Is this actually turning into a Depression?

PasturesNew

mr.broderick wrote: »

Yeah i bought one pn to be honest.

www.we'reallfukkedbutwhogivesashiti'msurethatpicklescharacterisfungusfightertoo.com

Damn, I wanted that one, registry said it was already taken!
Now I know who!

matbe

So basically kick out all the foreign workers.
Make the !!!!less lazy workshy dole blodgers do the !!!!!! jobs they are fit for.
Stop all the god damn foreign companies buying up our businesses.
Make educated people pay back their dues (ie if we train a dentist he must work for the nhs for ten years)before going private.

Have a few hard years while we all pay back our debt.



no problem

Bring it on.

ceridwen

Well - I saw that a VERY well-known financial guy the other day said that the British currency is "finished".......(Soros or someone close thereto) and had to sit down for a few VERY deep breaths on the spot - as I am seriously worried....not so much for myself (though goodness knows - I have my own personal worries)....but with such a huge impact all round if he is correct on this...then I worry whether we can maintain a stable society

(you know you're getting older when you stop thinking in terms of "Bring on the Revolution" and start fearing a destabilised society).:cool:

johnycoldears

The old adage is that a recession is when your neighbour loses his job. A depression is when you lose your own.

On that basis we should be reaching a depression within the next two weeks
(seriously !)

mbga9pgf

Wiki :http://en.wikipedia.org/wiki/Depression_(economics)

Yep, its a depression.

Panic of 1837

Main article: Panic of 1837
The Panic of 1837 was an American financial crisis, built on a speculative real estate market [5]. The bubble burst on May 10, 1837 in New York City, when every bank stopped payment in gold and silver coinage. The Panic was followed by a five-year depression[6], with the failure of banks and record high unemployment levelsI][URL="http://en.wikipedia.org/wiki/Wikipedia:Citation_needed"]citation needed[/URL][/I.

parallels?

This illustrates how long the banks will be getting bailed out by government for:

Really2

Does the term depression actualy come from the legnth of a recession.

So a long drawn out recession over many years forms a depression in the growth graphs?

Graham_Devon

There was someone on the BBC last night, can't remember if it was the news or newsnight, I was half asleep. But basically they said if we don't want a depression we have to act now.

Also, printing money looks like it's been given the go ahead and will actually happen, considering this was also said as 'no other option' on the BBC last night.

Wookster

Really2 wrote: »

Does the term depression actualy come from the legnth of a recession.

So a long drawn out recession over many years forms a depression in the growth graphs?

There is no technical definition of a recession though the general consensous seems to be that a depression is >10% contraction in GDP. My guess is that we'll contract by ~4% in 09 and 2-3% in 10.

I think we will avoid an out and out depression but the UK economy needs to adapt wholly to regain growth. Part of the problems are badly skilled, poorly educated and inefficient labour pool and a culture of mediocracy.

These are things that take generations to change and I suspect there will be an extended period of very low growth from 2011 onwards while this adaption starts.

Conflict

Nobody else has said actually what Recession and Depression really mean -

Depression was used to describe a Recession until the 1930's.

Then after the 1930's all economic downturns were all described as Recessions in part to say they aren't as bad as the 1930's.

There isn't any definition and the use of the words is a bit imprecise, given that in reality both refer to the exact same thing.

Really best way to look at it is a depression collectively means a bad recession - bad in what ways is open to discussion

Back to this Downturn/Economic Readjustment/Recession and yes its going to be a bad one, worse in many ways than 1930's but in some not as bad as 1970's, it really is a different animal due to what is causing it. The only experience we have of a economic situation like this, is the one previously mentioned in the 1830's, but given the world is globalised, the Internet, etc it will be a very different to even that.

kennyboy66_2

Conflict wrote: »

Back to this Downturn/Economic Readjustment/Recession and yes its going to be a bad one, worse in many ways than 1930's but in some not as bad as 1970's, it really is a different animal due to what is causing it

Worse than 1930's but not as bad as the 1970's ?

Really?