Sunday, Oct 25, 2009

A lunatic hell-bent on going out with a big bang

Times: Recession will be over by Christmas, says Brown

'Gordon Brown gave the ultimate hostage to fortune this morning by stating categorically that the British economy would be growing again by the turn of the year. With economists and Downing Street staggered by Friday's figures showing that the country is still in in the grip of a recession, Mr Brown tried to go back on the offensive by telling people they would not have long to wait for a recovery.'

Posted by hpwatcher @ 12:52 PM (2294 views)
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1. gone-to-colombia said...

Yes, yes dear, now let me tuck you in, need a bed pan? You have taken your medicine, haven't you?

Sunday, October 25, 2009 12:56PM Report Comment

2. This comment has been removed as it was found to be in breach of our Blog Policies.


3. brickormortis said...

Was it not supposed to be over before the weekend?

Sunday, October 25, 2009 01:40PM Report Comment

4. crunchy said...

Nothing has changed except QE.

We are one step behind step one.

I despair!

Sunday, October 25, 2009 01:51PM Report Comment

5. Browneconomy said...

'recession will be over by Christmas'
So we're gonna be stuck with the turkey till then!

Sunday, October 25, 2009 01:59PM Report Comment

6. rumble said...

Between this and Cameron's star dust I'm starting to doubt my sanity.

Sunday, October 25, 2009 02:02PM Report Comment

7. stillthinking said...

How exactly would this recovery handle a 10% reduction in government spending?

Sunday, October 25, 2009 02:05PM Report Comment

8. Jacobite said...

Gordon brown is an absolute disgrace, he uses the main stream media to manipulate public perception but thanks to the internet this ploy is gradually being exposed for the lie it is.

Sunday, October 25, 2009 02:28PM Report Comment

9. Lucas said...

The economy may well see a small increase in output in Q4 relative to Q3 but it means nothing in terms of the reality people face. Even a 0.5% rise in Q4 will do little to make up for the loss of output in this recession which currently running over 5%. So to declare that everything is going to back to normal when outputs stops contracting is very misleading. Unemployment will continue to to rise and once you factor in the actions that need to be taken to pay for the spending and the banks bailouts, it wont be to long until we go back into negative growth.

Sunday, October 25, 2009 02:43PM Report Comment

10. paul said...

The receovery is always six months away.

Two years and counting ...

Sunday, October 25, 2009 02:47PM Report Comment

11. Hotairmail said...

Whatever you hear about the recession, it is all framed in terms of 'waiting' for it to end as though recession ends just come along like the number 9 bus and all you have to do is wait.

Nobody has described the process of a recession as a sequence of distinct events have they? The things that have to happen along the way, the things that have to be ticked off for us all to get better. And because they don't know what that is that makes it better, they don't know what they have to do. They act if they can just make the wait until the number 9 bus comes along as comfortable as possible, we won't notice...but we may also not be curing ourselves of what needs to be cured.

Sunday, October 25, 2009 03:14PM Report Comment

12. chrisa said...

It would be surprising, I would have thought, if there wasn't some sort of temporary upturn in the last 3 months of the year corresponding to a Christmas surge, however weak that may be. January though should be dire, again.

Sunday, October 25, 2009 04:47PM Report Comment

13. bingo said...

It amazes me that we have literally poured money into the system and it still hasn't generated even an artificial recovery. For me this shows just how deeply the UK had gotten into the hole... QE seems to have done the trick in most other places to stimulate growth (real or artificial), but we keep shovelling it in and the hole seems to get ever deeper...

Sunday, October 25, 2009 05:16PM Report Comment

14. chrisa said...

bingo said 'It amazes me that we have literally poured money into the system and it still hasn't generated even an artificial recovery'

It HAS done what was intended which was to provide a constant purchaser of Government debt (and thus avoid failed gilt auctions) and inflate asset prices. It cannot be admitted to be working too soon though because then it would have to be withdrawn and who would then buy Government debt, expected to be around 200 billion every year for the next three years?

Sunday, October 25, 2009 05:27PM Report Comment

15. mr g said...

In 1914 it was said that WW1 would be over by Christmas.

Sunday, October 25, 2009 06:52PM Report Comment

16. icarus said...

...and Hitler announced in the bunker in Berlin in April 1945 "I have the weapon in mind".

Sunday, October 25, 2009 06:56PM Report Comment

17. estrader said...

Gordon Brown obviously took the Blue Pill.

Sunday, October 25, 2009 07:49PM Report Comment

18. tyrellcorporation said...

Techincal recession over by Christmas? quite possibly but January, February will feel like you've been transported to the Gulag. Plenty of waffle about 'Frugal Fatigue' from various quarters in the States. This implies that people stopped spending out of some sort of irrational mood swing and nothing to do with the reality of crushing debt servicing, shrinking real incomes and a tax tsunami on the horizon.

Sunday, October 25, 2009 08:23PM Report Comment

19. markj69 str05 said...

A broken clock tells the correct time twice a day!

Be careful, very careful of potential paty propaganda. Only the long term will tell. Wonder what effect the gen election will have?

Sunday, October 25, 2009 10:27PM Report Comment

20. markj69 str05 said...


Sunday, October 25, 2009 10:28PM Report Comment

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