten the Country into. Should be ashamed of themselves. Wasting the talent endemic in the UK with cheap tricks, devious talk, fear and greed.
Matthew Lynn says :
"The country has placed itself in the wrong industries. The underlying weakness of the U.K. economy is about to be cruelly exposed."
This is one of many truths he exposes in this article which actually is much in line with HPC comments over the years.
Perhaps he's been taking a sneaky look.
7. nooneo said...
plato @ 5.
"Perhaps he's been taking a sneaky look." - I expect the hits on this site will increase massively as the collapse continues, everyone trying to find out "how low will it go".
Stop peeking Kurtsie, we know your phishing for the latest info - Reckon Fionulalalala is a sneaky convert too!
8. plato said...
nooneo @ 6 said :
I expect the hits on this site will increase massively as the collapse continues, everyone trying to find out "how low will it go".
I really hope so. This site deserves to be widely read and is an excellent source of knowledge for all. That is why it is very important to accept the many, but invariably informative views posted here. I think all of us will admit to learning a lot.
9. nooneo said...
Yes Plato.
Now is the time for this site to come into it's own. Giving concise advise on what to do, and not to do, both with regards to the current climate and to help this property bubbly messy thingy happening ever again - Which it of course will unless we change the system.
10. voiceofreason said...
"Brace yourselves for a traumatic slowdown."
Any hints and tips as to which position to take ?
Personally, I like hoarding cash in high interest accounts in a number of banks.
The bottom looks some way off as yet. In much the same way that house prices will return to trend with some overshoot, so will employment.
11. Fingerbob69 said...
Everytime our great leader comes on the TV, as with Bush, and makes a statement, I immediately accept that the exact opposite will happen/is true. 'This is not the 30's, the 70's, the 80's or the 90's'... it is infact the very worst features of all 4, combined. This site is dedicated to those hoping, praying for house prices to fall so that some can then buy and no doubt later sell at a profit. While house prices need to fall if only to meet the rule of general affordability (3.5 x gross individual income) should they fall further, then other factors, such as unemployment will curtail the ability of those who have been 'saving' to enter the market.
Be careful what you wish for. Reading around about the economy as a whole and that which is happening in the wider world economic markets, if in 18 months time you still got a job, you be lucky!
12. alan said...
This article is sharp and to the point.
One of the problems is what to do with all the public employees that don't form a useful purpose. If you belong to the public sector, I'm not knocking you, I'm targetting the dozens of "make work" schemes NuLabour has introduced which don't actually DO anything. These employees are costing the country a packet - which is paid for by a crushing burden of tax.
Loads of our useful productive jobs have been offshored from car parts to furniture making. Now that our Financial Services flagship has hit the (Northern) Rock, we are at a loss for earning money. Even the Insurance and Banking helpdesks have been passed out to India.
Bloggers, IMHO, we are skint and acting out a celeb lifestyle. The sooner we start treating the hangover, the better.
13. nooneo said...
"The bottom looks some way off as yet. In much the same way that house prices will return to trend with some overshoot, so will employment."
Agreed voiceofreason @ 9.
The trouble is when you talk up a bubble soooo very much (thanks Kurtsie) everyone loses confidence, couple that with the stooopid money lenders (oh and I still can't believe it) lending money to people who had little/no chance of repaying their mortgages (the us sub prime our subprime/self certification markets) and you can (and we might have) created a monster of our own undoing. I've looked at the japanese property market, I've listened (and learned) from Japanese Uncle and I still have absolutely no idea why the Japanese market hasn't started going up in nearly 2 decades of life in the red!
Self ceritification - Commercial insanity over any length of time! It's like inviting Hez-bolla to your son's bar-mitzfa!