BofE says in recession since middle of 2008 BofE says in recession since middle of 2008
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  1. #1

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    Default BofE says in recession since middle of 2008

    This just proves how incompetent the authorities are. Interest rates should have been cut at the beginning of the year to avoid our current serious situation. Instead of that the idiots were only thinking of controlling inflation.

    http://news.bbc.co.uk/2/hi/business/7724215.stm

  2. #2

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    hindsight. is that like having eyes in your arse?

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    We were in a recession since 2000, just clever book keeping hid it.

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    Quote Originally Posted by DS23 View Post
    hindsight. is that like having eyes in your arse?

    Most commentators have been saying that the MPC had their eye off the ball for months, and I admit, I was one of them !!

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    'Mr King said that the Bank had acted to cut rates so sharply "because the facts had changed" and rejected criticism that it was caught unawares by the crisis. '



    Facts had changed. What cobblers !!!!

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    King, Brown and Darling obviously hadn't noticed that we have had a credit crunch since before Northern Rock had liquidity problems in August 2007.

    That is well over a year and they did NOTHING except blame Northern Rock !!!


    It took 15 MONTHS for our incompetent authorities to cut interest rates dramatically. The USA did it in June 2007 !!

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    Quote Originally Posted by Cyberman View Post
    King, Brown and Darling obviously hadn't noticed that we have had a credit crunch since before Northern Rock had liquidity problems in August 2007.

    That is well over a year and they did NOTHING except blame Northern Rock !!!


    It took 15 MONTHS for our incompetent authorities to cut interest rates dramatically. The USA did it in June 2007 !!
    That would be why the USA didn't have a credit crunch.

    Oh, wait...

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