Anecdotal: Recession

Generali

FWIW, in the past week I've spoken to people in 2 of the top 5 investment banks in the world. Both have a recruitment freeze on.

UBS have said they want to cut their wage bill by a third (see today's FT).

Tassotti

The last recession I was trying desparately to get a job!!! (18 years of age) A Level educated and eventullly got a job in a petrol station. (3 years later, thought...F*** it and went to university and got a degree in partying)

This time around, own my own company and have to consider laying off people. Not nice

So glad the crash has set in/recession. They go hand in hand...Which one caused the other though????

WTF?_2

mrstinchcombe wrote: »

Recession was talked about months ago but despite a small number of anecdotals not a great deal has happened.

If it is going to happen wouldn't more have happened by now?

It hasn't happened yet so it won't happen .... hmmmm :think: I believe the same was said about the prospect of price falls in the property sector - until around this time last year of course

Official figures place the growth for last quarter at 0%, down from the crazy boom times of just a year ago. If that isn't enough to tell you we're on the edge of the precipice, I don't know what is.

WTF?_2

Tassotti wrote: »

The last recession I was trying desparately to get a job!!! (18 years of age) A Level educated and eventullly got a job in a petrol station. (3 years later, thought...F*** it and went to university and got a degree in partying)

This time around, own my own company and have to consider laying off people. Not nice

So glad the crash has set in/recession. They go hand in hand...Which one caused the other though????

I was looking for a job after leaving university as the recession really kicked in - not nice. So I went back and did a postgrad. But it would have been an excellent time to start at uni (student loan thing apart) as when you are there, all this economy stuff matters not a jot.

Generali

Tassotti wrote: »

The last recession I was trying desparately to get a job!!! (18 years of age) A Level educated and eventullly got a job in a petrol station. (3 years later, thought...F*** it and went to university and got a degree in partying)

This time around, own my own company and have to consider laying off people. Not nice

So glad the crash has set in/recession. They go hand in hand...Which one caused the other though????

The same thing has caused both IMO. The banking crisis is screwing everything else up. You haven't seen the start of it let alone the worst I reckon.

Tassotti

If prices continue to fall at 1% per month in my area, in 2 and a half years I will be in negative equity on the remaining property I couldn't sell.

Prices in the property game don't worry me so much!!!

The recession does concern me, and should concern everyone else.

All of you who have wished this on us...Well I hope you're happy!!!

dopester

Tassotti wrote: »

This time around, own my own company and have to consider laying off people. Not nice.

I thought you'd sold your property portfolio and now ran an informal money-lending crew?

Yeah anyway, like G-man says... the pain has hardly begun.

Tassotti

Generali wrote: »

The same thing has caused both IMO. The banking crisis is screwing everything else up. You haven't seen the start of it let alone the worst I reckon.

The only thing that caused the house correction is the credit crunch. Are you saying this has also affected the economy?

dopester

Tassotti wrote: »

The only thing that caused the house correction is the credit crunch. Are you saying this has also affected the economy?

You make it sound like something minor! The banking system near running out of money and imploding on itself. Without the floods of easy cheap money the banks lent out at ever greater multiples you wouldn't have had 300% HPI anyway over the last 11 years.

And yes; we've had an economy which has run alongside the constant HPI boom. Now that game is over, we find we don't have a sustainable economy.

fatpig_2

credit crunch = end of irresponsible lending

Surely you could forsee this event?