| Topic: | Re:It's official: back in recession | |
| Posted by: | Stewart Dean | |
| Date/Time: | 24/05/12 10:47:00 |
| Susan, We where not IN a recession. It's a common myth. We may be coming towards an recession but, if you look at the nature of this so called recession you'll see it's quite different in nature to what has come before. The wealthy are noticing no real impact and those who are affected don't appear to be directly linked to what would cause a recession. Which means it's the thought of a recession that is causing us to move towards a recession. What we have is a realisation that growth is not garanteed that has lead to a global rethink about the nature of debt. Large organisations have become more guarded meaning debt becomes more expensive and owning money less profitable. This then has a knock on effect - but is effectively generated from too much deregulation in the financial industries. The Governments have done their best to fix the problems caused by those with too much faith in the market and economic myths. After all economics is not a science and those that think it is are only fooling themselves. Personally the recession has had zero effect but the credit crisis has meant I pay less on my mortgage and get less interest on my fortune*. * definition of fortune here is totally subjective and is used to indicate a positive amount in an account somewhere. |