Panicking slightly - can people please convince me this is a good thing

mrstinchcombe

Generali wrote: »

It's going to be interesting justifying spending £12,000,000,000* on the Olympics whilst cutting people's dole or pension money (one of which will have to happen).

Well pension money wont be cut, Browns already taken as much as he can from pensions already theres nothing left!

Thats why your private pension is worthless!

StevieJ

mrstinchcombe wrote: »

Well pension money wont be cut, Browns already taken as much as he can from pensions already theres nothing left!

Thats why your private pension is worthless!

I think he means state pension, i.e. means testing.

Gangstabird

D'you know what CarolT. Make sure your savings are in an account worth less than 35k. Fix yer mortgage for 10 years. Then stop coming in here( ok, I know thats harsh coz I can't), stop reading the mail.

Start watching tv again ( I can't do it either).

Oh bl**dy hell. I can't help you. I will just be here with you instead

Group Hugs

GB.xxxx

Guy_Montag

Gangstabird wrote: »

Group Hugs

Sorry, was that your boob

baby_boomer

It's not a good thing because it will take years to unwind, limit economic growth in the West, create unemployment and increase the retirement age.

On the other hand it could make housing more affordable (assuming you haven't just bought) which might improve our work/life balance, finally highlight the appalling disparity/inequality between those on final salary pension schemes, like MPs, and those without.

And it should see off Gordon and keep Krusty 'n Phil away from our TV screens.

dudleyboy

StevieJ wrote: »

Naive mmmm, this all reminds me of the Hans Christian Anderson tale of the king with no clothes. You have not noticed the worlds stock markets in turmoil, must be because house prices were too expensive in the UK

The rising property market ("house prices only ever go up") on both sides of the Atlantic and the belief that it was the end of the boom/bust economy were the Emperor's new clothes - many people bought into it and even though the little boy was stood there laughing nobody was prepared to listen because they'd all bought their own clothes too!

I think it's fair to say that people didn't know how exactly it was happening (toxic loans and bonds secured on toxic loans) but it was easy to see the result and know that it was unsustainable.

I'm no Nostradamus but I anticipated the current fallout because the signals were all there. It's not like we haven't been here before.

moanymoany

As one of the links to the Telegraph said - and I paraphrase -

In a years time people will look back on the last 48 hours as being like the first hour after the Titanic hit the iceberg. Frisky passengers were larking about on deck throwing snowballs at each other - unaware of what was about to happen.

When I started reading and contributing to this thread - back in May - the talk was that life was going back to the living standards of the 70's and as I was there I wasn't too bothered 'cos it was OK. Then it was to the 50's - was there and not keen on going back - now it is the 30's being predicted. If you have a garden dig it up and plant veg - get yourself a few chickens.

Was it really only May - 4 months ago - and even though many of us saw house prices falling and uncertain times ahead, few could have predicted just how bad it would become and how quickly it would happen.

carolt

Agree - hanging onto our allotment although it's a pain and eats up time, in the hope that at least we can have some food on the table!

I can't say 'I saw this all coming' - falling house prices I definitely saw coming and have done for several years, as the increases didn't seem sustainable.

What I had no idea about at all, until about a year ago or a year and a half at most, was all the complex financial machinations behind the scenes, propping it all up - derivatives and all the 'financial vehicles' with initials instead of names (which I still can't remember..) - I was blissfully unaware of what all the well paid money men who were pushing up London house prices actually spent their days doing, or how much danger our financial system was in.

I find the daily news - another household name 'merging' or being nationalised or bankrupted very frightening. (Oh - and Mewbie - a big Woolies near us has recently been shut...draw your own conclusions as to the safety of your pick'n'mix...:eek:)

I will try to stay positive and view it as a necessary clean up.

Would really appreciate it if someone - maybe one of those who so wisely foresaw all this? - could give me a clue how the vicious spiral is going to end, without taking down all of capitalism as we know it, bringing on inconvenient wars/riots etc etc?

Cheers.

geri1965_2

dad-of-4 wrote: »

realy only thoes who have no ability to physicly earn a living should be worried. (if anyone)

If anyone? You seriously think that everyone is physically capable of earning a living?

And where are all the jobs to go round those who are physically capable?

carolt

Let's get digging, walk instead of driving (which I do anyway as I can't drive...) - in fact let's all head over to my other spiritual home, Money Saving Old Style Board..... by way of Green Fingered etc.

At least this site is going to be more useful than ever....