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HSBC boss warns of second global economic downturn
Mail Online ^ | 06th October 2009 | Sam Fleming

Posted on 10/05/2009 11:30:18 PM PDT by underthestreetlite

The head of Britain's biggest bank has warned we could soon be heading into a second recession.

Michael Geoghegan of HSBC said he had delayed expansion plans because he fears the upturn could be short lived.

The chief executive said the economy could follow a W-shaped trajectory, with the rebound going into reverse and growth retreating into the red.

'Is this a V recovery or a W?' he said in an interview with the Financial Times. 'It's the latter.'

Mr Geoghegan's words carry weight because of the global reach of his bank and its track record on identifying economic turning points.

In February 2007, HSBC was one of the first financial giants to warn of the impact of the sub-prime crisis in the U.S., when it wrote off £6.5billion. The intervention will fuel the debate between Labour and the Conservatives over when to slash public spending and hike taxes.

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: News/Current Events
KEYWORDS: downturn; economy; recession; recovery

1 posted on 10/05/2009 11:30:19 PM PDT by underthestreetlite
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To: underthestreetlite

What about an A shaped recovery? Or a Q shaped recovery?

What if recoveries took on the shapes of windows wingdings, boy we would be screwed...


2 posted on 10/05/2009 11:34:44 PM PDT by The Magical Mischief Tour
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To: underthestreetlite

Dang! I don’t have my first stimulus check yet.


3 posted on 10/05/2009 11:38:33 PM PDT by Westlander (Unleash the Neutron Bomb)
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To: The Magical Mischief Tour
Economic Recovery

"Economic Recovery" in wingdings

4 posted on 10/05/2009 11:57:20 PM PDT by underthestreetlite
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To: underthestreetlite

5 posted on 10/05/2009 11:57:42 PM PDT by Berlin_Freeper (riO)
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To: underthestreetlite

When did the first recession supposedly end? Go visit Elkhart, Indiana or Irvine, California (or 5,000 other towns) and then tell me we’re out of the Great Dear Leader-inspired Depression.


6 posted on 10/06/2009 1:00:11 AM PDT by 2ndDivisionVet (I will raise $2 million for Sarah Palin if she runs; What will you do?)
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To: underthestreetlite

Well, kinda obvious, no splurging is going to happen until their are tax cuts for the rich in America.

Democrats are revolting manufacturing investors to places they wouldn’t normally go, and as they get comfortable in third world countries, they’ll never come back

Those who thought they could keep spending are thinking twice

Those who kept spending are realizing their mistake

Those who had money they spent are broke


7 posted on 10/06/2009 3:14:43 AM PDT by Son House (OcarterCare by Congress will make all Americans = Wards of the State)
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To: The Magical Mischief Tour

What if it’s an M-shaped “recovery”?


8 posted on 10/06/2009 4:31:44 AM PDT by Humble Servant (see y'all in the Gulag.)
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