Friday, October 23, 2009

The economists are revolting

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 (2448 views)
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18 thoughts on “The economists are revolting

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

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  • 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.

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

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  • 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.

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  • ‘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

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  • fallingbuzzard says:

    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.

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  • cynicalsoothsayer says:

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

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  • I think Goldman sharks are the most revolting of all.

    “Policy makers.” I wonder who that’s been over the past months?

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  • gone-to-colombia says:

    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!

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  • japanese uncle says:

    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?

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  • gone-to-colombia says:

    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.

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  • markj69 str05 says:

    Dream!!! – Don’t you mean Nightmare.

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  • gone-to-colombia says:

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

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  • 10. japanese uncle

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

    WHY?

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  • japanese uncle says:

    crunchy

    I don’t really know. A mystery.

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  • JU

    I respect your discretion.

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  • 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!

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  • 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?

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