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10-24-2009, 08:13 PM #1
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This recession just became a depression
This recession just became a depression
By Edmund Conway
Economics
Last updated: October 23rd, 2009
49 Comments
It is difficult to know what to be most shocked by in the gross domestic product figures published by the Office for National Statistics this morning: the fact that we are in the longest-lasting deepest continuous recession in recorded history or that no-one in the City foresaw it*.
Leaving aside the City’s failings, with which we are intimately familiar, the scale of the economic collapse is disturbing. The National Institute for Economic and Social Research has been calling this a “depressionâ€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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