Friday, July 3, 2009

Green shoots turn into brown heap

Job Report Suggests that Green Shoots are Mostly Yellow Weeds

The OECD believe its worse in England than in the USA. In the USA yesterdays massive unemployment news has demonstrated to many leading economists that there are no green shoots at all. We are still deep in recession and its going to get worse without doubt according to Nouriel Roubini who correctly predicted the downturn to begin with. House prices which have already fallen 27% will fall a futher 40% in the USA - so if its worse in England lets hope all the property crazed idiots are bracing themselves for the real down turn most of which is yet to come.

Posted by jb100 @ 06:08 AM (879 views)
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2 thoughts on “Green shoots turn into brown heap

  • Worth linking this one with the Money Week article a few months ago :

    http://www.moneyweek.com/investments/property/why-us-house-prices-will-keep-crashing-14752.aspx

    That concluded:

    “But why else should Britons worry about imploding US home prices?

    Firstly because whatever our politicians are telling us, many banks won’t want, or even be able, to lend very much while the losses on their dodgy US dabblings keep growing.

    And secondly because what happens in US housing is a good guide to our own property market. The US crash started a good 12-18 months before ours, yet it’s continuing. There are more than enough domestic reasons why British property prices will keep dropping, as we’ve pointed out several times recently: Longer dole queues are bad news for house prices. But while the housing market keeps imploding on the other side of the Atlantic, there’s even less chance of a turnaround over here.”

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  • The green shoots cobblers really makes me want to scream. I’ve read them before but each time I see the US unemployment figures I stop and check I’ve read the number right. 460,000 in June is an terrible terrible thought. This side of the pond we’ve only just begun the job losses. This proto-depression is depressing.

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