wilts Posted October 23, 2009 Share Posted October 23, 2009 Stats released today state that the UK economy shrunk yet again last quarter (record 6th consecutive quarter) meaning the UK is still firmly in a recession. I thought that the economy was supposed to grow and bring us out of a recession? http://www.elcad-ent.co.uk/MyBlog/uk-still-in-recession.html Link to comment Share on other sites More sharing options...
The Masked Orange Posted October 23, 2009 Share Posted October 23, 2009 Just as I expected. We have given too much to a faulty banking system which hasn't done anything for the consumer. Link to comment Share on other sites More sharing options...
Hyde Hill Posted October 23, 2009 Share Posted October 23, 2009 We? No. The whole world following mainly the US example and domino effect? Yes Link to comment Share on other sites More sharing options...
FINisher Posted October 23, 2009 Share Posted October 23, 2009 Actually the recession in Finland is pretty much over already (or atleast the worst has been over for months) and there have been several positive signs of a better future. We all, the whole world, will get over this like always before Link to comment Share on other sites More sharing options...
The Masked Orange Posted October 23, 2009 Share Posted October 23, 2009 We? No. The whole world following mainly the US example and domino effect? Yes "We" as in the British Government who bailed out billions to save our banks who then for nearly half a year gave out very few loans at extortionate rates, despite the fact our interest rates were tuned down to 0% at one point. Link to comment Share on other sites More sharing options...
wilts Posted October 23, 2009 Author Share Posted October 23, 2009 "We" as in the British Government who bailed out billions to save our banks who then for nearly half a year gave out very few loans at extortionate rates, despite the fact our interest rates were tuned down to 0% at one point. Add to that the absolutely criminal bonuses and pensions for the people that got us into this mess. Link to comment Share on other sites More sharing options...
Remianen Posted October 23, 2009 Share Posted October 23, 2009 We? No. The whole world following mainly the US example and domino effect? Yes err, don't blame us. One thing the world has learned over the last century is that the Americans know how to make money. Whether those ways are GOOD for the long term or not, we know how to do it. So when one country's banks see US banks basically raking in the cash (on paper), everyone wants to get a piece of the action. That's your domino effect and it's the essence of business itself, worldwide. What happened when Toyota sank those billions into developing the Prius (primarily for the American market)? When the car became successful, everyone jumped on the bandwagon. Now, pretty much every carmaker has a 'hybrid' of some kind, despite the fact that the production process for the batteries is WORSE for the environment (nickel-cadmium production isn't environmentally friendly. Ask Canada) than the gains made in the operation of the cars. Masked Orange has a point but it's not confined to the UK. The US Treasury Dept had to get on our banks for taking money meant to spur lending and using it for acquisitions or internal finance and NOT giving out more loans. That's one of the reasons many banks who benefited from the TARP programs are being quick to pay it back (because of the government's "unreasonable" demands). Then again, I'm one of the few people who hopes this 'recession' lasts a bit longer. I have middle class clients taking 'exotic' trips they could never afford unless travel suppliers slashed prices to the bare minimum (which they have). How many teachers do you know who could afford to go to Tahiti and Tuscany in the same calendar year? Link to comment Share on other sites More sharing options...
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