Quite astonishing (Credit Crisis)

money mess.

Don’t blame the mortgage lenders. The fault lies in those investment houses that swapped worthless pieces of paper, legally cooking the books, for almost a decade while they all collected bonuses in the millions of dollars based on the false gains. Not one of them has to give back a cent of their fraudulent gains. Quite the contrary, a few of the companies are again paying off Con gressment from the government bail out money. All legal. They may have, collectively, killed the goose that lays the golden egg.

Likewise buddy, am sure things will turn up for both of us – roll on Legends 09… 🙂

TT

You know what they say, chaps. You can’t keep a good man down.

The best of luck to both of you.

Likewise buddy, am sure things will turn up for both of us – roll on Legends 09… 🙂

TT

I have been trying to think what better songs suits whats happening at the moment.
Either REM “Its the end of the world as we know it” Or Tom Petty “Free Fallin”.

But seriously the events that are occuring now were always going to happen really, This has all come from greed and dodgy dealing, I have no sympathy for the people at the top who incidently will all be sitting on lovely nest eggs anyway.
But i feel for the people that the ripples of this are effecting the people like Texantomcat who have lost their jobs through no fault of there own,the small firms going to the wall and the people losing there homes.

The biggest worry is that i can honestly see this getting far worse and these bailout plans from Governments are not going to change much as there is no faith in the market.

Of course there will be growth industries at this time including Psychiatrists,Criminals,Funeral directors,etc, So i guess for some people this recession could be a good thing, Just not for the rest of us.

Aha, well returning to criminal defence work as a duty solicitor.

Trust me, when times is bad, people nick things. QED 🙂

TT

I have new employment in a field that is growing in the present climate. Criminal work.

TT

Did you mean to tell us that TT
Will we be looking out for you on Crime watch:D

We who work in property all saw this coming. Northern Rock were regularly offering 110 up to 120% mortgages for many years, part secured, part unsecured. So were a FEW other lenders.

scary stuff, but as long as people can afford to pay their mortgages in the meantime, there is no immediate problem, rates are still low.

The thing that grates is that the bankers have been awarding themselves large bonuses for years, as have stock market traders, now things have gone belly up, the government are HAVING to step in to bail out the banking system which has imploded. If I screw up my job, i get fired, if banks mess up it seems they have a get out of jail free card.

I have been made redundant as a result of the credit crunch – I do other work besides property but no one has any money to spend. After seven years with the same firm, minimum notice, minimum stat redundancy pay. Loyalty is not rewarded nowadays it seems.

I have new employment in a field that is growing in the present climate. Criminal work.

Important lesson for me is, look after #1!

TT

I’m not worried, look at it this way, everybody is in the same boat.

I trust that the “fat cats” and other free market “Stalinists” will show due gratitude to the nasty old “State” that has had to come to the aid of the failed market system and to those whose unbridled greed have brought this situation about…..though somehow I doubt that they will:mad:

I’m not exactly clear on what you were trying to say, but I think I understand. And not that I totally disagree with you, but I do on one point, at least in reference to the US.

The Federal Government basically caused this whole mortgage mess..Yes I said it and I’ll continue to say it. I know Fannie and Freddie are “private”, but they’re better known as GSEs, Government Sponsored Enterprises. Which, in essence, takes the “privateness” out of it. And when these two “companies” control half the the US mortgage market, they become the market. If these two companies were truly private, there would be calls of Anti-trust and Anti-monopolies being thrown around more than the F bomb….But they’re not, therefore, they are not at fault for anything.

I’ll continue with why Fannie and Freddie in conjunction with the Feds are culpable later if I may, but its time to have a refreshing adult beverage. Believe me, there isn’t enough whiskey to get through the presidential elections for this American

failing in style and numbers.

”No More Boom And Bust.”

”No. More Boom And Bust”

‘Crash’ Gordon 2001

I trust that the “fat cats” and other free market “Stalinists” will show due gratitude to the nasty old “State” that has had to come to the aid of the failed market system and to those whose unbridled greed have brought this situation about…..though somehow I doubt that they will:mad:

Moderator Message

No more off-topic postings please, gentlemen.

If you genuinely cannot master the compulsion to have a go at one another, then do it somewhere else.

Thanks

GA

The credit crunch is a direct result of the City’s short-term gambling and the bonus culture.

We are watching the systemic meltdown of the financial foundations of our society, and yet nobody is troubled to mention it.

Maybe we come here to try and forget about it! 🙂

Houses are only worth what people will pay for them.
A chap across our parish bought one for 50,000 spent 20k on it and promptly put it up for 200,000.
Three years later its still up for sale and not been dropped one pence.
Now thats holding out.

I wish people would stop describing the current credit crisis as ‘boom and bust’.

The more accurate description is ‘greed and grief’!

Ten years ago house prices started rising in my local area (Salisbury Plain), withing 2 years house prices had doubled and six months ago were more than three times the level they were ten years ago.

What has changed in the local area to mean house prices are now so high?

Nothing.

A proportion of house owners however could smell a quick buck and for some buying and selling houses earned them more than their job!

But will house prices ever get down to less than £100,000 for a three bed semi?

One can only hope!

The powers that be adviced us to spread our assets over several (preferably stable) banks. So I have now got 264 accounts.

Me too all with 10p in….im sorted then.:rolleyes:

The powers that be adviced us to spread our assets over several (preferably stable) banks. So I have now got 264 accounts.

What is the point of worrying when it out of our hands ?