Meltdown Monday !..Thousands loose Jobs!

Walletwatch

C'mon you syntax and semantics experts, you've got to give the bad spellers a brake, just losen up a bit :rotfl:

luvpump

carolt wrote: »

Am I the only one to find this thread a testament to the worst aspects of this forum?

A major piece of news - as we all stare into the potential abyss as our economy crashes...and discussion revolves around a typo?

!!!!!! - threads like this make me wonder if there is any point reading/posting here - if this post does not merit a serious response I don't know what does.

Some of them remind me of the Psycho out of the Movie Sleeping with the Enemy, the guy who Slaps Julia Roberts Charecter about because the Tins of Food aren't in perfect alignment & all facing out !!! :rotfl: Seriously tho a few on here give me the feeling of being rather obsessive & more than a bit odd !! :eek:

Chris2685

!!!!!!? wrote: »

In light of developing events - are you still going to buy that house? Have the happenings in the economy changed your perspective?

I wrote about it here:
http://forums.moneysavingexpert.com/showthread.html?t=1145489&page=5

I think we have decided renting is probably going to be the best course of action...

The fact that the equity loan (40% of the home) will 'absorb' whatever loss is incurred of that 40% gives me little faith if I'm honest. That was the best thing the IFA could come up with to persuade me to continue with the purchase...
He actually almost had me convinced that now was a good time to buy... I don't see how he can call himself a financial advisor the more I think of it!

Anywho, sorry to go OT!

WTF?_2

Chris2685 wrote: »

I wrote about it here:
http://forums.moneysavingexpert.com/showthread.html?t=1145489&page=5

I think we have decided renting is probably going to be the best course of action...

The fact that the equity loan (40% of the home) will 'absorb' whatever loss is incurred of that 40% gives me little faith if I'm honest. That was the best thing the IFA could come up with to persuade me to continue with the purchase...
He actually almost had me convinced that now was a good time to buy... I don't see how he can call himself a financial advisor the more I think of it!

Anywho, sorry to go OT!

You made the right decision in the end, IMO.

And just remember that many so-called IFAs are not actually so 'independent' and make a substantial amount from commission on the products they encourage their clients to buy.

StevieJ

skap7309 wrote: »

Unreal, the lose / loose debate is happening today on HPC.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=87448

Maybe seriously bad news turns people a little crazy?

Maybe they are the same people.

carolt

dudleyboy wrote: »

And of the two threads of discussion going on here, carolt, which one did you choose to reply to?

You got anything to say yourself about people losing their jobs?

If you reread my post you'll see that I dealt - succinctly - with both threads - mentioning the utterly pointless drivel on spelling only to say how utterly irrelevant it was in the face of potential economic collapse.

I do not share your view that bankers losing jobs = good, in this case. A banker being less well rewarded, maybe. But a 150 year old institution, 4th largest investment bank going bust, on same day that Merrill is sold off, with several other major financial institutions quaking in their boots and the ftse crashing through 5000 - I could only see that as an unmitigated 'good' if I was extremely short-sighted.

The pain currently being felt by the financial sector will not remain there - I'd love to feel that just a few rich bankers would suffer, leaving everyone else just fine. But in reality the rich bankers have had years to feather their nests and will be fine - it's the ordinary people I'm worried about.

dopester

carolt wrote: »

The pain currently being felt by the financial sector will not remain there - I'd love to feel that just a few rich bankers would suffer, leaving everyone else just fine. But in reality the rich bankers have had years to feather their nests and will be fine - it's the ordinary people I'm worried about.

Carolt, it has happened ok. The bank could not survive what it has gotten itself in to. Yes the knock-on effects will be hard felt. The job losses will rack up mightily, including for teachers. Gov gets less in its coffers, it will be forced to cut back.

Geez... I saw an article a few months back where these investment banks had paid hundreds of thousands/millions to maths geniuses to design, plot and oversee systems to monitor risk. The one interviewed was bigging up all his wealth, fine apartment, yacht, and his recently acquired ability to bed many fine women. (his words), and just blinging it all up for the accompanying photoshoot.

Yes - they should feel the pain but they won't - or it is unlikely. However just one old-school banker on £50,000 could probably have reviewed the structure of exotic financial vehicles and discovered it was not sustainable. All these quant analysts and the like on hundreds of thousands of pounds. If the bank goes under it goes under rather than bailing them out for the sham to continue.

Would you rather more tax-payers money, those of future generations via gilts issued, were thrown to save Lehman? They have to learn the lesson of their mistakes. Not everyone can or should be saved. Governments don't have the money to either, unless they totally want to ruin their creditworthiness.

The house price crash was always going to be very painful - destabilising and potentially ruinous to all. 300% rise over 11 years and an economy heavily dependant on it all continuing.

Jimuth

carolt wrote: »

If you reread my post you'll see that I dealt - succinctly - with both threads - mentioning the utterly pointless drivel on spelling only to say how utterly irrelevant it was in the face of potential economic collapse.

Well that utterly pointless drivel just made me laugh more than the other thread did. :T

dudleyboy

carolt wrote: »

The pain currently being felt by the financial sector will not remain there - I'd love to feel that just a few rich bankers would suffer, leaving everyone else just fine. But in reality the rich bankers have had years to feather their nests and will be fine - it's the ordinary people I'm worried about.

I can't say I fancy living through another great depression either.

( For those not familiar with history check out:

http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929

http://en.wikipedia.org/wiki/Great_Depression )

But what can we do? Worrying about it won't do any good. We just have to try and protect ourselves as best we can.

TBH, I still don't think the vast majority of people actually "get it" yet. It's one thing blaming the bankers but I honestly have to stop myself going over to the DFW board and BR board and saying "Oi, you lot! See this?! THIS!!! Also YOUR fault!!!"

Those are the ordinary people you're talking about. The amateur BTLers, the MEWers, the holidayholics and shopaholics. The people who've realised that the bank that likes to say "yes" is now saying "no" or "can't!"

Those are also the ordinary people of this great British public and they have to shoulder some of the blame.

And as Aristotle, the famous philosopher, once said...

carolt

Fair point, dopester - but the fact that the pain may be necessary does not make it any less painful.

I wouldn't say I was too worried, personally - teaching is only one of many strings to my bow - but in terms of the economy generally - yes, I'm extremely worried. I was probably very naive to imagine that the housing market bubble could just work its way out of the system without crashing the system at the same time.

A learning experience for others too, I'm sure.