Tuesday, September 16, 2008

Soft Landing ???? No Chance !!

Hamish McRae: Lehman's fall is not all bad news

This must be the turning point in the global financial crisis – "must" in the sense that, if there are greater financial collapses in the coming weeks, then the world economy itself really will be threatened. However the downward swing of the real economy has only just begun and, while there are still good reasons to believe that it will not be as deep as that of the 1980s or 1990s, the recovery is likely to be a very drawn-out affair, one made more protracted by the events of the weekend.

Posted by housebear @ 09:15 AM (620 views)
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4 thoughts on “Soft Landing ???? No Chance !!

  • “For the past six months, the Bank of England has been unable to decide whether the credit crunch or rising inflation poses the bigger threat to the British economy; the latest, downward lurch in the financial markets (coupled with the drop in the oil price to below $100 a barrel) means that there are no longer any excuses for inaction from the Bank.”

    It is astonishing how many journalists still don’t get it. Just because the Bank of England ignores inflation, does it go away? No it gets worse. And worse.

    And besides, if LIBOR soars (as it is doing now), what use are lower interest rates anyway? None of the mortgage lenders will be able to pass on the rate cut!

    Duh.

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  • Doh.

    The comment above is on the other article, not Hamish McRae’s.

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  • last_days_of_disco says:

    @paul

    I was about to say…

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  • Lost decades rather than lost decade may well be the case with the UK/US economy.

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