Who do you blame for the recession

HangTime said:
Nobody really, the economy is typically cyclical so after a boom period it was inevitable that there would be a readjustment. It certainly hasn't felt like a recession in the way that previous ones (20 years ago) have, although I'm in a different stage of life now.
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I think you're underestimating the magnitude of this recession. Its was quite a huge dip. Nothing any-one could expect.
http://www.tradingeconomics.com/united-kingdom/gdp-growth

Recessions even 30 years ago weren't as bad as this one was.

Edit: http://www.google.com/publicdata?ds...&idim=country:GBR&dl=en&hl=en&q=uk+gdp+growth
 
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BDEE said:
Brought on by our American friends as previously mentioned who were selling NINJA mortgages, meaning the investors finally clicked and realised that they didnt have an ****** clue what they were investing in with each securitisation.
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The term NINJA mortgage was an acronym to describe the person they sold the mortgage to, like DINKY meant Dual Income No Kids Yet

NINJA stood for No Income No Job and no Assets - so the traders at the start point were fully aware of the state of these dodgy loans, but it didn't matter to them as they wouldn't hold the debt, it was just chopped up and sold on in all these complicated financial vehicles, which then obscured their origins - as has been pointed out many times.

There are many complicated systems that contributed to get us to this point, not any one in isolation, but the basis of it all has been said many times

Greed, stupidity and the fallacy of human nature.
 
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Nerusy said:
I think you're underestimating the magnitude of this recession. Its was quite a huge dip. Nothing any-one could expect.
http://www.tradingeconomics.com/united-kingdom/gdp-growth

Recessions even 30 years ago weren't as bad as this one was.

Edit: http://www.google.com/publicdata?ds...&idim=country:GBR&dl=en&hl=en&q=uk+gdp+growth
Click to expand...

In my opinion this recession is going to get much worse before it gets better. Who is to blame? lack of banking regulation, smart bankers and the greedy public. I watched a guy fill in a mortgage application in 2006 at my work, he earned £26,000 (I was his boss) and got a 100% mortgage for £250,000.
 
Nerusy said:
I think you're underestimating the magnitude of this recession. Its was quite a huge dip. Nothing any-one could expect.
http://www.tradingeconomics.com/united-kingdom/gdp-growth

Recessions even 30 years ago weren't as bad as this one was.

Edit: http://www.google.com/publicdata?ds...&idim=country:GBR&dl=en&hl=en&q=uk+gdp+growth
Click to expand...

Some might argue that after such an extended 'boom' (~16+ years of growth in real GDP) a larger adjustment was on the cards, with Labour having held us up longer to fall back down harder than usual. In fact looking at your link it is obvious that such a period without any contraction is by far the largest since records began, in fact it is more than double the next longest period (implication being, we had two recessions 'saved up' and needed to do more than just take the edge off).

Of course by the definition of recessions it doesn't change the fact that there was one, but I always think when dealing which any growth/contraction rates (not just talking about the economy, but any sort of statistics) you need to take into account what happened before and possibly after. An economy that grows by say 3% and then contracts by 1% may have grown more than once which didn't experience a recession.
 
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The World Leaders (The real ones, that we don't get to see), those in charge of the banks, & finally us.

Of course every recession is planned, to keep countries forever having to owe interest and those in charge of the reserve able to continue lining their pockets. Basics.

However more fool us, for allowing it to happen time and time again.
 
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Deific said:
The World Leaders (The real ones, that we don't get to see), those in charge of the banks, & finally us.

Of course every recession is planned, to keep countries forever having to owe interest and those in charge of the reserve able to continue lining their pockets. Basics.

However more fool us, for allowing it to happen time and time again.
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magick? so you've finally given up on 9/11 and the moon landings?
 
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