F958B: You keep going on about no growth. Just look at the FTSE big hitters. Profits from 2008 to 2011 (or as close as year ends approximate):
HSBC 144% up, Shell 10% up, Vodafone 138% up, GSK 17% up & BP 15% up.
The FTSE is, and has been, seeing substantial significant profit growth across several sectors. What has held it back is risk and fear, as those subside people are suddenly realising that actually HSBC is not a basket case but actually made £22bn last year and that Vodafone makes more profits in South Africa than it does in the UK and Spain combined.
The UK may be facing stagflation or 10 years in the Wilderness (I don't actually hold to this) but that is irrelevant when many of our largest FTSE businesses do 90% of their business overseas.