Mervyn King uses the "R" word - recession looms?

Pressure?

I suppose old Merv can't really come out and shriek "Oh My God! It's all gone pear shaped! Get your money out the banks and hide it before it's too late!" I suppose there are pressures on him, not only from the financial markets, but the government too, to toe the "official" line. However there comes a time when the glaringly obvious has to be acknowledged and I think we are probably well past that now.

Everything seems to operate on a boom and bust cycle these days... I think what is surprising is just how quickly this has happened this time around. Though I am sure experts in this area have known it was poised to happen for some time.

I think, as I am sure most people do, recession doesn't loom. It's here already. Fangs bared, ready to sink it's teeth in. It isn't a question of avoiding it now, more managing it so that those hit hardest, can cope.

I also thought boredom in banking was a pre-requisite... I've seldom been at a party and heard "Oh great! Things will really liven up now the bank managers are here !" but then again, I've seldom been to parties... I knew I should have been a bank manager...

Retailers certainly think times are tough. The number of vouchers and special offers I am being sent at the moment from retailers seems to me to be much higher than normal. Also, many seem to be getting creative. We went to ASK this week for a pizza as I had a 2 for 1 main course coupon in our local paper. At ASK we were given a loyalty coupon to be stamped - eat 4 main courses (not all at once) and then get 1 free.

They are likely to win my loyalty as top pizza place at this rate...