Post by Neko Bazu on May 13, 2009 9:37:47 GMT -1
uk.news.yahoo.com/21/20090513/tuk-recession-is-deeper-than-expected-6323e80.html
Is everyone in power fucking oblivious, or do they just have a collective pact to pretend it's not as bad as it really is?!
They all say no-one could've seen this coming; I'm no financial analyst, but I predicted it two years ago - just look at some older threads on this site! (Some of you may even recall me using the phrase "a false economy built on debt" and stating that the bubble was going to burst.) To say the recession is currently deeper than they expected is a joke - it's still not reached the extent that I'm expecting!
If, all of a sudden, no-one has any money, a ton of people are going bankrupt, banks aren't lending money, a million people lose their jobs and no-one's buying anything, then of course there's gonna be a heavy recession. It's happened before, and will happen again, because the people up top are too concerned with looking good in the short-term to build for long-term stability. We just don't learn
It would help, of course, if the government used a real measure of the cost of living nowadays anyway, rather than their own specially-massaged one that makes them look better but sets inflation/deflation 1% behind the actual rate
Bunch of bloody clowns, that's all they are. The sooner I set up my own independant state, the better
The recession has been deeper than expected and the timing and strength of a recovery is "highly uncertain", the Bank of England has said.
Its latest quarterly inflation forecast revised down the outlook for the economy, predicting a 4.5% year-on-year decline at its lowest point - considerably worse than Chancellor Alistair Darling's Budget forecast last month of 3.5%.
Inflation - currently at 2.9% - is also set to fall below the 2% target and "more likely than not" to remain below it in the medium term, the Bank added.
Bank of England Governor Mervyn King said "the economy will eventually heal, but the process may be slow".
The Bank said its predictions for the depth of the recession were weaker than its last report to reflect a worse than expected 1.9% decline in the economy during the first quarter of 2009.
It said the new forecast was also based on "a judgment that it is likely to take longer for bank lending to return to normal than assumed in February".
The Bank said the outlook for the UK economy "continues to be dominated by opposing forces".
It warned that the woes of the banking system and weakening global demand would continue to act as a "significant drag", although factors such as the pound's weakness, Government spending plans and the drastic action taken by the Bank on interest rates and boosting the money supply would "push in the opposite direction".
Its latest quarterly inflation forecast revised down the outlook for the economy, predicting a 4.5% year-on-year decline at its lowest point - considerably worse than Chancellor Alistair Darling's Budget forecast last month of 3.5%.
Inflation - currently at 2.9% - is also set to fall below the 2% target and "more likely than not" to remain below it in the medium term, the Bank added.
Bank of England Governor Mervyn King said "the economy will eventually heal, but the process may be slow".
The Bank said its predictions for the depth of the recession were weaker than its last report to reflect a worse than expected 1.9% decline in the economy during the first quarter of 2009.
It said the new forecast was also based on "a judgment that it is likely to take longer for bank lending to return to normal than assumed in February".
The Bank said the outlook for the UK economy "continues to be dominated by opposing forces".
It warned that the woes of the banking system and weakening global demand would continue to act as a "significant drag", although factors such as the pound's weakness, Government spending plans and the drastic action taken by the Bank on interest rates and boosting the money supply would "push in the opposite direction".
Is everyone in power fucking oblivious, or do they just have a collective pact to pretend it's not as bad as it really is?!
They all say no-one could've seen this coming; I'm no financial analyst, but I predicted it two years ago - just look at some older threads on this site! (Some of you may even recall me using the phrase "a false economy built on debt" and stating that the bubble was going to burst.) To say the recession is currently deeper than they expected is a joke - it's still not reached the extent that I'm expecting!
If, all of a sudden, no-one has any money, a ton of people are going bankrupt, banks aren't lending money, a million people lose their jobs and no-one's buying anything, then of course there's gonna be a heavy recession. It's happened before, and will happen again, because the people up top are too concerned with looking good in the short-term to build for long-term stability. We just don't learn
It would help, of course, if the government used a real measure of the cost of living nowadays anyway, rather than their own specially-massaged one that makes them look better but sets inflation/deflation 1% behind the actual rate
Bunch of bloody clowns, that's all they are. The sooner I set up my own independant state, the better
Forever without exception. x
