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I think Banks got into trouble gambling in foreign markets and buying up dodgy property portfolios rather than lending to Fred the Plumber.

 

Rather than explain things, I'll just assure you that you have no idea what you are on about.

 

Of course, the same can be said for most of the population, which is why as a nation we are easily swayed by political arguments that are plausible on the surface, but fail to stand up to any real scrutiny. That's why we have chaps like Osborne and Balls vying to be leaders of our economy.

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But surely.....    

Roses are red Violets are blue Please vote for Labour Unless you're a Jew

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Capitalism has always had and always will have a steady pool of unemployed. It's the nature of the beast and to do with complex things chez can explain. If anything I'm in favour of handing out serious amounts of money to the disadvantaged so they can change their lives. :lol:

 

We already do that and all they do is breed.

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snapback.pngChristmas Tree, on 06 December 2012 - 09:42 AM, said:

 

You dont think its good that we can borrow at lower rates than Germany? Are you mad?

 

 

 

:lol: I dont think many people get how ridiculous this line of argument is.

 

Editor of the Financial Times on Question Time tonight.

 

Paraphrasing a little ;)

 

"It would be mad to go down the kensyian route. The markets wouldnt trust us, interest rates would go up and we would be in a much bigger mess than we are now".

 

Maybe he doesnt get it either. :unsure2:

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102412krugman1-blog480.jpg

 

The pink range indicates the expected recovery path. As we noted in our original column, the US exceeds expectations here. The US growth path manages to emerge from and stay above the predicted range by years 3-4-5 (i.e. 2010–12). In contrast, the UK path is disappointing, and can’t really be called a recovery yet.

 

 

Even using the maximal measure of excess credit based on bank and shadow bank data to bias the forecast path down as far possible, it is still not possible to account for the UK’s dismal performance. The UK was on a similar path to the US in years 1-2 (2008–09), but falls well behind the US in years 3-4 (2010–2011), only to drop below the forecast range in year 5 (2012).

Future economic historians will debate whether US policy in recent years can take some credit for supporting the economy at a level above a range of plausible alternative paths. But the UK’s policy choices will not find refuge so easily, since there the output path has now diverged below what a wide range of plausible historical projections might excuse.

 

 

http://www.voxeu.org/article/fact-checking-financial-recessions-us-uk-update

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Editor of the Financial Times on Question Time tonight.

 

Paraphrasing a little ;)

 

"It would be mad to go down the kensyian route. The markets wouldnt trust us, interest rates would go up and we would be in a much bigger mess than we are now".

 

Maybe he doesnt get it either. :unsure2:

 

You missed out the bit where Dimbleby pointed out that most of the journos in the FT supported a government stimulus package.

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You missed out the bit where Dimbleby pointed out that most of the journos in the FT supported a government stimulus package.

 

I think he said some, to which there boss laughed and replied we're not all kensians!

 

The point been it is by no means a black and white issue as some on here would have you believe.

 

No political party in this country backs the kensians approach, yet some of you would have us believe its just is thick working class that don't understand :)

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I'm telling you, the agressive drive to completely reduce the deficit (which is failing) is just cover for for the Tories' real aim - a complete restructuring of the social contract established back in the post war years. Thatcher tried but didn't quite manage it. These cunts will destroy the public sector if they can get away with it.

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I think he said some, to which there boss laughed and replied we're not all kensians!

 

The point been it is by no means a black and white issue as some on here would have you believe.

 

No political party in this country backs the kensians approach, yet some of you would have us believe its just is thick working class that don't understand :)

 

Of course it's not black and white. But most observers would agree that the economic policies employed over the past few years simply haven't worked. Maybe it's time to look at what has worked elsewhere and try a bit of that? The problem is that the Chancellor refuses to budge from his current course.

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I think he said some, to which there boss laughed and replied we're not all kensians!

 

The point been it is by no means a black and white issue as some on here would have you believe.

 

No political party in this country backs the kensians approach, yet some of you would have us believe its just is thick working class that don't understand :)

 

John Maynard Keynes any chance you could choose one way of spelling Keynesian and sticking with it?

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Of course it's not black and white. But most observers would agree that the economic policies employed over the past few years simply haven't worked. Maybe it's time to look at what has worked elsewhere and try a bit of that? The problem is that the Chancellor refuses to budge from his current course.

 

I've yet to hear a sensible argument as to why none of our 3 political parties decided to follow this magical approach.

 

Surely all politicians would love to avoid austerity, borrow cheap, grow the economy and solve our problems.

 

It almost sounds too good to be true!

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I've yet to hear a sensible argument as to why none of our 3 political parties decided to follow this magical approach.

 

Cowardice on the part of Labour.

Alternative agenda for the Tories - see Gloom's posts about the social contract.

Drunk on power and won't upset their masters for the Libs.

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Cowardice on the part of Labour.

 

Precisely. The dynamics in the US are different to the UK.

 

A hugely unpopular right wing government was blamed for the crash in the US, which allowed a liberal government to implement more left wing policy to rectify the situation....succesfully.

 

In the UK it was a hugely unpopular left wing government (ostensibly) that was blamed for the crash, which allowed a conservative government to implement a more right wing policy to exacerbate the problem.

 

Obviously it wasn't particularly a problem with policy of either incumbent in reality, it was a mix of decades of deregulation/borrowing as well as criminal acts by the banks/bankers that caused the crash, none of which have been dealt with in either case.

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Were the United States to "go over the fiscal cliff," what do you expect would happen to the National Deficit?

 

a) Increase

b) decrease

c) stay the same

d) don't know

 

Without googling, what do you think?

 

Pollsters asked this question in the US...and only one in ten got the right answer :lol:

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I reckon most would rule out C & D, or maybe most went for D.

 

Basically I don't know much.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

But I know I love yoooouuuuuuuuuuu.

 

:D

 

Over a quarter went for D. At least they were honest.

 

Of the remaining people who thought they knew 1 in 5 got it right. Still shite.

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Were the United States to "go over the fiscal cliff," what do you expect would happen to the National Deficit?

 

a) Increase

b) decrease

c) stay the same

d) don't know

 

Without googling, what do you think?

 

Pollsters asked this question in the US...and only one in ten got the right answer :lol:

 

Would have to answer D.

 

But would have thought it depended on how much they gain from austerity measures compared to what they lose in benefit payments / hit to economy.

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