the 'r' word.

[percy toboggan]

For months now financial commentators and run-of-the-mill radio presenters on the BBC's stations and others have been talking us into a recession. Early on in the year what we feared was the worst of US sub-prime , rising fuel prices and inflation were upon us and I sensed a change in the tone of general news reporting.

A 'recession' only technically arrives when the GDP (gross domestic product) goes into negative territory for two successive quarters. The figures announced today show the first negative quarter for some fifteen years (which remind us how well the economy was poised BEFORE Labour came to power in '97) it was a worse figure than expected at .5%.

So, todays news, and the attendant knee jerk fall in the prices of stocks and shares was greeted with barely concealed glee on the news media.
Of course most of those relaying the news will be safe in their jobs, and secure in their pensions. The rest of us , who I genuinely believe have been in part 'talked into' this mess (which is still not a recession, technically) by the media, and so called economists predicting doom and gloom.

Apparently 750,000 Americans are now facing home re-possession. This can surely not be the only reason the whole global economy appears to be disappearing down the toilet. So why then? Injudicous lending - to whom exactly?

While I welcome a correction - even a collapse - of house prices in the UK if it's accompanied by another million or two jobless then it will be a bitter pill to swallow for almost everyone in work. Employers will be eager to hold down wages, and no longer will those lucky enough to 'own' their own home feel they are a cash cow to be milked at regular intervals.

Even in recession, there are winners - I hear take away Pizza is enjoying something of a boom - Inflation could evaporate down to about 3% within six months, and interest rates could plummet to about 2.5 % in the medium term. (I kid you not, but check if your tracker mortgage has a 'collar')

I hope the 'r' word leaves you untouched & unruffled, if you are secure in your job, can afford your mortgage payments and do not have to move you might be wondering what all the fuss is about.

[gleeber]

The media are in this present crisis to the neck. They are in everything to the neck. News has become the new currency. If you have the right picture or the right story then your made. News is recession proof.
Breaking news is the big one though. It's like winning the pools. All hands on deck when a new story breaks.
They squeeze every story until no more comes out. Then they find someone or something that keeps it going for another day or 2.
It's absolutely crazy.

[sprint95m]

Even in recession, there are winners - I hear take away Pizza is enjoying something of a boom
UK manufactured goods become cheaper for foreign buyers, so the export of these goods could well increase.
We shall see.

[northener]

One of the great downsides of IT is that the media can now access a ludicrously large range of comparative data.

So now, every time there is an upturn/downturn in the economy - no matter how brief, we have to be bombarded with "the biggest...since..." reports.

It can be quite laughable watching various reporters and wheeled-in 'experts' once these shenanigans start. Some of the figures being bandied about are accompanied with such show-stoppers as " Yes, this is the biggest...in two and a half years..."

Yet, hang on a minute, I can never recall, thinking back 'two and a half years' (or whatever point in time they quote), seeing reporters screeching doom at us back then, when the figures were low or even lower than what they are now. :confused Bizarre.

The media feeds off itself, it must do to survive. If there is no Zenith or Nadir to be analysed every few hours then the news is not newsworthy. I'm rather disappointed with the BBC, they can normally be relied upon to give dispassionate reports on these matters, but now we have 'Credit Crunch' and the bogey man of 'Negative Equity' - with all the emotional baggage that accompanies such soundbites.

Anyone with half a brain can see that we have financial problems, yet a lot of it can be explained by overspending on credit. This will lead to market re-adjusting itself to a more sensible level.
Anyone who thought house prices could only keep going up, that cheap credit would always be available and that new cars would be handed out to all and sundry must be a complete pillock. Yet the media act as though this was all so unexpected. Are we really as thick as they think we are?

We live in strange times indeed.

[percy toboggan]

UK manufactured goods become cheaper for foreign buyers, so the export of these goods could well increase.
We shall see.

In the early mid nineties - the last recession - the exporters led us out of it in the same scenario as you describe. One wonders though if the continued erosion of the manufacturing bases will hamper us this time.

I agree with you too gleeber...I'm addicted to news and speech radio & spot all the traits that you and Northener point out . It's a whole massive industry devoted to news...and the best news from their point of view is bad news of course. I honestly think they like to alarm.

