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Well Brits, looks like we're getting a SECOND RECESSION! Two for one!

Started by Cain, September 16, 2009, 11:04:39 PM

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Cain

http://www.mirror.co.uk/news/top-stories/2009/09/14/4m-jobless-115875-21672037/

QuoteMore than four million people will be unemployed if public spending is slashed, union leaders warned yesterday.

Officials raised fears of riots, mass industrial action and a deeper recession if the Government carries out the tough cuts it wants.

Tuc general secretary Brendan Barber said: "Unemployment could well exceed four million. That would scar for life a whole generation of young people. Last time we had slash and burn economics we had riots in the streets.

"It would hollow out whole areas of the economy again."

Tories are all for cuts, and Labour, via Lord Mandelson, has caved into them.

Woohoo, second recession, here we come!

Cain

I'm only staying because I want to see Mandelson kill David Cameron by bursting through his chest, like that thing on Alien.

It'll happen, just after where one of them offers to kill everyone working for the NHS, in order to carry out necessary cuts.

Mesozoic Mister Nigel

Wow, no shit, that's scary!

I'm in my own personal second recession at the moment. And things were looking so promising a couple of weeks ago.
"I'm guessing it was January 2007, a meeting in Bethesda, we got a bag of bees and just started smashing them on the desk," Charles Wick said. "It was very complicated."


Elder Iptuous


Jenne


Iason Ouabache

The sharp drop in that graph around 2012 is from Planet Nibiru hitting the earth, right?
You cannot fathom the immensity of the fuck i do not give.
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Elder Iptuous

Quote from: Iason Ouabache on September 17, 2009, 06:10:10 AM
The sharp drop in that graph around 2012 is from Planet Nibiru hitting the earth, right?

I think it's just the point in time after the introductory rate period from when they realized, 'hey, we gotta stop issuing this shit'.

besides. Nibiru isn't going to collide with us.  it's just going to come within traveling distance such that the Anunnaki can come and collect all the gold for which they created us to mine out of this rock....

Cain

The best part is that we, like the USA, are suffering a "jobless recovery".

So its basically two recessions at once, instead of one recession following another, after a swift but unsustainable recovery.

This was going to happen anyway.  The lack of progress in restructuring the financial system (well, apart from restructuring the financial system so that about 10 banks control the majority of America's and Europe's wealth) meant as soon as the money from the stimulus packages wore off, probably late 2010, there would've been a second recession, especially if the job market continued to suck badly.

However, the Tories and Labour are moving up the timetable.  There will be an election, probably next spring or summer, depending how long the Cabinet can hold together before imploding entirely.  The Tories will win solidly, despite no-one trusting them, and slash and burn everything except that which allows them to continue a lifestyle of luxury and with the good will of their backers, in their typically middle class, anarchistic fashion.

Jenne

There've been so many layoffs around me, it's making me just a wee bit paranoid.  Not that I think my job's in any danger, mind you, but damn.  My cousin's husband, who had a great gig going in the engineering industry that comes out of So Cal and was still working for the government in hush-hush bomb technology up until 3 mos ago, just got laid off through a company buyout.  Sucks ass, but he's going back to school, and might teach or something similar.

I thought the information age, as they used to call it, would make jobs so much more plentiful, but apparently, that's not quite the case.  There's still a paucity of employment out there, and the chasm is deepening.  The rich fucks are not investing squat any longer--why they can't realize our corporate structure is built to sustain wealth only as long as they are putting out and hiring and whatnot, I don't know.  Because in the end--they don't make much cash if their businesses aren't growing.

Unless they're in banking and then they're making money on borrowing, the sick fucks.   :argh!:

Cain

The "information revolution" was a bubble, bouyed up by relaxations on dangerous financial transactions, such as subprime mortgages.  In fact, we would have likely suffered this economic crisis in 2000 had it not been for certain meetings, where an emphasis was laid on using the housing market to compensate for the internet bubble popping.

Jenne

True--the breakdown of military bases in CA coincided with the burst in the dotcom businesses.  So of course real estate speculations went through the roof...?  The reasoning on that one, looking back, defies logic.

Cain

Actually, the dotcom bubble also arose after the 1993 recession and the jobless recovery that followed, at least according to Naomi Klein (No Logo, IIRC). 

So if we go by than, then we've been due this crash for sixteen odd years.

Jenne

I just remember a huge "crash" in the early 90's that came in conjunction with a relative demilitarization and resultant neocon reaction like this:

:omg:

I don't have anything other than a "I lived through it" to back myself up, of course.  But I do know that it was in the late-90's and early-00's that we got that sharp up-take in housing prices that just kept on a-truckin' till the year before last.

Jenne

Hm...I think I want a timeline (watered down) for how this economy's roller coaster has gone the last 20 years.  Would be interesting to see how it moved along and its bumps and curves until this point.

*goes off to look*

Jenne

Holy fucking shit.  Chilling stuff.  Check out this Labor Bureau stats for the US:

http://www.bls.gov/bls/commissioners_2009_sf.ppt

My god that is just...sad, depressing and shocking.  Makes me pissed off to no end that they are trying to spin this recession as over.

Here's some more data I found interesting/helpful in getting a rounded-out view of the last 2 decades (I'm harping on this because I actually DREAMED about this thread last night--Yes, I'm a freak):

http://debtonation.org/2009/02/

http://www.nmsdc.org/nmsdc/app/template/Content.vm/attachmentid/1657;jsessionid=6CB9E55EE3FD2B387581A612B2A2F275