Wednesday, Sep 17, 2008
Many respected City figures openly comparing events with the Wall Street Crash of 1929.
London Telegraph via SOTT: Banking crisis: Is Britain heading for the worst recession since the 1930s?
Jonathan Loynes, chief European economist for Capital Economics, predicts a million job losses in the next two to three years and a further slump in house prices before recovery begins. "The collapse of Lehman Brothers will only prolong the uncertainty in the financial markets, meaning banks will remain reluctant to lend to each other and the credit crunch will continue for a long time to come," he said.
"If people can't get loans the housing market will continue to fall and I think house prices have got a lot further to go before they hit bottom. They will probably keep coming down for another year or two.
"We also think the economy will contract next year and around a million people will lose their jobs.
Posted by malct @ 12:24 PM (154 views) Add Comment
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