Friday, Nov 27, 2009
Incompetence or lies?
BBC: Recession 'worse than estimated'
"Chancellor Alistair Darling will say in his pre-Budget report that the economy performed worse in 2009 than he first predicted, Treasury sources have said."
Posted by rumble @ 08:22 PM (1237 views) Add Comment
15 Comments
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1. Yoss said...
Estimated by who?... Darlings forecasts were always seen (by pretty much everyone) as "MASSIVELY" optimistic!
You can't have a Brickey/Plumber/Sparky earning 55K a year with a 4x joint salary I/O mortgage and think it will end well.
They might make ends meet for now, while mortgage rates are sub 4% but when it hits the 7% (long term avg) and having taken a 50% pay cut = Lots and Lots of bad debt.
You could always Inflate of course, but that risks losing control of interest rates... aka Iceland (17%)
2. devo said...
Lies.
3. Crunchy said...
One could get a more honest estimate from a rogue trader.
4. vindicated said...
No sh*t Sherlock.....
5. alan said...
O RLY?
Underneath the article, the BBC asks:
"Has the shrinking economy forced you to change your working habits? Do you currently have more than one job?"
The credit crunch has been a total disaster for loads of people....innit!
6. hpwatcher said...
What this idiot means is that the recession was far worse than he was prepared to let people think......
7. fallingbuzzard said...
Actually he really believed it wasnt as bad!
8. brickormortis said...
Actually my predicition was pretty good. Can I apply for the job mr brown?
9. Alfie said...
That would be Incompetent Lies.
Looks like Britain will slip even further down the list of Corrupt Countries.
10. jack c said...
Fortunately Mr Brown had UK plc better placed than any other major economy to deal with a Global downturn and hence whilst things are bad they are not as bad as they could be.
11. Pyracantha said...
jack c
You're so funny.
12. matt_the_hat said...
I presume he will just revise upwards his predications for the recovery so the books are balanced - nothing to see hear move on now
13. buctootim said...
Yes. Like the reactions to all other articles - its a conspiracy and we're all doomed. Darling in "not clairvoyant shocker". Some estimates are right some turn out wrong, just like many posters predictions of where houseprices would be now. Its an uncertain world, but were not heading for armegeddon - state normal really.
14. bidin'matime said...
buctootim @9 - just keep taking the happy pills...
15. estrader said...
9. buctootim - "The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for **all** economic and financial matters. The position is considered one of the four Great Offices of State and in recent times has come to be **the most powerful office in British politics** after the Prime Minister."
...and the predictions and estimates the person who holds this Office makes are being compared to people who post opinions in a forum...did you know that you can buy a Hannah Montana Dance Mat for only £0.90/week!!??