Friday, Nov 27, 2009

Incompetence or lies?

BBC: Recession 'worse than estimated'

"Chancellor Alistair Darling will say in his pre-Budget report that the economy performed worse in 2009 than he first predicted, Treasury sources have said."

Posted by rumble @ 08:22 PM (1608 views)
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15 Comments

1. Yoss said...

Estimated by who?... Darlings forecasts were always seen (by pretty much everyone) as "MASSIVELY" optimistic!

You can't have a Brickey/Plumber/Sparky earning 55K a year with a 4x joint salary I/O mortgage and think it will end well.

They might make ends meet for now, while mortgage rates are sub 4% but when it hits the 7% (long term avg) and having taken a 50% pay cut = Lots and Lots of bad debt.

You could always Inflate of course, but that risks losing control of interest rates... aka Iceland (17%)

Friday, November 27, 2009 08:38PM Report Comment
 

2. devo said...

Lies.

Friday, November 27, 2009 08:47PM Report Comment
 

3. Crunchy said...

One could get a more honest estimate from a rogue trader.

Friday, November 27, 2009 09:04PM Report Comment
 

4. vindicated said...

No sh*t Sherlock.....

Friday, November 27, 2009 10:22PM Report Comment
 

5. alan said...

O RLY?

Underneath the article, the BBC asks:
"Has the shrinking economy forced you to change your working habits? Do you currently have more than one job?"

The credit crunch has been a total disaster for loads of people....innit!

Friday, November 27, 2009 11:01PM Report Comment
 

6. hpwatcher said...

What this idiot means is that the recession was far worse than he was prepared to let people think......

Friday, November 27, 2009 11:17PM Report Comment
 

7. fallingbuzzard said...

Actually he really believed it wasnt as bad!

Saturday, November 28, 2009 01:18AM Report Comment
 

8. brickormortis said...

Actually my predicition was pretty good. Can I apply for the job mr brown?

Saturday, November 28, 2009 06:54AM Report Comment
 

9. Alfie said...

That would be Incompetent Lies.

Looks like Britain will slip even further down the list of Corrupt Countries.

Saturday, November 28, 2009 09:01AM Report Comment
 

10. jack c said...

Fortunately Mr Brown had UK plc better placed than any other major economy to deal with a Global downturn and hence whilst things are bad they are not as bad as they could be.

Saturday, November 28, 2009 10:43AM Report Comment
 

11. Pyracantha said...

jack c

You're so funny.

Saturday, November 28, 2009 11:57AM Report Comment
 

12. matt_the_hat said...

I presume he will just revise upwards his predications for the recovery so the books are balanced - nothing to see hear move on now

Saturday, November 28, 2009 02:16PM Report Comment
 

13. buctootim said...

Yes. Like the reactions to all other articles - its a conspiracy and we're all doomed. Darling in "not clairvoyant shocker". Some estimates are right some turn out wrong, just like many posters predictions of where houseprices would be now. Its an uncertain world, but were not heading for armegeddon - state normal really.

Saturday, November 28, 2009 03:36PM Report Comment
 

14. bidin'matime said...

buctootim @9 - just keep taking the happy pills...

Saturday, November 28, 2009 05:01PM Report Comment
 

15. estrader said...

9. buctootim - "The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for **all** economic and financial matters. The position is considered one of the four Great Offices of State and in recent times has come to be **the most powerful office in British politics** after the Prime Minister."

...and the predictions and estimates the person who holds this Office makes are being compared to people who post opinions in a forum...did you know that you can buy a Hannah Montana Dance Mat for only £0.90/week!!??

Saturday, November 28, 2009 07:56PM Report Comment
 

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