MP calls for a fiscal stimulus - ANOTHER ONE

If a fiscal stimulus was going to work then you would hope £20 billion would do the job.

But Labour MP Andy Reed suggested yesterday that, as conditions were so exceptional, Alistair Darling should consider a second stimulus in the new-year.

First of all let's look at that logically. If it didn't work once, it's not going to work the second time just because you want it to.

Chucking another 1% of GDP at the problem isn't just whipping a dead horse, it’s like trying to ride the rotting corpse in the Grand National.

Now let’s consider the economic impact.

If all the countries in the world were students, we are the guy who had to take out a second loan because we blew our first one on a fancy stereo.

We then blew that on speakers, we've maxed out our credit card getting pissed and we're at our overdraft limit.

The best thing to do now is to not take out another loan. Thankfully that message seems to have got through to Alistair Darling who denied his colleague.