Nick Gilmartin's Weblog

And he used to be such a nice, quiet boy

The Economic Downturn

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This is the blog I wasn’t going to write.

I believe that the media isn’t helping the current financial crisis, they are talking us into a deeper hole. But they are just reporting what they see happening, as always. And I feel the need to add my voice to the growing choir of discontent.


My little town in Oxfordshire is starting to look like a Sunday everyday. We have lost Woolworths, Adams, Halfords, endless small traders. Our pubs started closing last year, one at a time. One proud hostelries now are boarded up, barren and imposing.


Nearly two million people are now out of work. For a few brief hours, I was one of them. But I was one of the lucky ones. It has been called the white-collar recession, but in truth there has been an equal number of blue collars on the dole queue, as the recession filters down.

The statistics are mind boggling, absolutely stunning. Millions lost, millions more pumped into the economy to prop up failing industries.


The only people who are doing well out of all this are receivers and administrators such as Deloitte. They now hold the keys to most of the recently liquidated businesses. They are worth 27.4 billion dollars.

So what do we do now?

We learn. We work. We save and we invest.

We have to put an end to the financial frivolity of the last decade. No more decks of credit cards in our wallets. No more store cards. No more buy now pay later.

We will learn the hard lessons our Grand parents and Great grand parents learned in the 1930s and 40s. There is no magic wand that can fix all this, it will be down the the individual and the lifestyle changes that they adapt.

In the wider world of politics it seems America will be losing it’s eighteen year reign as top dog of the world’s countries. I feel it will serve out another ten years before China or a revitalized Russia take the lead.


Written by Nick Gilmartin

January 8, 2009 at 5:27 pm

Posted in in the news

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