Friday, July 24, 2009

Still in Recession

UK economy continues to contract

The UK economy contracted 0.8% between April and June, more than double the figure economists had expected. The bottom line was that today's number is pretty dire, and a sharp wake-up call for anyone who had already been dreaming of recovery

Posted by need-a-crash @ 10:56 AM (1046 views)
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8 thoughts on “Still in Recession

  • Someone will try to put a positive spin on it. The [optimistic] forces are still a bit too strong.

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  • “The UK economy contracted 0.8% between April and June, more than double the figure economists had expected”

    Yet again the so called “experts” got it wrong, in fact I cannot recall an instance where they have been remotely near the correct figures on anything from unemployment to inflation to these figures.

    What is the point of these people?

    If my track record at work was as cr*p as theirs, I would have been shown the door in no time.

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  • and yet the ftse continues upwards

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  • gone-to-colombia says:

    Rather funny, in the today programme some worthless ‘expert’ was brought on virtually certain that the figure would be 0.3%
    House prices where now? – Down!

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  • mr g – hmm, I’m sure some got it spot on. The consensus opinion is what was so far off the mark, I imagine some were VERY wrong – but that’s economists for you:
    “An Economist is someone who will tell you tomorrow why what they predicted yesterday did not happen today” – Laurence J. Peter

    While I’m on that line some definitions from Ambrose Bierce’s ‘Devil’s Dictionary’, 1911:
    * “Creditor: One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions.”
    * “Commerce: A kind of transaction in which A plunders from B the goods of C, and for compensation B picks the pocket of D of money belonging to E.”
    * “Debt: An ingenious substitute for the chain and whip of the slave-driver.”
    * “Economy: Purchasing the bottle of whisky one does not need for the price of the cow one cannot afford.”
    * “Finance: The art or science of managing revenues and resources for the best advantage of the manager. The pronunciation of this word with the i long and the accent on the first syllable is one of America’s most precious discoveries and possessions.”
    * “Insurance: An ingenious modern game of chance in which the player is permitted to enjoy the comfortable conviction that he is beating the man who keeps the table.”
    * “House: A hollow edifice erected for the habitation of man, rat, mouse, beelte, cockroach, fly, mosquito, flea, bacillus and microbe.”
    * “Land: A part of the earth’s surface, considered as property. The theory that land is property subject to private ownership and control is the foundation of modern society, and is eminently worthy of the superstructure. Carried to its logical conclusion, it means that some have the right to prevent others from living; for the right to own implies the right exclusively to occupy; and in fact laws of trespass are enacted wherever property in land is recognized. It follows that if the whole area of terra firma is owned by A, B and C, there will be no place for D, E, F and G to be born, or, born as trespassers, to exist.”
    * “Money: A blessing that is of no advantage to us excepting when we part with it. An evidence of culture and a passport to polite society. Supportable property.”
    * “Owe: To have (and to hold) a debt. The word formerly signified not indebtedness, but possession; it meant “own,” and in the minds of debtors there is still a good deal of confusion between assets and liabilities.”
    * “Price: Value, plus a reasonable sum for the wear and tear of conscience in demanding it.”
    * “Property: Any material thing, having no particular value, that may be held by A against the cupidity of B. Whatever gratifies the passion for possession in one and disappoints it in all others. The object of man’s brief rapacity and long indifference.”
    * “Wall Street: A symbol for sin for every devil to rebuke. That Wall Street is a den of thieves is a belief that serves every unsuccessful thief in place of a hope in Heaven.”

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  • shipbuilder says:

    51ck-6-51x – excellent stuff. Particularly like the land one.

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  • shipbuilder – ahead of his time.

    I like many entries… my favourite, at least I think it’s my favourite (!), is:

    Brain: An apparatus with which we think we think.

    and another which shows how thoughtful the man is ( remeber this was before either world wars ):

    Man: An animal so lost in rapturous contemplation of what he thinks he is as to overlook what he indubitably ought to be. His chief occupation is extermination of other animals and his own species, which, however, multiplies with such insistent rapidity as to infest the whole habitable earth and Canada.

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  • shipbuilder says:

    In my bookmarks now for future contemplation. Cheers.

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