Friday, Jun 12, 2009
Let's look at the real figures
The Gaurdian: The recession is far from over
A banker, Alan Clarke of BNP Paribas, citing a NIESR report, confidently tells the Guardian that the recession is over. Should we take the word of any banker – especially one that claims to be an economist – seriously? Given that the economics profession was blind-sided by the "debtonation" (August 9 2007), I am deeply sceptical. Second, given that this is a banker-induced recession, that reckless and often fraudulent behaviour by bankers led to a loss of $60tn of yours and my wealth (in the form of pensions, equities, lost interest on savings, and lost income from job losses) last year, should we believe a banker's particular spin on the crisis?
I say firmly, no, for a number of reasons, outlined below. But the most important reason for pessimism, in my view, is the hegemonic role...
8 Comments
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1. 51ck-6-51x said...
By the same author as the 'Oddly Prophetic' article posted yesterday by paul.
2. 51ck-6-51x said...
Oh, dammit...
Please post comments to the earlier post by Nomad
3. Puppee said...
this is not just a banker induced recession it is everbodies greed induced recession, nobody forced these people to lie about their incomes to be able to buy a overvalued slavebox (house) , yes the banks are at fault for lending them the money but it is peoples greed that has got us in this mess, if anybody is to blame it is the goverments of every western country BROWN was warned back in 2003 so was BLAIR but they just ignored the warnings as they thought they knew better but they didn't did they now everybody has to pay the price, but even now its all a mess you have still got the greedy B******DS out there, oil companies making billions this also applies to supermarkets,utilitiy companies,councils, GREED IS THE ENEMY
4. happy mondays said...
Now i am not an economist or a banker nor one of the SMART people that run the uk plc, however with the massive economical hit we have just taken, and more to come i expect, and within a very short period of time on the scale of things, to state that the recession is over, is like the Enola Gay dropping the nuke on Hiroshima and stating there will be no fallout after initial explosion.. A bunch of 2hats
5. Cstanhope707 said...
This stupid idea that increased Government spending is the way out of Recession is daft. Firstly Goevrnment does not have magic money it onlys spends money created by the private sector. The best way to get out of recession is for the Govenment to have sensible regulation but get rid of it's layers of burecratic fat and cut taxes to stimulate growth...
GOVERNMENT DOES NOT CREATE WEALTH IT JUST SPENDS IT!!! Any if you think I'm wrong Japan tried this and failed and in the early 1930's when Roseovelt set up the new deal of big Government spending US unemployment was around 24% almost ten years on after billions of Govenment spending US unemployment was still around 18%. Government intervention in the long run creates unemployment!!!
6. Sharpe said...
This is a poor article. Apparently the way out of the hole is for governments to follow the example set by the people - i.e. p*ss their money up the wall and borrow massively. When will these fools get it?
7. nomad said...
5. & 6. She had more sense in 2003.
8. stillthinking said...
I was thinking that. Perhaps a house valuation probably changed her views. Note that in todays world she considers the 60 trillion a real loss, rather than the temporary paper gains of the bubble.
et tu brute etc You can convince everybody when you double the value of something they own.