Saturday, September 27, 2008

Sounds about right!

Financial Crisis: US bail-out plan will not rescue the British economy

Indeed, watching the supercharged policy action coming from US policymakers, the question for many here should be "what about us"? The contrast is staggering. UK challenges are arguably just as great, and without any imaginative actions here, the risk of a recession at least as bad as in any of the past 30 years, if not worse, could arise. UK mortgage lending has all but come to a standstill. Just based on this factor alone and its historical track record as a leading indicator, the UK could be entering a year of significant negative domestic demand, causing a large rise in unemployment and much misery.

Posted by stevie dee @ 05:06 AM (641 views)
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2 thoughts on “Sounds about right!

  • Note that the article’s author is chief economist at Goldman Sachs, the investment bank that now isn’t. How much weight should we put on this man’s insights? He says we need some quick “out of the box thinking”. Well, he certainly knows his empty cliches; probably knows best how to feather his nest too.

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  • In the UK:-

    Why do 50% of kids go to ‘uni’ at their own and their parents expense to end up with a job that only really requires 3 GCSE’s and some common sense.

    Why has motherhood shifted to the mid 30’s from the mid 20’s in the space of 10-15 years (student debt and mega mortgages per-chance).

    When will people realise their future has been sold down the river along with an affordable retirement.

    Why have all the trumped up former building society banks been such complete failures.

    Why is virtually all our infrastructure in foreign hands.

    Why is living in the UK so damn expensive and depressing.

    Why are supermarkets in spain and france stocked with decent produce yet everything in ours (especially Tesco) is one step up from dog food.

    Why does everything have to be measured by metrics and then fiddled with statistics.

    Why has the number of people on incapacity benefit risen from 600,000 in 1997 to 2,600,000 in 2007.

    Could it be that the country is actually broke and literally broken!

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