goodhart inna telegraph :-
"How will the forthcoming recession compare with that of the early 1990s? The collapse in the housing market is likely to be just as bad, but for the rest there are pluses and minuses. On the plus side, we are getting some relief from a decline in the exchange rate at an earlier stage in the cycle than in the 1990s when we were hooked into the ERM, and both interest rates and inflation will (soon) be considerably less.
On the minus side, the credit crunch, and probably the world economy more widely, will be worse this time. The worst depressions result from financial collapses, so there remains a serious downside risk, but the most likely outcome is perhaps slightly less bad now than then."
so kaletski...say sorry to gordon DARLING. don shoot da messenger dude cos yo don lak de message. gordon BROWN be da bad guy...so have a pop where pop is due!