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Darling: We're all completely fucked
BillieTheBot
Posts: 8,721 Bot
Well, that's not quite what he told tomorrow's edition of The Grauniad, but he might as well have done. Says the Beeb; "The UK is facing its worst economic crisis in 60 years, Chancellor Alistair Darling has admitted. He told The Guardian newspaper that the economic downturn would be more 'profound and long-lasting' than most people had feared. Using strong language, Mr Darling acknowledged voters were angry with Labour's handling of the economy. Ministers are expected to announce a package of measures next week to kick-start the moribund housing market." Click here for more.
How strange. This isn't what Macavity and his minions have been telling us in the last few weeks. If you believed the ramblings coming from the government recently, you'd think that everything was absolutely hunky-dory with the economy and that those evil Tories were behind the credit crunch. Regardless, house prices are down, repossessions are up, mortgage lending has virtually come to a halt, the Bank of England think the economy's in recession, and retailers are laying off thousands of staff. Simple question - are you worried about all of this? And why, or why not?
Answering my own question - yes. I work in the retail/tourism industry and anything which makes my job even less secure than it already is will concern me. I think students and school leavers should be worried too - if the traditional avenues of employment are not available, where are you gonna go for work?
How strange. This isn't what Macavity and his minions have been telling us in the last few weeks. If you believed the ramblings coming from the government recently, you'd think that everything was absolutely hunky-dory with the economy and that those evil Tories were behind the credit crunch. Regardless, house prices are down, repossessions are up, mortgage lending has virtually come to a halt, the Bank of England think the economy's in recession, and retailers are laying off thousands of staff. Simple question - are you worried about all of this? And why, or why not?
Answering my own question - yes. I work in the retail/tourism industry and anything which makes my job even less secure than it already is will concern me. I think students and school leavers should be worried too - if the traditional avenues of employment are not available, where are you gonna go for work?
Beep boop. I'm a bot.
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Comments
Hmmmm.
Still, with all the doom-and-gloom scenarios I don't think things will get that bad. The worst crashes and depressions are those that come suddenly and without warning.
Perhaps we put too much importance on house prices... There is more to life than buy-to-letters and property ladder climbers facing short term losses.
That's life.
Some people have even said were on the edge of a depression and not just a recession. Not to jinx things, but I don't know whether that's true or not. Even still, I doubt the outlook for the rest of this year and into 2009 is that rosy.
I'm not fan of Gordon Brown, but I would feel no more at ease with David 'Black Wednesday' Cameron and George Osbourne running the country.
IMHO the people who have to worry the most are those in high-street retail, those in the very top of the financial and banking sector, the construction industry, commercial aerospace, buy-to-let investors and middle men like recruitment consultants and estate agents.
That's a lot of people for sure and other industries will tighten their belts but I doubt there will be massive lay offs, though unemployment will rise steadily. I think the government will push more people into university and local colleges to "massage" unemployment figures, notice all the advertisments about "skills" recently?
Science/Research, IT, domestic tourism, manufacturing and energy companies will likely grow.
Instead of moving other people's money around we need to start making things again and becoming more self sufficient energy-wise.
I would say 80 rather than 60 years, and that is being conservative because it does not take into account the levels of debt that were not present 80 years ago.