Friday, Aug 28, 2009
Wait until they revise it downwards next month..lol
Yahoo: British Economy Shrinks Less Than Feared
The news comes as analysts warn that a quick recovery is unlikely because of Britain's underlying structural problems.
Posted by mark @ 10:07 AM (624 views) Add Comment
5 Comments
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1. japanese uncle said...
On this occasion, I risk a fundamental argument hereunder.
Conscientious HPCers are not in the least amused by the severity of recession, depression or deflation for this matter. But the point is, if an economy has been boosted unsustainably and artificially, say at 7% p.a. every year, by housing and other bubbles, we must expect eventual correction in the form of as big as 10% shrinkage p.a., resulting in unacceptable casualties in the form of massive pay cut or millions of jobless population.
Rather we should like to see 1.8% uninterrupted economic growth sustained by the rigid real businesses not least manufacturing. In order for it to come home to all members of society except those who stage and enjoy the benefit of bubbles, we must see something telling first, to really appreciate what a venomous phenomenon a housing bubble is, to get determined never to this it again.
2. japanese uncle said...
OOps, Pls read 'repeat' between 'to' and 'this' in the last line.
3. will said...
It's still falling off a cliff - it has just bumped off one of those ledges on the way down. AAAhhhhhhhh. Sppllaaattttt.
4. europeanbear said...
Still falling at 0.7% in a quarter is still 2.8% annually - that's still a hell of a rate down....
5. Charlie White said...
We've GOT to ditch the bubble mentality, the whole boom & bust insanity, once & for all. It is LETHAL. We need sensibly PLANNED, reasonable, sustained growth based on a DIVERSE, broad-based economy. Not an economy based only on crazy, over-inflated house prices artificially hyped-up by estate agents and their sleazy puppets in the media. This new bubble is very, very scary. A housing bubble is indeed an evil, destructive thing. Every possible measure should be taken to prevent it ever happening again, even if it means taxing house profits above a certain level, as they do in France, Spain and elsewhere (thus avoiding the insane extremes) -- and then using the money to create real employment and thus expand the economy beyond this nonsense.