Does Mandy think it is all over?

I detect an air of defeat in the speech that Mandy is due to give in the US.  As usual with the Master of Spin, he gives  a well argued analysis:

Labour is in a tough place politically as he urges his cabinet colleagues not to create a media frenzy every day with initiatives to combat the recession.

He will warn the party that will only raise false media and public expectations of instant results, adding the end of the recession simply cannot be forecast. He admits the government cannot yet calculate the true scale of the banking losses, and there are no manuals, blueprints or precedents to dictate what to do.

And then:

While governments need to take time to plan carefully, they are accused of dragging their feet. While, inevitably, measures cannot take effect immediately, there is a demand for instant delivery.

He goes on:

……that we need high-level meetings and action, which generate big expectations which, in turn, trigger disappointment and market reaction when immediate results are not produced

……the recovery cannot be scheduled and is going to be a complex process in the age of 24/7 media that will require careful media handling since it "gives plenty of opportunity for our political opponents to exploit"

This is all very well and on face value who would disagree.

But with Mandy, it is what is behind the words that count, not what he says.

Presumably he is giving the speech in the US as he wants the remarks to be taken seriously by others ahead of the G20.  This is the dilemma.  It will not be the international audience that decide Labour’s fate, but the domestic one.  The sands of time are closing in.

He offers no solutions.  He just freezes time and offers a “where we are now approach”.  Where is the end game?  What solutions does he offer for Labour's fate?

Is he really saying:

The G20 will not have instant solutions.  Government has done all it can, the options have run out, prepare yourself for a bumpy ride as the full force of the recession hits.  Do not play the media’s game.  The problem is the opposition.  They are effective and difficult to counter.

Is he is preparing Labour for the inevitable, even if there is slight recovery before the election?