http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/23/cccrisis123.xml

Greed avarice and lack of moral fibre have made the outlook grave even
devastating. Be prepared to suffer even more then those poor souls did
in the “great depression”, it is nearly upon us and there is no
escaping now.
----------------------------------------
“One meat ball,
without the gravy”
You get no bread
with one meatball”

On Sat, 21 Jun 2008 07:25:27 -0700 (PDT)  'incognito'
wrote this on uk.politics.misc:

>http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/23/cccrisis123.xml
>
>Greed avarice and lack of moral fibre have made the outlook grave even
>devastating. Be prepared to suffer even more then those poor souls did
>in the “great depression”, it is nearly upon us and there is no
>escaping now.



Where there is an economic shambles, there is a Brown closeby.
A most fascinating piece from that link:


"Average equity capital has fallen to 3.2 per cent (nearer 2.5 per
cent sans "goodwill"), compared with 5 per cent seven years ago.
"How on earth did the Financial Services Authority let this
happen?" he [Tim Congdon] asks.

Worse, changes pushed through by Gordon Brown in 1998 have
caused the de facto cash and liquid assets ratio to collapse from
post-war levels above 30 per cent to near zero. "Brown hadn't
got a clue what he was doing," he says.

The risk for Britain - as property buckles - is a twin banking and
fiscal squeeze. The UK budget deficit is already 3 per cent of GDP
at the peak of the economic cycle, shockingly out of line with its
peers. America looks frugal by comparison.
   
Maastricht rules may force the Government to raise taxes or slash
spending into a recession. This way lies crucifixion. The UK
current account deficit was 5.7 per cent of GDP in the second
quarter, the highest in half a century. Gordon Brown has disarmed
us on every front."

-- 
socialism is like chronic heart disease ...
you may not know you suffer from it, but it'll kill you in the end.

"David Davis For Freedom":
http://www.daviddavisforfreedom.com/
...the battle against totalitarian 'database Britain'
under Gordon Brown's NooLab socialist government.