Sheikah Posted October 5, 2008 Share Posted October 5, 2008 STOP SAYING IT EFFECTS YOU. You are affected by things, and you effectively do things to others. Capisce? Normally I wouldn't shout it out, but my eyes are rolling non-stop with the repeated posts where people have so clearly ignored not one but two posts about it. P.S. this recession will probably last something like five years, if you ask me. Why? Because I pulled the number straight out of my arse! Isn't talking shit what we're doing in these threads these days? Yay. White. Truer words never spoken. Link to comment Share on other sites More sharing options...
Dannyboy-the-Dane Posted October 5, 2008 Share Posted October 5, 2008 STOP SAYING IT EFFECTS YOU. You are affected by things, and you effectively do things to others. Capisce? Normally I wouldn't shout it out, but my eyes are rolling non-stop with the repeated posts where people have so clearly ignored not one but two posts about it. P.S. this recession will probably last something like five years, if you ask me. Why? Because I pulled the number straight out of my arse! Isn't talking shit what we're doing in these threads these days? Yay. White. :bowdown: Link to comment Share on other sites More sharing options...
MoogleViper Posted October 5, 2008 Share Posted October 5, 2008 STOP SAYING IT EFFECTS YOU. You are affected by things, and you effectively do things to others. Capisce? Normally I wouldn't shout it out, but my eyes are rolling non-stop with the repeated posts where people have so clearly ignored not one but two posts about it. P.S. this recession will probably last something like five years, if you ask me. Why? Because I pulled the number straight out of my arse! Isn't talking shit what we're doing in these threads these days? Yay. White. Jay your post effects me emotionally. Link to comment Share on other sites More sharing options...
Dan_Dare Posted October 5, 2008 Share Posted October 5, 2008 bearing in mind he *does* know what you look like, and where you're from, you sure you want to keep that post? Link to comment Share on other sites More sharing options...
MoogleViper Posted October 5, 2008 Share Posted October 5, 2008 bearing in mind he *does* know what you look like, and where you're from, you sure you want to keep that post? It's ok. I will seduce him with cider. Link to comment Share on other sites More sharing options...
ReZourceman Posted October 5, 2008 Share Posted October 5, 2008 It effects you. Link to comment Share on other sites More sharing options...
Haden Posted October 6, 2008 Share Posted October 6, 2008 J7 made a very affective argument! Link to comment Share on other sites More sharing options...
conzer16 Posted October 6, 2008 Share Posted October 6, 2008 Definitely feeling the pinch myself. I'm just very conscious of where my pay packet is going now, and I'm choosing to shop at cheaper places and trying not to spend too much money. This will last a while yet. Link to comment Share on other sites More sharing options...
Jon Posted October 6, 2008 Share Posted October 6, 2008 wise up, theory isn't real life. Everyone's just gonna sit on their ass and let the economy fall to a stand still.. Could be a good time to get on the housing market, or as emasher said, but a few stocks/shares. rock bottom prices, the only way is up. Actually now is one of the worst times to try and get on the housing market. With what has happened, Banks are scared to lend money to anyone nowadays, and don't even think about a full mortgage, unless you've got like a 10% deposit (who has that sort of money lying around) getting your first place is nigh on impossible. Link to comment Share on other sites More sharing options...
Raining_again Posted October 6, 2008 Share Posted October 6, 2008 Actually now is one of the worst times to try and get on the housing market. With what has happened, Banks are scared to lend money to anyone nowadays, and don't even think about a full mortgage, unless you've got like a 10% deposit (who has that sort of money lying around) getting your first place is nigh on impossible. well i did say "could" I'm not admitting to be a property expert.. XD I suppose it only really applies to people that have the cash, and there aren't too many of them around. People that have that sort of cash in an account now are probably shitting themselves now they might only be guaranteed so much of it will be definitely theirs! I'm almost glad I have very little savings Link to comment Share on other sites More sharing options...
Emasher Posted October 6, 2008 Share Posted October 6, 2008 Another drop today. Hopefully whoever wins the US federal election will sort this out quickly. Link to comment Share on other sites More sharing options...
