Page last updated at 15:57 GMT, Wednesday, 26 August 2009 16:57 UK

City Diaries: Your comments

Man looking at a falling graph

BBC News website readers have been sending us their comments on the latest City Diaries . How significant is it that France, Germany and Japan have reported slight economic growth? Not very significant at all, according to our correspondents in the Square Mile, but do you agree with them? And do you think we are guilty of ignoring the lessons of the financial crisis?

Here is a selection of your comments.


Traders at New York Stock exchange

Stephen and Laura talk a lot of sense. The Wall Street boys are looking for any excuse to line their pockets using a quick fix filled with misleading or even false information. In the end they will be caught with their pants down. The worst is yet to come.

Two excellent articles written better than many a piece in some of our "well-respected" broadsheets. A lot of the public seem to think the recession is over and things will be back to "normal" soon. Let's hope not if the past 10 years of excess was considered "normal". I think a lot of the public are in for a big shock.
Patricia , Scotland, currently Australia

With so many worrying things happening in this country, it's good to see that at least a few people are living in the real world. Forget about confidence surveys - these diaries hit the nail right on the head!
Simon, Londonderry

We really have to get back to making things that people across the world want.
Larry, London, England

I like Stephen's analysis of "recession" - it made me think of drowning: in a recession you are sinking; the recession stops but you are still 50 feet under water. It only really stops when you get back to the surface. Perhaps those times have gone for a decade or two and we'll all have to buy snorkels.
Peter Close

Stephen, you are so right in your hints of a new green industry. The Victorians would have seen this and found sensible ways of raising the money to invest in this industry. Hopefully this financial crisis will give the UK a wake-up call that manufacturing is the best option for long term survival.
Commonsense engineer, Sussex

The company I work for takes a conservative approach to all things. Salaries, economic outlook, etc. Reviewing my records after the 91/92 recession it was about eight years before business really picked up. So I wouldn't be surprised if the next few years are characterised by public spending cuts, including staff cuts and pensioning off, more outsourcing of current public services and in the private sector lower margins and more competition.
Bob, Birmingham

Stephen is right. We really have to get back to making things that people across the world want and are willing to pay a premium for. We cannot compete on commodities with low-wage economies.
Larry, London

Sign for Recovery Street, Tooting, London
Why is everyone determined to be negative about the recovery?

Why is it that everyone is determined to be negative about the recovery? There is a kernel of truth in what both commentators say. However, if the economy comes out of recession, unemployment will begin to fall. I am also curious to see whether the sale of the government's holdings in banks in a few years will reduce the net debt position. My real concern is that the current government will sell these early next year simply to ensure that the new government faces an even bigger mountain to climb - I would not put it past them.
Jay Kistasamy, York

So it's all the fault of the government there is massive debt from bailing out the banks. Funny, I thought it was the banks which lost it all in the first place!
A Milbourn

It can be hard to reconcile the apparent optimism of the equity markets and the atrocious gross domestic product growth numbers we have seen recently. Because equity prices already include what we know about economic prospects, equity markets react to relative signals, not absolute ones. 0.5% growth is rubbish, but it's much better than minus 0.5%. Equity markets see the 'much better.' Macroeconomists see the 0.5%. Microeconomists (which the diarists are in this installment) are right to note that the mean, good or bad, hides a multitude of sins.
Ant Evans, London

Very good article, we need to start to face reality so that we can correct the current situation. At last someone starts talking about the real level of unemployment- six million. A few small positive points in the economy and the hype starts all over again when there are real underlying problems. The lack of tax receipts in July should have been treated with seriousness - a very good indication of what is to come. The media need to start giving us all more meaningful information and reduce the trivia. If it is true that repossessions are being held in large numbers then tell us on the ten o'clock news and make it a main issue.
David Morley, Salisbury, Wilts

I suspect that we are ignoring the lessons, especially since we used the same methods to 'get out of the crisis' that we used to get into it. What's needed is a dramatic and worldwide acceptance of personal financial responsibility, such that we stay within our means. This situation could be a wake-up alarm; our time to change our ways to something more sustainable. Probably, everyone'll go back to business as usual because it's what they're familiar with.
Roger Brown, Vancouver, Canada

Eurostar train
Could the growth of high technology manufacturing help us out of recession?

Both diarists hit the key points, we have massive debt to pay off and our best route forward is to re-balance the economy with growth of high technology manufacturing, renewable energy supported by high speed electric rail services and fibre broadband networks. The disappointment is lack of leadership and vision from our political leaders. We should be putting forward plans now and clearing all the red tape that hold the UK back so often.
Lawrence, Glasgow

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