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IMF warns Britain faces worse recession than any other country
- Thread starter Robot Chicken
- Start date
GNF on Tour
Registered Twunt
Yeah, the Daily Mail is gonna publish a positive story about the Labour Party.
Chicken, if you wanna read a middle-England, immigrant bashing, ultra-right wing rag then I can only assume you are a fat bored housewife with a sickening crush on Richard Littlejohn (?) and a perchance for making jam and attending summer fetes and probably still haven't quite got over the fact they have gone and put a "darkie" in the White House.
Chicken, if you wanna read a middle-England, immigrant bashing, ultra-right wing rag then I can only assume you are a fat bored housewife with a sickening crush on Richard Littlejohn (?) and a perchance for making jam and attending summer fetes and probably still haven't quite got over the fact they have gone and put a "darkie" in the White House.
Mellor 3 Ward 4
Well-known member
To be fair, the guy from the IMF was on both Five LIve and Radio 4 saying how Britain was going to suffer more than most other European Countries from the recession.
He did also however say that we would come out of recession quicker as well.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,023
that cant be right. Brown eradicated boom and bust. its not his fault, its the rest of the world.
withdeanwombat
Well-known member
Isn't this tragic news,and aren't we all now smarter than Gordon Brown,and didn't we say all this in the ten years of plenty whilst ignoring our house price rises and sunning ourselves in the Maldives,and buying a little place in Cornwall so that we'd somewhere to go to count our money?
Right,of course we did.Bu**er off,Gordon,and take those other world politicians with you,you know,the others who have to deal with this worldwide event , and for heaven's sake don't point a finger at those who actually caused the downturn through greed and the bumper , million pound bonus culture ,the sub prime ( bankspeak for dodgy ) market,and self certified income mortgages.
Go on,off you go.
Right,of course we did.Bu**er off,Gordon,and take those other world politicians with you,you know,the others who have to deal with this worldwide event , and for heaven's sake don't point a finger at those who actually caused the downturn through greed and the bumper , million pound bonus culture ,the sub prime ( bankspeak for dodgy ) market,and self certified income mortgages.
Go on,off you go.
Bevendean Hillbilly
New member
Word.
And while you're at it Gordo put Cameron in charge because his lot have nothing to do with the City and the banks who got us in this mess in the first place.
Uncle Spielberg
Well-known member
Sub Prime mortgages were not " dodgy " if you mean fraudulent. They were people who had arrears on present mortgages and credit agreements. There was an active market until 2008. There are about 2 lenders now who would consider sub prime and only to 75% loan to value at rates of up to 10%.
Self Certification were used mainly for the self employed with variable income. There are self certs around still but again only to 75% ltv.
The Banks have got into this by getting into the USA " sub prime " market heavily. The USA sub prime market was more or less anyone could borrow up to 95% as long as they had a pulse and there were very little checks on their income and if they could afford it.
The UK mortgage market is heavily regulated.
So lets apportion the blame correctly.
Yes the Banks fecked up big style. The thing is now they are REFUSING to lend any money at all and the mortgage market over 75% ltv has been closed for over a year. They are now TOO CAUTIOUS and will prolonge the recession nd could force the country into a depression unless they start to lend again which after all is their business and not to hold onto the billions of pounds of support to save their own skin/jobs and make their balance sheets look better.
Brown/Darling's bail out of the Bank has SPECTULARLY failed in all departments as their lending especially on new mortgage has fallen one thirds since the bail out !.
sten_super
Brain Surgeon
That really depends on how you define a depression. Unlike recession there's no agreed meaning.
The telegraph over the weekend mentioned I think a recession as a 10% fall in GDP. That's unlikely; the IMF are predicting 2.8% fall for 2009, and I'm not sure what they said about 2010 (I've only seen the headlines) but my personal opinion is something around a 0.5-1.0% fall, with a recovery thereafter, which would be nowhere near 10% in total.
I certainly don't think we'll enter into a Japan-style liquidity trap where they had deflation for the best part of a decade.
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Billy the Fish
Technocrat
I don't blame brown for the downturn, I blame him for pissing all the money up the wall when times were good. We won't feel the true effects of the Blair/Brown regime for a few years yet.
