The Times: The Depression of 2008..

moanymoany

Bloomberg has been focusing on Europe this morning. I saw a 'ticker tape' bite along the bottom of the screen that the BOE may well reduce interest rates. It was worded in such a way that it could have meant the lowest amount since 2001 or to the level of 2001.

Time will tell.

Leon Brittan is saying that even if 'magically' lending was resumed, the economy would still go into a recession for the next few years because the situation is so bad that it could not recover quickly.

amcluesent

>The UK Great Depression will be in 2010.<

Visitors for the 2012 Olympics can bring nice food parcels, candle stubs, old clothes/rags, maybe some bananas for the children.

Labour's not working. Again.

PasturesNew

do_it_today! wrote: »

Why 2010?

Because Fred Harrison happened to write a book about it a few years ago.

“Boom, Bust, House Prices, Banking and the Depression of 2010″. Published in 2005.

Not read it myself yet though. Been meaning to for over a year.

PasturesNew

amcluesent wrote: »

>The UK Great Depression will be in 2010.<

Visitors for the 2012 Olympics can bring nice food parcels, candle stubs, old clothes/rags, maybe some bananas for the children.

Labour's not working. Again.

10% of the country live in London.
Outside of London, most people don't give a toss about the Olympics really. It might make some nice TV for a few people when it's on.

alared

I have said many times on these boards that low interest rates and cheap borrowing is NOT a good thing.
I believe it`s cheap money that has caused the present mess with the greedy profit obsessed banks leading the way to disaster.
It`s pretty ironic now that the organisations that ripped us off,imposed massive bank charges against people, are now the ones,because of their greed and not understanding their own industry,that now expect Joe Public to cough up and bail them out.

It`s like being kicked up the a*se and at the same time having your wallet stolen from your back pocket.

Maybe a few years depression will jolt a spark of reality into people`s thinking and their buy now pay later culture.

WTF?_2

moanymoany wrote: »

Bloomberg has been focusing on Europe this morning. I saw a 'ticker tape' bite along the bottom of the screen that the BOE may well reduce interest rates. It was worded in such a way that it could have meant the lowest amount since 2001 or to the level of 2001.

Time will tell.

Leon Brittan is saying that even if 'magically' lending was resumed, the economy would still go into a recession for the next few years because the situation is so bad that it could not recover quickly.

http://business.timesonline.co.uk/tol/business/economics/article4882348.ece

Interest rates in Britain will drop to a new 50-year low in the coming months, economists say, as the Bank of England tries to head off a serious recession. The Bank’s monetary policy committee (MPC) is expected to start the process by cutting rates this week.

That should help the rocketing inflation figures :rolleyes:

PasturesNew

If interest rates drop, I lose my income. Damn. Have to get a job that means.
Oh, hang on, there won't be any.

I'm doomed.

ginandtonic1988

I've just read the above posts to my daughter who is studying The Great Depression at school at the moment (how apt!!) She told me that the The Great Depression was in the 20's, I thought that it was the October 1929 stock market crash that started it? I didn't study history at school can someone stop our argument??!! I've just read some of the history of the depression lots of it mirror whats gone on recently, its really scary, could it happen again?

alared

PasturesNew wrote: »

If interest rates drop, I lose my income. Damn. Have to get a job that means.
Oh, hang on, there won't be any.
I'm doomed.

There`s no end of jobs in Jeopardy :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

PasturesNew

alared wrote: »

There`s no end of jobs in Jeopardy

Where's that then? Is it on google maps?
Maybe I can get the bus