Mr_Odwin Posted October 7, 2008 Share Posted October 7, 2008 I think I must be one of the few homeowners on the board so the credit crunch holds the terrifying prospect of negative equity. Aaargh! To be honest I swing from being a little scared about that to not being bothered. I work in the pharmaceutical industry and people need drugs so my job is relatively safe. My house is worth about the same as it was when I bought it two years ago and I just managed to switch to a decent mortgage deal. The crunch may actually be good for my finances - if interest rates drop then my mortgage gets cheaper. Every 0.25% drop saves me a good solid £16 every month. Link to comment Share on other sites More sharing options...
McPhee Posted October 7, 2008 Share Posted October 7, 2008 I was moving out of my parents house at some point this year. It now looks like i'm staying put. It'd be insane for me to move out when costs are set to rise to an unknown level at an unknown rate. On the bright side though it does mean i have money to burn, and with retail competition being fierce at the moment i should be able to bag a few good deals on kit i'm after well i did say "could" I'm not admitting to be a property expert.. XD I suppose it only really applies to people that have the cash, and there aren't too many of them around. People that have that sort of cash in an account now are probably shitting themselves now they might only be guaranteed so much of it will be definitely theirs! I'm almost glad I have very little savings Only an idiot keeps more than £35,000 in a single account with a single bank. If you ain't mentally derranged then your money is safe Link to comment Share on other sites More sharing options...
Daniel Posted October 7, 2008 Share Posted October 7, 2008 Only an idiot keeps more than £35,000 in a single account with a single bank. If you ain't mentally derranged then your money is safe May i ask why? Link to comment Share on other sites More sharing options...
Mr_Odwin Posted October 7, 2008 Share Posted October 7, 2008 May i ask why? The government guarantees this amount - it's safe if the bank goes under. Link to comment Share on other sites More sharing options...
Will Posted October 8, 2008 Share Posted October 8, 2008 So far I haven't noticed the affects on day to day shopping and bills. Its actually been good for me so far, there's so much rental property on the market around here that I've managed to go from paying £1,440 a month last year to just £1,000 this year for a similar property that has the added bonus of a garage - which in turn knocks my car insurance down. Those savings alone would mean things need to get pretty drastic before I'm going to suffer. Link to comment Share on other sites More sharing options...
S.C.G Posted October 8, 2008 Share Posted October 8, 2008 It effects you. In soviet Russia... You effect it. anyway... Link to comment Share on other sites More sharing options...
Dog-amoto Posted October 8, 2008 Share Posted October 8, 2008 It's affected me somewhat. People are skint so they aren't having driving lessons. As for my home, I bought it 8 years ago, well before the boom for about 30 grand, so I'm not worried about negative equity. I won't be moving for quite some time anyway. Link to comment Share on other sites More sharing options...
Molly Posted October 24, 2008 Share Posted October 24, 2008 Extremely annoying woman at work keeps going ''Ahhh recession, I don't care, all I care about is the fact that petrol's cheaper''. Idiot, we work in financial services, you will care when we're out of a job. GRINDS MY GEARS. And now I'm calm Link to comment Share on other sites More sharing options...
ReZourceman Posted October 24, 2008 Share Posted October 24, 2008 Extremely annoying woman at work keeps going ''Ahhh recession, I don't care, all I care about is the fact that petrol's cheaper''. Idiot, we work in financial services, you will care when we're out of a job. GRINDS MY GEARS. And now I'm calm Can I guess who? Link to comment Share on other sites More sharing options...
Molly Posted October 24, 2008 Share Posted October 24, 2008 Can I guess who? You know who, lol. It's the same person we feel like decapitating on a daily basis. Link to comment Share on other sites More sharing options...
