How close are we to economic meltdown

[ONEDUNME]

Originally Posted by keemanan

Not the end of the beggining IMO, it all began with the banks not lending to eachother and Northern Rock giving out 125% mortgages.
The knock is the bitch though , no cnut will be buying cars, doing extensions, booking holidays , having their gardens done, buying flat screeen TV's etc

I'd agree with most of that Keem, with the exception of the gardens and extensions bit. I can't see many people moving homes next year, so the women will be nagging to get the gardens and the rest of the DIY sorted and with the building of new houses coming to a standstill (along with maintenence work on factories being cut back with other cost cuts) there's never been a better time to get a builder for your extension.

Know what you mean though. It's amazing that most people that I talk to at work in or the pubs just don't seem to see it affecting them. I'm not sure what it will take to open their eyes. Maybe a few house reposessions in their streets and, as above, a few people they know losing their jobs.

The retail sector must be fuckin shitting themselves over Christmas sales.

[keemanan]

Yip but there's no cnut giving out credit anymore ODM so no extensions or new gardens or big projects fuk all.
I'm building a bunke tomorrow and stocking up on beans and cabbage, ok maybe 2 bunkers then

[Bigkegman]

Originally Posted by keemanan

Yip but there's no cnut giving out credit anymore ODM so no extensions or new gardens or big projects fuk all.
I'm building a bunke tomorrow and stocking up on beans and cabbage, ok maybe 2 bunkers then

we've just finished an extension cause there was no way we could afford the new houses round our way.... i think it was the cheapest way in the end but the next few years are going to be tight but I think we just managed to get things sorted in time

I love beans and cabbage mind you but they dont fecking love me - just ask anybody that knows me

[Winrew]

"A bank is a place where they lend you an umbrella in fair weather and ask for it back when it starts to rain."

[Winrew]

so no extensions or new gardens or big projects

True , the wife works in a large national DIY superstore , average takings down 45% in the last three months , hence the job loss.
The same company is getting shot of 600 people throughout the UK.

Gas / Electric , thats the one thats costing us the most in ous house , direct debit payments have rocketted in the last year.

Mortgage wise , not to fussed , we downsized a year gone january , made a profit ( not a massive one ) and we didnt need the bigger house anymore with two of the three kids leaving , mortgage payments ar miniscule now.

Work with a lot of young lads , most just married , its them i feell sorry for , they are finding it really hard to get by at the moment.

One thing that sticks im my throat is that David Cameron telling us how he feels our pain etc...
Middle / Upper Class , what does he know about struggling with money.

Thats the trouble , as much as i dislike G.Brown , i fear the country is sleep walking into another conservative government.

"the most prestigious of old-boy networks in his attempt to return the Tories to power", pointing out that three members of his shadow cabinet and 15 members of his front bench team are "Old Etonians

[Betfly]

Gas / Electric ,that was one of our big cost drivers. Not any more standing joke in our street is if you visit us bring a jumper!

I never had central heating when I was a kid as did most of my mates.Just put another layer on!

Most homes are heated to spanisg climate when not reqd!

One guy i know actually takes fuses out so hi wife & kid! can't turn heating on.Perhaps taking it a bit too far.......

[ONEDUNME]

The rise in gas and electric costs have nothing to do with the credit crunch whatsoever. In fact, if you want some good news, the price of a barrel of oil is dropping daily with the realisation that if nobody can afford to buy stuff there are going to be a shitload of companies not doing stuff and therefore not needing fuel to keep them warm and run their machines, computers, transport etc.. It's dropped 20% in the last month. Not that we can expect to see a similar fall but it should put a check on any rises for a year or so. Most of the greedy fuckers have just put their prices up recently so they've timed it just right.

Originally Posted by keemanan

Yip but there's no cnut giving out credit anymore ODM so no extensions or new gardens or big projects fuk all.
I'm building a bunke tomorrow and stocking up on beans and cabbage, ok maybe 2 bunkers then

I hope you've got plenty of ventilation in there dude.

[ONEDUNME]

Originally Posted by ONEDUNME

We need a Europe-wide statement from all Governments that all savings will be protected. Otherwise, money will be moving banks so fast that it will just add to the panic and until the situation is more stable, no bank is going to risk lending any fucker anything.

A widespread cut in interest rates today of 0.5 %, along with the cash promised to the banks by the British Government should hopefully send the kind of signal that we need. There is gonna be a bungey effect over the next week or so. Maybe shares rising on Friday and then falling back again on Monday because some US investor didn't get his leg over at the weeken and decides to dump all his shares in a fit of pique.

This news hasn't stopped all the share markets from sliding but in the short term that won't matter (as long as the fuckers don't keep sliding). The shrewd investors are already picking around the market for shares that are undervalued and as this mood catches on (and it starts to become apparent which companies have the bad debt/assets and which don't) the markets are going to have to bottom out soon.

Eight mortgage lenders have cut their rates in response to the 0.5% drop in interest rates but don't be fooled into thinking that the negative equity threat is over. Some of them have had to cut their rates as their manifesto (for want of a better word) locks them into a certain amount above the BOE's exchange rate.

As the exchange rate comes down further in the next 6 months, these fuckers are going to be looking of ways to increase their mortgage rates through the back door.

I still reckon today signals the end of the beginning though

[rcgills]

Originally Posted by ONEDUNME

I still reckon today signals the end of the beginning though

I'm confused now. The end of the beginning of what? Is it a good thing or a bad thing?

[ONEDUNME]

It's good. The end of the beginning of the economic shit hitting the worldwide fan RC. I reckon we've just reached the stage where you look around the room and see that the shit has stopped spraying everywhere.

Next is the beginning of the end, where you see exactly where the shit has landed and how deep it is in certain places.

Then comes the end stage, when the shit starts to be cleared up and thrown away.

Then comes the green shoots of recovery (to mix a metaphor). Probably middle to end of 2010.

There's still gonna be a lot of pain between now and then though but hopefully it will be the end of silly mortgages and adding zero's to the end of house prices just for vanity and greed and maybe the man/woman in the street will even be able to afford to buy a house before they are 30 again.

[rcgills]

Originally Posted by ONEDUNME

I reckon we've just reached the stage where you look around the room and see that the shit has stopped spraying everywhere.

With a 2 week old baby, I can assure you the shit is still spraying everywhere in this particular household

[ONEDUNME]

Oh yeah. Congratulation


I think

[keemanan]

Yeah well done Gillsy, fancy bringing kids into this economic climate you selfish cnut, with all due respect of course

[rcgills]

Originally Posted by keemanan

Yeah well done Gillsy, fancy bringing kids into this economic climate you selfish cnut, with all due respect of course

Never mind the economic climate, just wait till the poor little sod finds out what football club he's got to support

[Bigkegman]

Originally Posted by rcgills

With a 2 week old baby, I can assure you the shit is still spraying everywhere in this particular household

you kept that quiet - didn't you ?

all the best to the Clan and hope they are all doing well






surely we'll get an invite to the Christening