[DEEKER]

i totally agree percy,i know things in the financial market have not been great of late but i blame the media for making it a lot worse with their dire depressing news reports than it possibly could have been....if you constantly tell people there's going to be a recession, eventually people act accordingly,stop spending etc.and cause one to happen,if they told some happy uplifting news they might even cheer people up a bit,but no doubt that wouldn't get them there shock ratings.
only my opinion tho,good thread percy

[balto]

not so much about the recession as such , but by god i wish alistair darling would either dye his eyebrows to match his hair or vice versa, think it looks ridiculous, sorry thats my little rant over lol[lol][lol]

[TBH]

not so much about the recession as such , but by god i wish alistair darling would either dye his eyebrows to match his hair or vice versa, think it looks ridiculous, sorry thats my little rant over lol[lol]He's auditioning for the new Thunderbirds Movie, just getting into character that's all.[lol]

[wifie]

not so much about the recession as such , but by god i wish alistair darling would either dye his eyebrows to match his hair or vice versa, think it looks ridiculous, sorry thats my little rant over lol[lol][lol]

Balto I hate to say this but does the colour of his hair and eyebrows really effect the way he does his job?

[Tristan]

Balto I hate to say this but does the colour of his hair and eyebrows really effect the way he does his job?

Probably not, I don't thing he is/would be any good no matter what the colour of hid eyebrows.

[balto]

Balto I hate to say this but does the colour of his hair and eyebrows really effect the way he does his job?
no it doesnt make a bit of difference how he does his job, was just trying to brighten things up, before everyone gets 2 down about the recession that all.

[wifie]

Probably not, I don't thing he is/would be any good no matter what the colour of hid eyebrows.

Never said I swung one way or the other! [lol]


no it doesnt make a bit of difference how he does his job, was just trying to brighten things up, before everyone gets 2 down about the recession that all.

Cool - I get yer sentiment! :)

[TBH]

I reckjon he should be barred from holding such a position on account of being in possession of such a set of eybrows.

[wifie]

I reckjon he should be barred from holding such a position on account of being in possession of such a set of eybrows.

Eyebrow-ist! :Razz

[George Brims]

not so much about the recession as such , but by god i wish alistair darling would either dye his eyebrows to match his hair or vice versa, think it looks ridiculous, sorry thats my little rant over lol[lol][lol]

I wish he would stop plucking the bit in the middle, so he would look even funnier.

Is that show still on with the animated politicians? It started back in the spring when I was last in the UK, but I've forgotten the name.

[Tristan]

I liked this cartoon from http://media.timesfreepress.com/img/news/tease/2008/09/24/080924_rescue_plan.jpg in response to the bank bail out.
We are heading towards a recession, and I don't believe governments can buy their way out of it. They need to do more reduce the everyday costs like reducing interests rates and taxes.

[Torvaig]

I agree that the media have too much influence; especially on those who can't think for themselves. Talk about making a mountain out of a molehill; at this rate "google earth" will have to remap it's website.

I'm afraid the media have so much power because we give it to them. If we all switched off, refused to buy trashy newspapers, magazines etc., it would affect their sales and they would have to adjust to what their customers want.

And that is what they have done; they have convinced us that all the latest gossip on the actions of the "celebrities" is what we want. It is shocking the amount of magazines dedicated to these people and there seems to be more each week. To look through the magazine racks in the newsagents you can't avoid the tat. Even when you go to the dentist, doctor, hospitals waiting rooms, these monstrosities are there; waiting on the table; shouting "read me, read me, I can tell you all the horrible, inane and sordid facts about so and so, this is how real life is". And we fall for it....and we get what we want....:confused

[northener]

I agree with what posted that Torvaig has done posted, like.

[percy toboggan]

I never buy trashy mags.

Of late, it's been my duty to pick up hundreds of thousands of unread magazines from a distribution depot. If it's any consolation full pallets of 'Hello's' and the like go straight into the pulper. I seldom turn a page of this tripe.

Happily, I also get the chance to look at quality publications like 'Newsweek', 'The Economist''The Spectator' 'Time', and others. After the initial shock of glancing at the retail price of these mags the content is a joy sometimes.