perpetual motion 22:22 09 Feb 2009

Ive noted that roberert peston has being grilled for "scaremongering" the public & investors with his evidence & stories of the economy, NOW it seems the politicians are also having a go! OR is it realy "scaremongering" or the truth.??

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  Forum Editor 22:56 09 Feb 2009

that neither Robert Peston or the members of the present government have ever been in a situation like the one we find ourselves enduring at the moment. When they prognosticate about what's going to happen they are largely basing their remarks on things they've heard and things they've imagined, sprinkled with a dash or two of specialist knowledge, although in the case of most politicians even that (specialist knowledge)can't be taken for granted.

The truth is, nobody has much of a clue about how deep this recession will become or how long it will be before we begin to recover. That will depend on so many variables that it's quite impossible for anyone to make anything other than an educated guess. We, the people will carry on regardless - we have to live, and to do that we have to work, or at least most of us do. We'll do that, and we'll hope. We'll experience some hardship, but even the extent of that can't accurately be predicted, it will be worse for some than for others.

We'll try to pay our bills and our mortgages, and have a bit left over for a holiday or the payments on a new car - in short we'll try to cope. The pundits will pontificate and argue, but at the end of the day it's us, the workers and the voters who will pull our country out of the mire, and we'll probably do it in spite of those who govern us, rather than because of them. It has always been thus, and I see no sign of it changing this time around.

  perpetual motion 01:14 10 Feb 2009

FE i liked your reply & i thought it was VERY sensible & to the point!
It is true no one really knows where this is going to end OR when....but one thing i honestly belive is that things will get MUCH worse before there is ANY sign of any kinda improvement.!

Its horrible too see people around us lose there jobs & theyve been with the same company for YEARS...i suppose all of the "A Job For Life" stuff has LONG gone....

VERY worrying!!!

  laurie53 08:54 10 Feb 2009

Of all the pundits who have been giving their views since the sub-prime fiasco first broke, Robert Peston is not the one who would be at the top of my list of scaremongers!

I have always found him able to put the financial reports into a language I can understand, and I am not entirely sure he is guilty of self fulfilling properties.

I think the politicians, thinking of their consultancies to supplement their meagre pensions when they retire, do not want to blame the bankers so decided to blame the press.

  newman35 09:05 10 Feb 2009

I think your final sentence has more than a little truth in it. ('Yes, Minister' all over).

Even the inquiry into the banks is being chaired by a gentleman, alledgedly known to be "one of us" among the banking fraternity.
It's the old, 'we'll investigate ourselves' and then throw it into the long grass,mentality.

  Colin 12:56 10 Feb 2009

I've never heard of Robert Peston until the current economic situation, but to me he appears to revel in bad news and stating theories as if they are facts.
He’s seems to be full of his own self importance, but that’s just my opinion.

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