Forget Rupert Murdoch: the double-dip recession is what matters and our broken banking system is to blame

The figures have just come out, and – to the surprise of anonymous City analysts, but not to me, or the OECD, we’re in an official douple dip recession. The economy has shrunk for two quarters in a row. Where the City was expecting around 0.1 per cent of growth, we’ve in fact got 0.2 per cent of shrinkage (I’m listening out for the first mention of “negative growth”).

This is pretty terrible news for the Government. Economists may think that the definition of a recession is pretty irrelevant, but presentationally it matters. Most people don’t follow the quarterly GDP figures, but they know that the economy is in a bad way. When all the broadcasters today and newspapers tomorrow run “double dip recession” headlines, that general sense of gloom will become one of panic. The irony is that this could then become self-fulfilling, as consumers begin cutting back whatever spending they were doing, thereby making the situation worse.

Read more….

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About OyiaBrown

Please send me, as a comment to this page, any old material you have for inclusion in The Daily Joke Alert - to help enable us all to have our fancy tickled regularly! Never mind the state it's in as I tidy everything up prior to publication. Don't let good material go to waste - and so much does. In the interests of the environment we should always try to re-cycle everything, especially jokes. You know that makes sense! You may find some historical stuff here, but this does not really matter as humor is fairly timeless.

1 thought on “Forget Rupert Murdoch: the double-dip recession is what matters and our broken banking system is to blame

  1. Pingback: Double Dip Recession? Ya boo sucks! « Diane's Puppets kids party heaven

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