Wednesday, May 20, 2009
Its going to get a whole lot worse
Cnn: Fed's economic forecast worsens
Central bank now expects unemployment to rise to a range of 9.2% to 9.6% this year. Fed also predicts a sharper decline in GDP than it had forecast in January.
Posted by mark @ 08:03 PM (405 views) Add Comment
5 Comments
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1. Old_traveller said...
Nah... but,but... the UK is different!
2. crunchy said...
It's getting good, give us some money.
Oh no it's getting bad again, so give us some more money.
Nearly there, just a little more money.
Green Shoots=Green Dollars.
3. Grumpy Middle-aged Git said...
Same story, different spin on the Beeb
http://news.bbc.co.uk/2/hi/business/8060419.stm
I can't believe the difference in conclusion given the same data but it just goes to show how stats and sentiment can be manipulated by journalists. I think I'm with CNN on this one ......
4. george monsoon said...
The solution to the mess in the UK is easy.
Just send a letter to Alistair Darling...something like.......
Dear Mr. Darling
Please find below my suggestion for fixing Britain's economy. Instead of giving billions of pounds to banks that will squander the money on lavish parties and unearned bonuses, use the following plan. You can call it the Patriotic Retirement Plan:
There are about 20 million people over 50 in the work force. - Pay them £1 million apiece severance for early retirement with the following stipulations:
1) They MUST retire. Twenty million job openings - Unemployment fixed.
2) They MUST buy a new British CAR. Twenty million cars ordered - Auto Industry fixed.
3) They MUST either buy a house or pay off their mortgage - Housing Crisis fixed.
4) They must send there kids to school / college /university - Crime rate fixed
5) Buy £50 of alcohol / tobacco a week there's your money back in duty / tax etc
It can't get any easier than that!
P.S. If more money is needed, have all members of parliament pay back there falsely claimed expenses and second home allowances
5. Rk said...
George Monsoon @4:
20 million people at £1 million each would cost £20 trillion, not £20 billion. The GDP of the UK is about £1.5 trillion. So your solution is wholly unaffordable.
(The use of a billion to mean a thousand million was formally adopted by the British Government in the 1970s.)