|
Recommendations: 8
New York mayor predicts economic downturn
by Robin Millard Sun Sep 30, 5:51 PM ET <!-- end storyhdr --> BLACKPOOL, England (AFP) - New York City Mayor Michael Bloomberg warned Sunday a global economic downturn was looming, triggered by the "lunacy" of public debt.
Bloomberg, one of the world's richest people, blamed a crisis of confidence for what he said would be either a brief dip or a nosedive.Advocating fiscal conservatism, Bloomberg said governments should build up a surplus to fall back on during economic slides.
"Being a fiscal conservative means preparing for the inevitable economic downturns -- and by all indications, we've got one coming," he told the annual conference of Britain's main opposition Conservative Party in Blackpool, north-west England.
The founder of financial news and data giant Bloomberg said administrations had to create the conditions for markets to work and bore a responsibility to pay their own way.
(snip)
The tycoon blasted some US conservatives, saying: "Too many of them want to run up enormous deficits and hope that some way, somehow -- someone else will pay for it. That's not conservatism -- that's alchemy, or, if you like, lunacy."
(snip)
|
|
 |
Announcements
|