Friday, February 12, 2010
The booming recession
It really has been a weird old downturn. To anyone who can remember the Eighties, there is something extremely strange about the recession we have â€” we hope â€” just finished living through. In the Eighties, you couldn't escape the signs of what was happening. The downturn was harsh, and it was everywhere: the defining image of the times was a dole queue. This time, a person who lives in certain London postcodes, and who occasionally looks away when walking past a boarded-up shop front, could have been forgiven for missing it â€” which is amazing, given that this was both the sharpest and the longest recession since the Thirties. In London, the clearest evidence of the strangeness has been in the property market.