Posted on 07/19/2008 11:36:16 PM PDT by TigerLikesRooster
UK economy heads for ‘horror movie’
David Smith and Dominic O’Connell
BRITAIN is facing an “economic horror movie” because of a “toxic mixture” of a moribund credit market and volatile oil prices, according to a leading forecasting group.
The Ernst & Young Item club, which uses the Treasury’s economic model, will argue in a report tomorrow that the economy will struggle to avoid recession. This comes as a survey by the Institute of Directors shows that business confidence has slumped to the lowest level ever recorded, with company chiefs increasingly gloomy about the investment climate.
These reports follow an interview with Alistair Darling in which the chancellor admitted the downturn would be more “profound” and last longer than he had expected.
Also, Sir Win Bischoff, chairman of Citigroup, the American financial giant, believes that house prices in Britain and America will keep falling for another two years.
(Excerpt) Read more at business.timesonline.co.uk ...
Ping!
I’m no economist, but, if this is true, I suspect that a FUBAR social system, moribund judicial system, and a virtual refusal to enforce existing laws designed to restrain violent criminal predators may have something to do with it.
I don’t know the origin of this phrase, but it came to mind as I read the post:
(Flat, hypnotic voice)
“It’s only a movie, it’s only a movie.”
Given the state of “social cohesion” in the UK, a severe downturn could be a very unpleasant experience. In that case, expect the already large number of Brit expats around the world to grow substantially.
Not to worry, the obamassiah will fix it with a wave of his magic wand.
Simple solution: Raise taxes,
And if raising them to 100% doesn’t work, make it 120%.
On to the next problem.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.