Tuesday, Jul 07, 2009
More positive news from Aunty Pravda
BBC News: Worst of the recession 'is over'
A gossamer thin article following a bullish headline. The BBC reporting a rise in confidence from the British Chambers of Commerce (Vested Interest anyone?). This piece was one of the highlighted headlines on the front page of the BBC website today.
Posted by fubar @ 08:37 AM (1406 views) Add Comment
13 Comments
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1. quiet guy said...
Excellent news. We can stop printing money now. Right?
2. symo said...
Not only can we stop printing money we can show the world what confidence we have by raising interest rates too.
3. James In London said...
What determines - or, rather, who decides - which news articles have a comments section or not? This article should surely have a comments section for people to offer views contrasting to the BCC (as well as those implied by the BBC). My point is that this isn't strictly news: this is an opinion... I'm all up for opinions but this article is inherently one-sided by proxy!
4. bellwether said...
Confidence surveys indicate nothing about the future except the likely ignorance of people polled.
What does confience mean when it is not supported by fundementals and when the fundementals seem to be so badly misunderstood. Surely at its worst it just become irrational exuberance which is what got us into this mess.
I understand that the Obama administration are very impressed by Schillers "Animal Spirits" book which is that we can create our own reality if we only believe hard enough. In this world, confidence is everything, but the utter limitation of such a theory is obvious. No matter how hard any of us believe we will not eg win Wimbledon. It's Americana writ large, field of dreams stuff, where rationality and underlying reality (that you can't control) don't matter, or in Obama's more than slightly cheesy title it's "The Audacity of Hope"
"It is absolutely vital that the improvement in business confidence is nurtured," said BCC director general David Frost. Why not just confront reality instead. Dream time is over.
5. paul said...
So the BCC releases two articles today, one saying that the recession is over and the other saying we should print more money.
"Heads I'm right, tails you're wrong"
6. mrflibble said...
How can it possibly be over when it hasn't properly started?
We've only just finished the preamble...
7. uncle tom said...
The BCC is taking a very narrow perspective.
While rampant government borrowing takes the place of consumer borrowing, and hey! - why borrow if you can print the dosh instead - then their members may not see much more economic contraction.
The dimwit who wrote this release should know that there's no such thing as a free lunch; that the nation is still living well beyond its means, and that further economic contraction can be delayed a little, but cannot be avoided.
8. sceneclub68 said...
I like the way there's a box to the right of the BBC page containing links to typically patronising (and useless) BBC guides on 'how to cope...If you lose your job...If your firm is in difficulty' and that thorny question 'Are your savings safe?'. All of which seems rather more realistic than the drivel in the article, if unwittingly.
9. george monsoon said...
Uncle Tom @ 6
That would explain why my company that made 8.3 billion in NET profit last year is making people redundant, and those that stay are being forced to take a 5% paycut.
They obviously know that the 2008 profits will be severely contracted this year and are making plans.... Or thats how I like to see it, the alternative (that they are just greedy pigs) doesn't bear thinking about..
10. bluebeach said...
Be careful what you disclose about your company George, your emails may be tapped and you could be marched out with your cardboard box before you can press your next return / send.!!!!!
11. alan said...
Yesterday, the Dave Harvey Blog (BBC West Country) on the Beeb website, was very upbeat. This included putting down negative comments from Brendan Barber (TUC General Secretary).
Its certainly a war of words, the BBC desparate to be upbeat about this stage of the recession. So...where are we? ....Bullish or bearish?
Darling is speaking to Jeff Randall tomorrow on Sky...maybe some clues there?
12. uncle tom said...
"Darling is speaking to Jeff Randall tomorrow on Sky...maybe some clues there?"
You wish..!
What Darling knows can be written on the back of a postage stamp - all you'll get is what he wants us to hear.
13. gone-to-colombia said...
Laughable, its hardly started.