Friday, September 5, 2008

Time to Take it on the Chin!

How bad is it?

"That the British economy has serious problems is pretty obvious. Britain’s housing bubble was more dangerously inflated than most countries’; its households are more indebted; financial services account for a bigger share of its economy; and its government, thanks in large part to Mr Brown, spent with both hands during long years of unremitting economic growth, leaving little scope for fiscal fine-tuning now". “The nine most terrifying words in the English language”, Ronald Reagan is held to have said, “are: ‘I’m from the government and I’m here to help.’” If only Gordon Brown had listened".

Posted by alan @ 10:30 PM (647 views)
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2 thoughts on “Time to Take it on the Chin!

  • I thought it was a good article.

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  • Nice quote from Reagan, but at least under most of his Presidency the economic numbers were quite precisely indicative of reality.

    If he was President now, he might say the eleven most terrifying words in the language are “prices are stable, the economy is string and inflation is low”.

    Because if you promote bent statistics, you prolong the mis-allocation of resources and prevent policy from being pre-emptive.

    The thing with trying to manipulate reality is that ends up biting back on you even harder than the thing you’re trying to deny.

    Please – someone – find a way to get OUR rulers (in caps, to emphasis the possessive) to wake up, snap out of their dreams, get out of bed, admit the truth and “get on with the job” of clearing up, not denying, the mess.

    Darling was perhaps a little extreme in his commentary of a week ago, but wasn’t it so refreshing to hear something that, for a change, sounded honest even if perhaps melodramatic.

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