Well - that's that then!
24 June 2009, 01:39 PM
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Well - that's that then!
The Organisation for Economic Cooperation and Development says the world economy is near the bottom of the worst recession in post-war history.
If that's the worst then, from a personal point of view, it didn't even register on my RADAR ...... of course, some may have been hit hard - and I feel for them - but, for me, nothing has altered really.
Anyone else wonder what the fuss was about? Hopefully I am not alone!
It says the advanced economies will return to weak growth of 0.7% in 2010, compared with its previous forecast of a contraction of 0.1%.
"It looks like the worst scenario has been avoided," the OECD said.
"Even if the subsequent recovery may be slow, such an outcome is a major achievement of economic policy." ( anyone want to blame Labour?)
Source: OECD Economic Outlook
If that's the worst then, from a personal point of view, it didn't even register on my RADAR ...... of course, some may have been hit hard - and I feel for them - but, for me, nothing has altered really.
Anyone else wonder what the fuss was about? Hopefully I am not alone!
It says the advanced economies will return to weak growth of 0.7% in 2010, compared with its previous forecast of a contraction of 0.1%.
"It looks like the worst scenario has been avoided," the OECD said.
"Even if the subsequent recovery may be slow, such an outcome is a major achievement of economic policy." ( anyone want to blame Labour?)
Source: OECD Economic Outlook
Last edited by SunnySideUp; 24 June 2009 at 01:41 PM.
24 June 2009, 01:41 PM
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Not been effected, in fact quite the opposite but sad to see so many suffering. And slightly amusing to see many property "know it alls" that weren't so clever after all...
24 June 2009, 01:51 PM
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I think we are in for a long long stretch of doom. In other recessions various quantiable criteria/conditions have caused them. In this one, the very fabric of the global financial system has been ripped to shreds.
So many are just hoping it's a bad patch that will go away - I think house prices will take 10-20 years to recover, uemployment will rocket, taxes will jump to pay for the bail outs and the NHS shortfall (plus other stuff) and pretty much everyone will be affected.
Seems city bankers think all is well again and are now flashing the cash. Justice will never be done to those who caused all this. I think everyone who has lost their job due to the recession should be allowed ten minutes in a ring with a city banker...
So many are just hoping it's a bad patch that will go away - I think house prices will take 10-20 years to recover, uemployment will rocket, taxes will jump to pay for the bail outs and the NHS shortfall (plus other stuff) and pretty much everyone will be affected.
Seems city bankers think all is well again and are now flashing the cash. Justice will never be done to those who caused all this. I think everyone who has lost their job due to the recession should be allowed ten minutes in a ring with a city banker...
Last edited by Matteeboy; 24 June 2009 at 01:54 PM.
24 June 2009, 04:22 PM
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"... In an interview with Sky's business presenter Anna Jones, Shawn Matthews [CE of Wall Street brokers Cantor Fitzgerald] said: "The underpinnings of the economy are still pretty poor. "I think we're going to be through a series of up and down 'Ws' for the next five or 10 years so this is a long-term problem not a short-term issue." ..."
So, that's all over then ..... ?
Dave
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24 June 2009, 04:27 PM
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Hey be positive. You never know he could be right. Lets go out spending and help kick start the economy.
It's all just one persons views or opinions. Anybody could be right or wrong.
It's all just one persons views or opinions. Anybody could be right or wrong.
24 June 2009, 05:29 PM
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UK Economy set to shrink faster Source: OECD
BBC NEWS | Business | UK economy 'set to shrink faster'
BBC NEWS | Business | UK economy 'set to shrink faster'
24 June 2009, 07:59 PM
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Well, I'll be! Someone else thinks the chancellor has fecked up .... Bank Of England Governor Mervyn King Says He Is 'More Uncertain Than Ever' About Economy | Business | Sky News
"... Speaking before the Treasury Select Committee, Mervyn King said: "The scale of the public deficit is extraordinary at 12.5% of GDP which is a reflection of the scale of the global downturn but also that when we came into the recession, we were on a fiscal policy path that wasn't sustainable."
He went on to claim that Chancellor Alastair Darling's plans to cut the national debt were not ambitious enough.
Mr King was speaking after a report by the Organisation for Economic Co-operation and Development said the UK economy was expected to constrict by 4.3% this year and then stagnate in 2010. ..."
Seems Nu Labour aren't the answer after all .....
Dave
"... Speaking before the Treasury Select Committee, Mervyn King said: "The scale of the public deficit is extraordinary at 12.5% of GDP which is a reflection of the scale of the global downturn but also that when we came into the recession, we were on a fiscal policy path that wasn't sustainable."
He went on to claim that Chancellor Alastair Darling's plans to cut the national debt were not ambitious enough.
Mr King was speaking after a report by the Organisation for Economic Co-operation and Development said the UK economy was expected to constrict by 4.3% this year and then stagnate in 2010. ..."
Seems Nu Labour aren't the answer after all .....
Dave
24 June 2009, 08:33 PM
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Property is in short supply .... Agents are desperate for instructions .....
24 June 2009, 09:13 PM
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The rumours are that interest rates are going to fly up starting early next year. I just can't see it myself as the economy can not sustain rapid increases in interest rates in its current state. If it is just starting to recover or bottom out now any sudden rate increases are going to kill any recovery stone dead, cause more business failures, cause more unemployment and stop any housing market recovery. I'm in the market for a new mortgage and was going fixed until the rate rises in the last week which are a joke. I've no choice but to go tracker now with the huge differences between them (nearly 2% from best tracker to best fixed). I just can not see the base rate going more than 2% upwards in the next 2 years because it will push the economy backwards doing that.
24 June 2009, 09:21 PM
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I had the same decision to make mate. I applied last Monday, on Tuesday all products like mine or near to it were gone
To cut a long story short im now fixed for 4 years, and the base rate only needs to rise 0.5% and i'll be saving money as opposed to the variable rate i was on It makes sense in my head!
To cut a long story short im now fixed for 4 years, and the base rate only needs to rise 0.5% and i'll be saving money as opposed to the variable rate i was on It makes sense in my head!
