Friday, Oct 23, 2009

The economists are revolting

The Times: Economists revolt over surprise recession data

Ben Broadbent, economist at Goldman Sachs, said: "While we are entirely sceptical about the ONS's data, it still matters for policymakers and markets. For all its failings, today's weak data increases the likelihood of quantitative easing in November."

Posted by devo @ 06:05 PM (2413 views)
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18 Comments

1. devo said...

Perhaps it will be necessary for Goldman Sachs to 'pre-approve' the next quarter's data.

Friday, October 23, 2009 06:14PM Report Comment
 

2. letthemfall said...

Note how the senior senior economists from the investment banks and fund houses are scrambling to claim the figures will come round to their way of thinking. Ben Broadbent the figures again.

Friday, October 23, 2009 06:30PM Report Comment
 

3. wiltshire said...

Or in other words, we've got an economy in this country that even off-the-scale QE can't revive.

Friday, October 23, 2009 06:40PM Report Comment
 

4. drewster said...

It's hard to measure the figures accurately at major turning points in the economy. Consider the Purchasing Managers' Index: last quarter you survey 100 managers, this quarter 10 of them have gone out of business and the remaining 90 report no change. The index reports no change, but in truth there's a 10% decline.

Friday, October 23, 2009 06:46PM Report Comment
 

5. devo said...

'we've got an economy in this country that even off-the-scale QE can't revive'

Funny really, when looked at dispassionately.

printy printy

Friday, October 23, 2009 06:48PM Report Comment
 

6. fallingbuzzard said...

Questioning the data is the only way some of them will keep their jobs. Some were predicting +0.3% GDP growth and have just cost their clients. So they're in "protect their ass" mode.

Friday, October 23, 2009 06:49PM Report Comment
 

7. cynicalsoothsayer said...

The ONS phone must have been ringing constantly over the last few days with a grumpy scotsman on the line...

Friday, October 23, 2009 06:54PM Report Comment
 

8. crunchy said...

I think Goldman sharks are the most revolting of all.

"Policy makers." I wonder who that's been over the past months?

Friday, October 23, 2009 07:31PM Report Comment
 

9. gone-to-colombia said...

I was listening to Radio 4 this morning, it was the on line Today show, I was reading this web site at the time. The BBC 'expert' confidently predicted a rise while I was reading the reverse. Rather funny!

Friday, October 23, 2009 10:58PM Report Comment
 

10. japanese uncle said...

Huge bonus yet again in the City means more and more money is concentrated to super rich, less and less for the real economy that employs population, save nannies and servants, cooks hired by the wealthy few. How can you expect the economy to recover?

Friday, October 23, 2009 11:10PM Report Comment
 

11. gone-to-colombia said...

It feels as if Britain is in some kind of ghastly dream, or a bleary hangover, where reality and dreamy hangover fight for attention.

Maybe the drug like euphoria of credit fueled spending and the feeling of being wealthy based upon inflated house prices is a better 'reality' than a long cold winter of debt.

Friday, October 23, 2009 11:25PM Report Comment
 

12. markj69 str05 said...

Dream!!! - Don't you mean Nightmare.

Friday, October 23, 2009 11:39PM Report Comment
 

13. gone-to-colombia said...

Yes, delete dream, insert nightmare! But you get the idea, or that's how it seems from the Caribbean

Saturday, October 24, 2009 12:08AM Report Comment
 

14. crunchy said...

10. japanese uncle

You have answered your own question which leads to a much bigger one, as you know.

WHY?

Saturday, October 24, 2009 03:16AM Report Comment
 

15. japanese uncle said...

crunchy

I don't really know. A mystery.

Saturday, October 24, 2009 09:17AM Report Comment
 

16. crunchy said...

JU

I respect your discretion.

Saturday, October 24, 2009 09:57AM Report Comment
 

17. Jacobite said...

What we have in play here is a technique called manipulation of the public perception by the main stream media, I am afraid at some point reallity will kick in. you can only fool the public for so long!

Saturday, October 24, 2009 10:11AM Report Comment
 

18. Ndg said...

Economic crashes, bank bailouts, rate crashes, currency panic, QE, recession blah, blah, blah......

Due process would demand that you protest this monster f()ck-up of inept national government activities via your local MP.

Or should that read inept local MP activities via national government?

Either way, letters should be sent by registered mail. Wonder what the law will dictate when this is no longer possible.

I'm sure that government (local and national) is very much 'under control'. Voters put these monkeys in power but who do they really represent? Anyone know who Tarzan is? Herr Heseltine?

Saturday, October 24, 2009 11:07AM Report Comment
 

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