Post by Tamrin on Jul 31, 2009 11:35:54 GMT 10
In case you missed it, the recession's over
[Excerpt - Article by Andrew Carswell and Malcolm Farr, The Daily Telegraph, 31 July 2009 - Linked Above]
[Excerpt - Article by Andrew Carswell and Malcolm Farr, The Daily Telegraph, 31 July 2009 - Linked Above]
STRIKE up the band, the global financial crisis is over. Leading economists are convinced the biggest financial calamity to hit the world since the Great Depression has breathed its last, seen off by a resounding return to optimism and investment.
The pronouncement came initially from US President Barack Obama, who yesterday declared the world was seeing "the beginning of the end" of the recession.
"We have stopped the free-fall," he said.
"The market is up and the financial system is no longer on the verge of collapse."
Given Australia's relative resilience in the face of epic global headwinds, local economists were decidedly more upbeat about the nation's success in fending off disaster.
"There is no longer a crisis," AMP Capital chief economist Shane Oliver said.
"We are still dealing with the aftermath of it but the fact that sharemarkets are recovering, credit markets are returning to normal and the economic indicators are starting to pick up, suggests that the global financial crisis is history."
The pronouncement came initially from US President Barack Obama, who yesterday declared the world was seeing "the beginning of the end" of the recession.
"We have stopped the free-fall," he said.
"The market is up and the financial system is no longer on the verge of collapse."
Given Australia's relative resilience in the face of epic global headwinds, local economists were decidedly more upbeat about the nation's success in fending off disaster.
"There is no longer a crisis," AMP Capital chief economist Shane Oliver said.
"We are still dealing with the aftermath of it but the fact that sharemarkets are recovering, credit markets are returning to normal and the economic indicators are starting to pick up, suggests that the global financial crisis is history."
'Premature' to call financial crisis over
[Excerpt - Article, Business Day, 31 July 2009 - Linked Above]
[Excerpt - Article, Business Day, 31 July 2009 - Linked Above]
Finance Minister Lindsay Tanner has described as "very premature'' claims the global financial crisis is over.
Sydney's The Daily Telegraph plastered its front page this morning with the headline ''It's Over'' proclaiming the crisis had been "killed by unbridled optimism''.
"I think that's a very premature assessment,'' Mr Tanner told Sky News today.
Mr Tanner queried the newspaper's description of comments made by US President Barack Obama as a "pronouncement'' the world was seeing the "beginning of the end of the recession''. "I'm not sure whether it's a correct interpretation of those statements.''
Sydney's The Daily Telegraph plastered its front page this morning with the headline ''It's Over'' proclaiming the crisis had been "killed by unbridled optimism''.
"I think that's a very premature assessment,'' Mr Tanner told Sky News today.
Mr Tanner queried the newspaper's description of comments made by US President Barack Obama as a "pronouncement'' the world was seeing the "beginning of the end of the recession''. "I'm not sure whether it's a correct interpretation of those statements.''