Friday, October 24, 2008

Great Britain's Economy Shrinks

For the record, I'm not blaming the contraction of Great Britain's economy on Barack Obama. But it is important economic news.

Great Britain's economy contracts by 0.5 percent
The U.K. economy shrank more than forecast in the third quarter, evidence that Britain is in the grips of its first recession since 1991. Gross domestic product dropped 0.5 percent from the second quarter, the first contraction in 16 years, the Office for National Statistics said today.
It looks like a worldwide recession is on the horizon, if it has not already started. How long it lasts will have something to do with what kinds of economic policies are enacted.

1 comment:

Dymphna said...

You're right-- Obama is not to blame.

The one responsible for the meltdown of the global economy is the current secretary of the treasury along with our director of the Federal Reserve.

The latter actually came out in support of Obie. That is unheard of: the head of the Federal Reserve publically supporting *anyone*. However, the office is an appointed one, an executive appointment, so Bernanke was just trying to keep his job. The man has no shame.

For a look at why there will be bread and soup lines (we don't need Obama to do tht for usl he just might spit in the soup a bit is all), I recommend Donald Luskin's article in the latest issue of the National Review.

It's only available to subscribers right now, but wait a week and it will be open to all. Read it and weep for your country and mine.

Also in that issue is a wonderful review of a book on Margaret Thatcher. Wait till you read an excerpt of a speech she gave two years before they put her in charge. It is astounding for its clarity and moral integrity.

I don't know if they make them like that anymore...only time will tell.

Even if you're an atheist, plan to pray a lot. It will give you something to do while the world goes pell mell to hell. We no longer need the handbasket...