Bank warns of recession into 2009

Mervyn King on the continuing economic gloom

The Bank of England says the UK has probably entered a recession in the middle of 2008 and is likely to continue to contract well into 2009.

todays news..

Its a tad scary to think that the man charged with keeping his finger on the UK's financial pulse also happens to be the last person in Britain to realise we are already in a recession

That said, why oh why did these supa dupa brain aches on the committee decide to raise rates this earlier this year?

Am I the only one who thinks that the banks have managed to course a lot of this themselves with their inter bank lending policy and fat cat bonuses. This may sound rather stupid but if the bank hasn't got the money to lend you for the mortgage that you want then why are they offering to do it. It seems to me that a lot of banks have given mortgages out with money that is not theirs, that surely should be illegal

Of course it isn't illegal. Banks don't realy have any money. They get money in from savers and lend it out to borrowers. Savers outnumber borrowers by about 10/1. If at any time the bank does not have enough money from it's savers it will borrow the money from another bank using your mortgage as collateral.

Maybe they've employed 'cabby john' as their economic guru

play nice or you will be sat on the naughty step



i pop in for a larf and find you all falling out
shame on you

Of course it isn't illegal. Banks don't realy have any money. They get money in from savers and lend it out to borrowers. Savers outnumber borrowers by about 10/1. If at any time the bank does not have enough money from it's savers it will borrow the money from another bank using your mortgage as collateral.

Come on time to grow up or is it something else that too difficult for you, you lost your last argument so you had better be prepared to lose this one - better still try to be more gracious instead of sniping.

It may very well be from the "Times" but seeing as everyone else has got it wrong I think that they themselves are also on the wrong track.

Well I 'lost' the argument only in the sense that science and rationalism lost their argument to the Flat Earth Society

To recap:

- You made a fundamental point about the causes of the recession which I challenged.

- I proffered several sources to support my case, you proffered nothing, except to say:



Hark at him!!

You then contradicted your argument by in effect saying that what you refuted earlier may indeed be a factor.

You also made another highly contradictory statement, but at least had the good grace to admit that you got that one wrong.

You then accused me of twisting what you said, but I was merely restating what you wrote, which you don't seem to be able to deny.

You then accused me of nitpicking, but the points I was making went to the heart of the argument, but I suppose accusing others of nit-picking is the last refuge of those who can't proffer compelling evidence to support their case.


Incidentally, while I'm not in the habit of nitpicking, I found your earlier point on the issue quite ironic:

P.S If you are going to nit pick i.e cross the Ts and dot the I's the word is Economy not ecomomy.

- P.S : Why put a full stop after the P but not after the S? I think the more modern trend is to dispense with the full stops altogether in this context rather than use them, but you should at least be consistent: PS or P.S.

- nit pick : You'll probably find that it's usually either one word or hyphenated: nitpick or nit-pick.

- i.e : Ditto what I said about PS.

- cross the Ts and dot the I's : A bit of inconsistecy here - why use an apostrophe for the T but not the I? However, there should be no apostrophe, since it's a plural rather than a possessive.

- the word is Economy : In fact the word is economy; why capitalise it?

- finally, your statement doesn't even read like a proper sentence. You could try:

P.S If you are going to nit pick - i.e cross the Ts and dot the I's - the word is Economy not ecomomy.

Or perhaps:

P.S If you are going to nit pick (i.e cross the Ts and dot the I's) the word is Economy not ecomomy.

You could perhaps also do with a comma after 'Economy'.

Thus:

PS If you are going to nitpick - ie cross the Ts and dot the Is - the word is economy, not ecomomy.


And that's just one sentence

So I'm not in the habit of nitpicking, but at least that would be slightly constructive rather than pointing out obvious typos such as 'ecomomy'.