It may be the best thing that has happened it terms of in years to come we will all learn from it, banks etc with there stupid leanding to people who clearly cant afford it, credit card spending etc and even down to us looking at our lifestyle and realising we do spend alot of money on crap! waste money here and there and everywhere, look at prices alot more etc..

its basically imo gave everyone a almightly kick up the aRSe which was needed! me included

whats your views, experiences

 

No as the Human race is greedy by nature and tbh the goverments will never learn cos there greedy humans too who are not really interested in the economy just getting there fat pay cheque

Paul

 

its going to get tough for many but in the long run i think itll be the best, things like houses etc had become unsustainable and out of the reach of the average joe. we'd become soft and used to easy times and forgotten about the lessons of the 80's/90' show hard things can get . its certainly made me re evaluate the amount of cash i waste on crap.
companies had got used to making such large amounts of profit that they had become greedy and werent happy with making decent profits but had to squeaze rediculous sums of money to keep shareholders happy.

 

Fuzzy i like whats under your name top man

Paul

 

Ah, but it's racist and illegal now we're part of the EU.

 

Tell a smoker that smoking kills and he / she will carry on smoking.

Same applies to spending money.

In the medium / long term, the current problems will be completely forgotten until next time when they start saying things haven't been this bad since 2008/9.

Seen it all before several times.

.

 

Are people still callin it the 'credit crunch'?

come on people we've been in a recession since august and probably before then too just the government not accepting it, althought they did release an official statement that we're in a recession.............eventually.

Too many immigrants not enough jobs, MD's of banks on stupid wages with stupid bonuses. Vat, car tax, petrol prices are all factors of why were in this mess.

 

Recession and credit crunch are two seperate things mate, but are inter-twinned.

 

no, credit crunch was a friendly new labour rebranding name change given to recession to take the harsh edge of it.

 

were not a race, were a nation and it cant be racist as uk citizens are made up of all sorts of racial groups

 

Recession= countrys economy showing no or negative growth, due to unemployment lack of trade etc.

Credit Crunch= Banks not lending due to bad investments, making the recession more severe.

 

what happened to education in this country? :S

 

You tell me.

 

Then according to you, we have been in a recession before the credit crunch because there was unemployment and lack of trade before the banks stop lending.

and to be quite honest the economy is based on stocks and shares and investments so the credit crunch is bullshit, just a ploy to make labour look less usless.

 

Mate what you going on about? Where did he state we was in recession before the credit crunch? And what do you mean by the economy is based on stocks and shares.

 

No mate, credit crunch came first and was just an additional factor to the country going into recession. I mean everyong one knows mortagages and loans are much harder to get now hence the term "credit crunch". It was about the banks tightening their lending criteria, causing less home sales, less building demand etc.

 

well lets think back to when the stock markets took a HUGE crash?

i'd pretty much say that killed the economy wouldn't you?

Also people became unemployed before the banks started tightening their belts, so according to him we were in a recession.

 

CREDIT CRUNCH is a term used by the news reports to make people understand that it will be harder to get loans an shite

its all one big nock on from the chinese stock market collaspe almost two yrs ago
all in all thanks labour!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

Less house sales were because of the steap incline the market took and the average joe couldn't afford the mortgage on a 3 bed house, the banks tightening had nothin to do with it until lately.

Which means it's not a credit crunch, the banks tightened their belts lately because of lack of investments people were making and the amount of people who became unemployed.

 

like ive said, credit crunch is a new labour way of taking the edge of what was the start of a recession. its the same thing but not such a harsh sounding phrase in a typical new labour spin..

 

Yep, i just tried to explain.

Next time i'll leave them to think it's different things.

 

Chinese crash, European crash all factors. Main factor was the American property market, ever heard the term "when America sneezes, the world catches a cold?"

People in America borrowd 100%+ value of their houses then the property market slumped making their houses worth less, so instead of people being lumbered with negative equity they walked on their mortgages as in America, banks can't chase you for the money they can only reposes your property so alot of people were better off just leaving and startin again.

Knock of effect was that American banks lost loads of money, so either had no money to lend or didnt want t lend it, or worse went bust(Americas bigget lender went bust, cant remember the name) causing huge un-rest in the worlds banking system. To which we are still feeling the effects.

 

if you want to understand it all a bit more, watch evan davies' recent series on bbc iplayer

http://www.bbc.co.uk/programmes/b00h27mp

 

All these post keep coming up like its something new! Its a reoccuring natural thing that happens to a countries economy. It usually happens every 6 or 7 years. Luckily, we have gone a lot longer than that since the last one! Mind you, thats cos labour are shit!

