Noone around today (I’d wager even Captain, now Colonel, they missed a trick with Major Tom) actually remembers the crash of 1929. It still looms large because it was the first which affected pretty much everyone, rich and (as always) mainly poor. This one different because some lessons of history have actually been learned. Back then, it was seen by many as a useful ‘purge’, and spending and wages were cut until Messrs Keynes and Roosevelt changed things (kids/parents etc.) This time, we’ve had a huge amount of preventative spending which will, again, change things, despite the potential hangover. For the better, I’d say.
“UK slips into recession as economy contracts 0.1% in December”
This week’s big economic and bad election news is that we are, or certainly have been, officially in a recession. You may not have thought you were, or you may have thought you have been for some time, as we and its effects are all different.