NMH
Banned
Don Quixote
Well-known member
- Nov 4, 2008
- 8,362
Britain is finished lads. Well that's what my dad tells me anyway. Its all these banker's fault round the lot of them up and put them infront of the shooting squad i say.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,023
no, whats amazing is that the Prime Minister can look the public in the eye and say "its all a global crisis" at attempt to absolve himself of any blame. in the years of boom (apparently abolished) he presided over an economy that relied on house price inflation to maintain growth. As chancellor he did not alter the regulation to prevent the excesses in the market, like 125% mortgage or "self certs" with no evidence. all was rosey in the garden. he believed his own hype, that this was a new economy that would last forever. so confident in this, he planned borrowing and spending in the day and into the future assuming best case scenarios. he done exactly the same as most the population did, increased the mortage on the promise of higher values tomorrow and spanked it all - maybe invested into worthwhile causes, but all spent none the less.
the credit crisis is not his fault, that would give him too much credit, but he is responsible for the UK being mortgaged up the eyeballs and the government and banks having no room to manoeuvre. he basically went on a 10 borrowing and spending binge.
glasfryn
cleaning up cat sick
credit problems and mortgage arrears .......surely these are the problems of the individual,no one forced them to have a mortgage or credit card.
governments along with banks and big business are run by pigs with their snouts in the trough and don't look up for long enough to see whats going on in the real world
governments along with banks and big business are run by pigs with their snouts in the trough and don't look up for long enough to see whats going on in the real world
Barrel of Fun
Abort, retry, fail
BBC NEWS | Business | Taxpayer may get £500bn liability
Taxpayer may get £500bn liability
RBS has until Thursday to reach a deal while Lloyds has until Friday
Taxpayers may become liable for £500bn worth of bad loans and investments made by Royal Bank of Scotland and Lloyds Banking Group, the BBC has learned.
It would be part of the government's Asset Protection Scheme, under which taxpayers insure banks against future losses from such assets.
The idea is to draw a line under bad assets to free up cash that the banks can lend to companies and individuals.
BBC business editor Robert Peston says that if the deal is completed it will take the total support by British taxpayers to the banks to £1.3 trillion.
Taxpayer may get £500bn liability
RBS has until Thursday to reach a deal while Lloyds has until Friday
Taxpayers may become liable for £500bn worth of bad loans and investments made by Royal Bank of Scotland and Lloyds Banking Group, the BBC has learned.
It would be part of the government's Asset Protection Scheme, under which taxpayers insure banks against future losses from such assets.
The idea is to draw a line under bad assets to free up cash that the banks can lend to companies and individuals.
BBC business editor Robert Peston says that if the deal is completed it will take the total support by British taxpayers to the banks to £1.3 trillion.
Barrel of Fun
Abort, retry, fail
BBC NEWS | Business | Taxpayer may get £500bn liability
Taxpayer may get £500bn liability
RBS has until Thursday to reach a deal while Lloyds has until Friday
Taxpayers may become liable for £500bn worth of bad loans and investments made by Royal Bank of Scotland and Lloyds Banking Group, the BBC has learned.
It would be part of the government's Asset Protection Scheme, under which taxpayers insure banks against future losses from such assets.
The idea is to draw a line under bad assets to free up cash that the banks can lend to companies and individuals.
BBC business editor Robert Peston says that if the deal is completed it will take the total support by British taxpayers to the banks to £1.3 trillion.
Taxpayer may get £500bn liability
RBS has until Thursday to reach a deal while Lloyds has until Friday
Taxpayers may become liable for £500bn worth of bad loans and investments made by Royal Bank of Scotland and Lloyds Banking Group, the BBC has learned.
It would be part of the government's Asset Protection Scheme, under which taxpayers insure banks against future losses from such assets.
The idea is to draw a line under bad assets to free up cash that the banks can lend to companies and individuals.
BBC business editor Robert Peston says that if the deal is completed it will take the total support by British taxpayers to the banks to £1.3 trillion.
The fact remains Labour has again bankrupt the country just as they have done before. Not content in selling the silver the twat sold the gold, he's over borrowed on hyped up growth figures and attempted to save the world and royally f##ked up.
But I agree its not his fault at all I blame all those poor pensioners who've had their pensions sucked dry and are now on the poverty line. Also the people who've lost their jobs. Those like me who've lost their business due to legislation brought in by this lying, controlling arseholes.
Blair and Brown are criminals plain and simple
But I agree its not his fault at all I blame all those poor pensioners who've had their pensions sucked dry and are now on the poverty line. Also the people who've lost their jobs. Those like me who've lost their business due to legislation brought in by this lying, controlling arseholes.
Blair and Brown are criminals plain and simple
cannedheat
Banned
The price of gold is rocketing, posh jock Brown can sell ours.
Oh maybe not.
Oh maybe not.
The fact remains Labour has again bankrupt the country just as they have done before. Not content in selling the silver the twat sold the gold, he's over borrowed on hyped up growth figures and attempted to save the world and royally f##ked up.
But I agree its not his fault at all I blame all those poor pensioners who've had their pensions sucked dry and are now on the poverty line. Also the people who've lost their jobs. Those like me who've lost their business due to legislation brought in by this lying, controlling arseholes.
Blair and Brown are criminals plain and simple
But I agree its not his fault at all I blame all those poor pensioners who've had their pensions sucked dry and are now on the poverty line. Also the people who've lost their jobs. Those like me who've lost their business due to legislation brought in by this lying, controlling arseholes.
Blair and Brown are criminals plain and simple