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Manuel up beat, economists gloomy

By Staff Writer

Manuel up beat, economists gloomy

Compare banks, get quotes and save with Justmoney.co.za

Business Day starts with the headline 'Economists more gloomy than Manuel'.
Manual delivered his medium-term budget last week and it was a fairly cheery picture, particularly in comparison to the current international turmoil.

The treasury was of the opinion that global policy could be co-ordinated and the corresponding policy interventions would help to ease the credit crunch.

As these mechanisms were effected medium term stability would then be followed by growth, but the treasury did add a caveat that if this course was not followed recession could be come a global reality.

However South African economists were much more pessimistic in their response this week, preferring the caveat of total doom and gloom to the more up-beat stance of the treasury.

Believing financial reform to be a process of years some of them are now settling in to deal with a recession and it's concomitant growth squeeze.

The dismal economists also believed that the pressures on the South African market of a global recession would sway the government from their historical, social and effective economic policies.

The upshot of this is that while the economists are arguing you could be saving.

Click and compare savings accounts with Justmoney.

Business Day also came in with a story that inflation might ease slightly this month compared to August when it was at 13.6%, but slightly is the key word here.

This contraction of inflation is mainly due to the local decrease in petrol prices and the worldwide crash in the oil price.

This expected easing off of inflation will be the first in a year, and should pave the way to interest rate cuts starting in April next year.

April is still a way away, so compare banks with Justmoney and get the best protection for your cash until then.

Business Report had a story about the British Prime Minister Gordon Brown who was their chancellor of the exchequer (Finance Minister) for many years before taking power from Tony Blair.

He said that he was right about the problems in the banking sector in the first place and if people had listened to him ten years ago, the world would not find itself in this mess.

We say Trevor Manuel actually did it and now we aren't nearly as deep in the mess as many other countries are.

Our banks are secure so get a better bank account with Justmoney.

Personal Finance at iAfrica ran a story explaining what a garnishee is.

In a nutshell an emoluments attachment order or garnishing order is a court order that enables people that you owe money to, to get your money straight from your employer as a deduction from your salary.

You don't even see it.

The court order forces your employer to do this on pain of having those monies deducted from its own assets. The National Credit Act (NCA) has gone some way to ensuring better administration of the garnishing order by setting tighter rules for risky lending.

Click here to find out more about the NCA.

As the credit crunch has come down there have been soaring numbers of garnishing judgements granted.

If your debt feels like it is running away from you there are things that you can do.

Click here to contact a debt counsellor.

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