David Cameron warns of full-scale depression

Andrew64

Graham_Devon wrote: »

We have had the worst banking crisis since the 1930's. And it's worth bearing in mind when we compare t with the 1930's, we are comparing it against a set of done and dusted figures. We are not even half way through this yet.

In one sense things are worse than the 30's depression. Although there were many bank failures in the US, and later in Europe, no British banks got into trouble during that time as far as I can establish.

For us to match the depression we need to have a GDP drop of 5-6%, unemployment at 15% and the stock market dropping at least 40%. We've done the last one already! GDP may well drop that much and as for unemployment - who knows? As you can see, the Great Depression was not nearly as bad for the UK as it was for the US.

http://www.timesonline.co.uk/tol/news/politics/article5661374.ece