Sunday, June 8, 2008

No answers from the Sunday Times economics comedian, only dim questions

Is the economy grinding to a halt?

David weighs in by conceding that things are as bad as everyone else apart from him said they were going to be. I think it is the fact that his own grotty East London abode's value is in freefall means that its now a crisis. The comments under the article however, pulling David Smith up on his assumed naiivety of his readership, and his appeal to people's short memories of his eariler denials are priceless.

Posted by paul @ 01:47 PM (1079 views)
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6 thoughts on “No answers from the Sunday Times economics comedian, only dim questions

  • Not from the BBC however – sorry about that.

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  • I was thinking the same, far too sensationalist for the BBC!

    Oh look it’s our pal David “recession? what recession?” Smith. He seems to think disposable income will keep growing, despite higher fuel costs, utility bills, food prices, mortgage payments, etc. Also no mention of the fact that unemployment is a lagging indicator. Why do the Times employ this fool?

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  • whiteknight says:

    Nothing has been converted from a model to basket case.

    Nobody who was previously mighty has now become a liability or fallen from greatness.

    It was never the case.

    People were simply entirely wrong in their assessment.

    There was a new type of welfare called cheap credit that masked problems. And we have seen what welfare does to people. Often it destroys them , their ability to behave well towards other people and their ability to look after themselves.

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  • I figured that when I read the headline Paul, couldnt have the BBC putting out such a headline could we (LOL)

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  • whiteknight says:

    Lets also be clear: “Having met the banks, he has taken their criticism of the Bank in recent months on board”

    This is a nonsense. Who are the banks to be handing out any criticism? They are just annoyed the bank didn’t bail them all out quicker, thereby accelerating the inevitable moves we have seen since.

    What a crock.

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  • I’m puzzled by his claims for an increase in ‘real disposable household incomes’ – I wonder how that’s calculated…?

    However, he does well to remind people that in the run-up to the last downturn, the govt had a budget surplus. Although the war chest was nothing like big enough, it was a far better starting point than the deficit we have today.

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