Tweet
Pretty startling to say the least. The folks in DC must not like to hear this. Or is it setting up the populace for disaster?:
http://business.timesonline.co.uk/to...cle5699906.ece
The economic downturn is so severe that it would surpass even the Great Depression of the 1930s, Ed Balls said yesterday.
In an extradorinary admission about the extent of the financial crisis, the Schools Secretary and a close ally of the Prime Minister[my bold], declared that the downturn was the most serious global recession for "over 100 years".
He said: "The reality is that this is becoming the most serious global recession for, I'm sure, over 100 years as it will turn out."
He added: "I think this is a financial crisis more extreme and more serious than that of the 1930s."[my bold]
The comments, which were made at a conference at the weekend, but emerged only last night, were immediately played down by Mr Balls's office.
But they were seized on by the Conservatives as a "worrying admission."
George Osborne, the Shadow Chancellor, said that the comments surpassed Gordon Brown's assessment of the severity of the crisis.
The Government is forecasting that the economy will recover by the second half of the year.
"This is a very worrying admission from a Cabinet minister. We are being told not only that we are facing the worst recession in 100 years, but that it will last for over a decade, far longer than Treasury forecasts predict,'' he said,
In an extradorinary admission about the extent of the financial crisis, the Schools Secretary and a close ally of the Prime Minister[my bold], declared that the downturn was the most serious global recession for "over 100 years".
He said: "The reality is that this is becoming the most serious global recession for, I'm sure, over 100 years as it will turn out."
He added: "I think this is a financial crisis more extreme and more serious than that of the 1930s."[my bold]
The comments, which were made at a conference at the weekend, but emerged only last night, were immediately played down by Mr Balls's office.
But they were seized on by the Conservatives as a "worrying admission."
George Osborne, the Shadow Chancellor, said that the comments surpassed Gordon Brown's assessment of the severity of the crisis.
The Government is forecasting that the economy will recover by the second half of the year.
"This is a very worrying admission from a Cabinet minister. We are being told not only that we are facing the worst recession in 100 years, but that it will last for over a decade, far longer than Treasury forecasts predict,'' he said,
Comment