Wednesday, February 27, 2008
It’s different this time
Are we heading for another recession? Four experts who survived the last big crash explain why 2008 should not be the year of a similar meltdown. The estate agent, Peter Bolton King: "I'm expecting a soft landing this time, rather than a crash, with zero price growth in 2008. There is a big difference between then and now. In the early 1990s there were high interest rates, high unemployment and high inflation. We have none of those three things now. I don't think we should panic." The mortgage lender, Mark Boleat: "The turn came fairly quickly, in 1988. There were clear reasons for it - rising interest rates and soaring unemployment levels. That's the big difference between then and now."