RC4

your verdicts?
i mean we have all or know someone who has been hit by the credit crunch,now i hear it will be 12/18 months for the u.k to hit rock bottom as i,m english but live in sweden(my wife is a nurse for the handicapped and i work in a foundry,currently on the verge of closure,but sweden has a policy if your out of work you get 80% of last tax years income,so need a few months off!!) the folk here reckon it has hit the bottom now!!! if you look at say the price of cars on ph,pistonheads, compared to what they was fetching 6 months ao ,this is serious and thats just the prices of cars!
are people relly scared?
will the rich get richer?
when will this all end?
views,verdicts appreciated

Rhys

If someone could predict it, they would be very rich

Scary times indeed, I work at a food manufacturer and there as been a few redundancies to non opertaional staff, but it was minor and to show Head Office was doing something. Though i have had a promotion so from personal point of view i have need been better off (apart from house renovation raping me).

Im just worried for the country as whole, and hope it doesnt end up being dooms day senario.

matts1

it will be on for a while yet, some trades are doing well while others suffer.

The greedy or silly will and do come unstuck, living to and beyond their means and not considering what will happen on rainy days.

I also think that firms have been booming for a few years and have taken on staff to cope with the roaring trade, but now spending is down and markets are slow, they are shedding those people.

I do feel sorry for the innocent, the guys loosing their jobs, the businesses that are seeing less trade yet are paying more goods etc.

I have less sympathy for the people you see maoning about struggling with houses cramed with the latest gizmo's, credit to the eyeballs, flash cars on the drive and dressed to the nines.

RC4

nail...............head mate

Graham S1

The rich have just got richer. That's the problem, they've got all the money. When they start spending again, it will start easing things off.

st3v3

i think it will turn around when:
After the banks have paid out any shareholders with the money that they got back from the government as a bail out and then when they start relending again, so about may.

Mattfletcher

I'm worried that eventually there are going to be more people out of work then there is in work. But what happens to all the people claiming job seekers allowance etc, when there are not enough people working to pay tax to pay the benefits? And all the people out of work, how are they ever going to find a job again? Like Woolworths going bump, it's not as if they are going to pemploy staff when the financial situation picks up, because they don't exist anymore. I think the government are partly to blame due to the EU and immigrants, offering the greedy government money to take on immigrants from other countries. They should of looked at the unemployment figures of the original population before taking on immigrants, and not the pound sign and the good will representation towards the EU. Charity starts at home and I think they're making a mockery of Great Britain. So many years ago we were a country with a great British Empire a force to be reckoned with, now we're just a star on the EU flag. Sometimes I'm ashamed to be British........................

Psycho Warren

iTrader: (5)

And they will continue to get richer as they have the fluid cash to spend so when everything is down on value they will buy up loads of stuff and make a fucking killing as the economy recovers over few years.

Its only the pretend rich or those who "look" rich (the flash cars, houses etc) but have no real money who will go down with the ship.


Whats upsetting is the people whove been careful with thier money over the years etc then due to redundancys cant afford house etc. No one in this planet realistically keeps savings high enough to survive a few years out of work, and the high cost of living makes it prohibilitively high amount to save that its out of reach of all but the upper middle and higher classes.

matts1

Warren you are spot on sir, money to money, those people will be able to take risks and buy up bargain, and hold onto them until they are worth far more than they paid for them.

It is a worrying time, but lets not forget that the media would have you think that everyone is out of a job, ok, some big firms are going to the wall, but this is innevitable, places like woolies have no chance against places like tesco - which is fast becoming a one stop shop for everything.

Many places have had to lay off, but most likely only what they have taken on to help during the happy last few years.

It all comes down to makeing money go around, if people keep spending, even in moderation, the world keep spining, it is when they drastically cut back the spending that drastic effects are seen.

If a seller is selling, he has money to buy other stuff and he becomes the buyer etc if that makes sense

dojj

iTrader: (3)

to the big bits in red and to the bits in geen

matts1

Few years back I lived at home and the misses lived with me, she was nagging about buying a house.

I told her she couldn't afford it, which she disagreed to. I went through her spending and worked out she really couldn't - bring on the tears!!!

Then, I went through her spending and showed her where she could cut back, and made a one year plan to clear her debts (9k)

Now, without impacting her life in any major way she cleared it, 12 months - 9k!!!!!

Aside from Consolidating her loans into one to get round high interest rates, She made packed lunches for work, I also asked her to think before she bought, ie popping in a shop to buy a paper, then buying 3 magazines (all with the same thing in), a can of pop and some sweets - just buy the paper and one magazine and get a drink back at work or at home.

Clothes, rather than buy designer stuff for the whole outfit, but a decent top, the cheaper items to go with - Primark became her best mate lol!! and she loved the fact she could buy loads of nice stuff for sod all - designer went out the window all together.

On the lash
She would take 100 quid out and end up buying loads of drinks for hangers on or people who didn't buy back, so she started to watch who she went in a round with, also, the girls would meet up and have a few drinks before hitting the town, making the most of cheap booze from tesco.

She also used to buy 20 fags to go out with but would smoke 2 - 5 fags a night (not really a smoker) so the rest got crashed out, so now she either buys 10 or none and doesn't bother smoking.

Lifts
She used to run everyone everywhere, so she stopped being used and would make sure she wasn't a taxi for her friends buy making sure everyone took turns to drive places.

GYM
She used to pay 400 a year to a gym, she jacked it in and if she wants a work out, goes for a run

Phone
She wangles a better deal and so reduced her phone bill for 60-70 a month down to 30 a month.

There were loads more but you get the idea, I am mega tight in the respect that if I want something I will have it, BUT I WILL NEVER LET SOMEONE ELSE ABUSE MY MONEY - I work to hard for someone else to freeload.

After the 12 months she cleared the 9k, and we bought our place together and she pays 50% with ease, we are now buying our second house to rent out.

Just goes to show what people can waste without thinking, and if they just think about where their money is going, they can save a fortune.

Psycho Warren

iTrader: (5)

Sad but true though, theres always the victims of circumstance.

And sods law says the recession hits just after you used the savings to do kitchen and bathrooms in your now worthless house Timings a bitch at times.

RST

iTrader: (3)

Im worried now work is sooo quiet and i was one of them people who used to think it would not affect me.