Posted on 01/26/2011 2:12:23 PM PST by Leisler
Families will see their disposable income eaten up as they “pay the inevitable price” for the financial crisis, Mervyn King warned. With wages failing to keep pace with rising inflation, workers’ take- home pay will end the year worth the same as in 2005 — the most prolonged fall in living standards for more than 80 years, he claimed. Mr King issued the warning in a speech in Newcastle upon Tyne after official figures showed that gross domestic product fell by 0.5 per cent during the final three months last year. The Government blamed the unexpected reduction — the first since the third quarter of 2009 — on the freezing weather that paralysed much of the country last month. But there were fears that the country was poised to slip back into recession, defined as two successive quarters of negative growth. Economists said the situation was “an absolute disaster”. The economic gloom deepened this morning as figures showed that mortgage lending by the major banks dived to an 11-and-a-half-year low during December.
(Excerpt) Read more at telegraph.co.uk ...
It is almost worth it. Brazlian illegals and other illegals are bankrupting FL hospitals.
Obama has got to go. It is time for self defense mode. Impeach him. There has got to be 1000 ways.
How is it that families are the ones to pay the price, when they had nothing to do with it? Rhetorical question of course.
The Ben Bernanke, The Goldman Sack and The JP Morgue.
America is filled with so much evil and everything and everyone on TV is defending it. Sickening.
Well if they don’t remove him from office soon then this is a plane going straight into the concrete for 30,000 feet in a steep dive. It may be too late - but the idiots will be distracted by ball games or celebrity dancing.
Seniors and baby boomers are so screwed. The young will do better when the debt and dollar default. It will be just like the old USSR falling apart. I think the Russians are a bit more civilized and less corrupt than here so it may be worse here.
Multinational financial interests can’t be expected to give up anything. That’s why they own the governments.
Apparently Global Warming is not working out as expected!
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