No magic wand for UK

[Columbia_Student]

<p>I’m afraid the US maybe in similar position.</p>

<p>[Magic</a> wand cannot lift UK out of economic slowdown, says Peter Mandelson - Telegraph](<a href=“http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3567621/Magic-wand-cannot-lift-UK-out-of-economic-slowdown-says-Peter-Mandelson.html?source=EMC-exp_05122008]Magic”>http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3567621/Magic-wand-cannot-lift-UK-out-of-economic-slowdown-says-Peter-Mandelson.html?source=EMC-exp_05122008)</p>

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The Business Secretary told business leaders that ministers cannot deliver the “miracle” that would be required to save every business from collapse as the economy shrinks. </p>

<p>His remarks are a tacit admission that the Government thinks that its £20 billion fiscal stimulus package and a range of other measures can only soften the impact of the recession, not prevent it. </p>

<p>“I am not promising miracles, I don’t have a magic wand,” Lord Mandelson told the North East Economic Forum in Newcastle upon Tyne. </p>

<p>“All I can say is that the Government is determined to do everything it can, to do its best, to use our energy and to deploy what resources we have to make sure that viable businesses survive, that jobs are maintained and that we do what we can for homeowners as well.”

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[mmom]

<p>Thank-you for your post. We need to remember that this slowdown is affecting the whole world.</p>

[NJres]

<p>No magic wand for New Jersey either.</p>

<p>[Too</a> late for Jersey to row out of the rapids? - NJ.com](<a href=“http://www.nj.com/starledger/stories/index.ssf?/base/news-1/1228368995304960.xml&coll=1]Too”>http://www.nj.com/starledger/stories/index.ssf?/base/news-1/1228368995304960.xml&coll=1)</p>

<p>

But it is time to ask the question: Could the state of New Jersey really reach the point where it cannot pay its bills and is functionally bankrupt?

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