 

last two comments from lee an foreign rs

 

and the fact weve had it good for much longer than the normal cycle has given people time to forget or be to young to remember the last time it got bad.interest rates at 15%, negative equity in houses people couldnt sell anyway . no work due to the run down in manufacturing etc. my parewnts managed to sell their house in northampton for Ł20000 less than they bought it for so ended up walking away with nothing but a Ł10000 shortfall to repay the bank.

 

Agreed and because it last abit longer kinda made it worse lol.

I know who i'll be voting for next time round.

BNP! LMAO

 

yep, just like industrys renaming staff titles to earn more cash, eg teacher now facilitator, dustbin man now Waste/refuse technician , washing machine repair man now domestic appliance engineer sparky/electrician now electrical engineer (which they fucking aint ).

 

aye it all seems to have got swept under the carpet mate. People have short memories, or they are just ignorant because they havent been in the situation where you really have got FUCK ALL but a roof over your head and food on table. But believe me, the blue shitpigs WILL get in next.

 

fooking second that

 

it's too easy to get money you THINK you had by remortgaging

so everyone did, and now look at us, fucked up and STILL thinking about what to spend money on

i've been underpaid by Ł800 this past month and yet it's going to take a month ot get it sorted, but, being sensible, i don't spend more than i earn so i can deal with it

it's all these lot who hav ehtought they can borrow on a card and pay it back if eveyrhting carrys on doing what it s doing

not that i blame them for being greedy if it's easy to do so, but too many peole were libing beyond their means for too long and got used to it and now it's come back ot kick them in the bollocks

sorry if it sounds harsh, and if i lose my job i'll probably be in the same baot, but at least it's living in he rael world as opposed to living on what you think your haouse is worth and then realising it's not

sorry for the speedling, little worse for wear

 

The first post of the thread and i agree, that sums it up perfectly.

 

Your right Dojj. Anyone who is in debt they cant afford for luxuries and are struggling are in trouble because of themselves only! No one elses fault but there own!

 

Totally agree with you there!

If i want something, and dont have the money, i dont buy. I save up until i can have it and then buy it. Simple really, if you cant afford to buy it, then wait until you can instead of getting credit.

Now i understand people may have to get credit to live and survive etc in some cases, but its all these nobbers who get things on credit with loans etc they cant really afford (or can JUST) that have caued all the problems for everyone inmy opinion. If you cant afford to buy it with what you have, DONT BUY IT!

 

Stock markets are not the economy though which you state earlier. And tbh i hate it when people come on here slagging other people education of. Not everyone is lucky enough to go on higher education etc but this does not mean all people do not understand basic economic.

Me i studied all the gumpth that goes around it, but from past expeirence of discussion on here i no longer go into long replies lol.


But stocks fell when shit hit the fan and they relised all was not at it seemend. IE things overpriced or because of the Credit crunch which tirggered all this mess trading times are difficult. etc. So they did not start the recission but merly reacted to whats going on.

Another that right the old saying about when America sneezes, but this time they was hoping the world would not have caught a cold because the devloping world would have still supported the growth. But it seems with the financial system as global as it is, and in as much mess as it is, this is going to be a nightmare to come out of.

 

What credit crunch seems to be hitting the bigger cities harder than the lesser populated poorer area's of the country.

 

opps ignore

 

EDIT; wrong thread

 

I get paid by the governmant, and lucky to be in a secure job for however long I choose, so from my point of view it is great, house prices falling, car prices falling, infact everything has got a lot cheaper the last few months.....

I was looking at buying a house last year, and decided to wait as there was NO way in the world that what was happening could continue, I mean people buying houses that were commanding a mortgage that took 70% of thier income and over 30-35 years .... I do think a lot of "get rich quick" property schemes like inside track etc have a LOT to answer for, people were being told to buy houses they couldn't afford, then remorgage immediatly to release enough equity to put the deposit down on the next house, like a house of cards!! There will be a lot of people in a lot of trouble very soon, and IMHO will be 2-3 years before we even start to see economic stability, let alone growth again.

 

some of the financial people that seem to be making statements reckon that it will be at least 5 1/4's before there is any change to the current climate of things, but at least they are being realistic ratehr than telling us to spend money we haven't got to get us out of the current slump, as if the government ministers actually live in the real world populated by real peole as opposed to living on planet parliament