Hellfire Posted October 24, 2008 Share Posted October 24, 2008 It's super affective! That is all. Link to comment Share on other sites More sharing options...
conzer16 Posted October 24, 2008 Share Posted October 24, 2008 The government guarantees this amount - it's safe if the bank goes under. DId they not increase this amount recently? IIRC it is now circa £50,000. Ireland increased theirs to €100,000 then the government decided to unilateraly guarantee all bank deposits. Today was a bad day across European stock exchanges and on the NYSE too after Asian SE's plunged overnight. UK suffered it's first contraction in 16 years and is headed for a recession, the pound plummetted to all time lows against the euro and oil prices seem to be dipping even though OPEC are cutting production. Overall a bad day. --- I think that if Ireland, which until recently had a roaring economy and a booming construction sector and now sits wallowing in recession, had been able to set it's own interest rates instead of the ECB then maybe we could have quelled the booms so they might last longer. The interest rates that the ECB were setting since the introduction of the euro (€) were too low to prevent our economy coming to a grinding halt. Considering Ireland's economy pales in significance and size than that of Germany or France in sheer monetary and net terms I can understand why the ECB set low rates - in order to spur some growth from the stagnant super-economies of Europe - but all this to the detriment of smaller booming economies like Ireland's. Ireland needed a higher interest to make money more expensive to borrow, thereby limiting the money supply and slowing the economy to a more manageable pace. Would anyone else agree? I know this would not have protected us from the current global financial crisis but maybe we would still have a fervent construction sector, be creating jobs and the tax-take would not be so drastically down after the loss of so many. [/musings] Link to comment Share on other sites More sharing options...
Rummy Posted October 24, 2008 Share Posted October 24, 2008 I'm thinking it actually might be a good time to buy stock. I might buy some while everything is low and then hold onto it until this is over. The markets are still constantly falling from what I heard, I'd say buy in 6 months or so, but then it's still always risky and depending on things they could fall further, or not pickup for ages. You have to see how it is in 6 months. Houses are going to keep falling too, with banks less inclined to give mortages(and you're going to need MUCH more than a 10% deposit, I should think) demand and such will just fall, whilst supply is up due to people trying to cash in and get out before it gets worse. Also, with recession looming, loans are even less likely due to shaky job security. They CANNOT afford to give loans to anyone who cannot pay it back. The biggest problem really? The whole world economy is built on nothing and false promise, IOUs, all created by the banks, though Mokong outlined this in another thread, forgot which one. In fact, I swear it was a thread just about all this! As for me, at the moment? The crunch isn't affecting me much at all, I'm still in my parents home and my part time job is fairly secure, I think, though it's probably going to be harder to get work and such, due to the nature of my job that was always a risk. I have no debts beyond my studen loan which is basically free money anyway, and so any high interest rates etc that the banks might impose to recoup losses will not affect me. Now is the worse time to have credit, apparently, what you want is cash monies! Luckily, I have some. Also means I can get some good interest upon said cash monies As for the limits, yes, it was put up to £50,000 per institution, but as far as I'm concerned that is solely pre-emptive to stop people busting the banks. This does not mean your money is unsafe, your money is perfectly safe, it's as soon as people start to think their money is unsafe that it becomes unsafe because they withdraw all their money then the bank can't provide and thus they bust it. Should this happen to every single bank the money will supposedly come from the British Treasury, but should this happen surely it will just destroy the British Economy and make our money worthless? Or the country's money worthless? I don't know, I'm no economist. However, as long as you continue to believe your money is safe, your money will remain safe. One thing I don't really understand though, is this nationalisation of the banks, either wholly or in part. What does it do, what does it change, how does it affect anything? For the record, I am nothing and speak only from what I believe and understand, I can't guarantee I'm right or know what I'm talking about, feel free to correct anything I'm mistaken in, cos I'm rather keen to understand it all. EDIT: Totally unrelated, just asked my student friend how/if it's affecting him, he says well it's pushed prices up, but with a bit of thrift he's managed to spend just £10 on his shopping for this week. Link to comment Share on other sites More sharing options...
Pit-Jr Posted October 24, 2008 Share Posted October 24, 2008 Well its wreaked havok on my 401k. I wont go into details but my statement came in the mail today and i had the sudden urge to vomit. Link to comment Share on other sites More sharing options...
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