OK guys, who`s getting angry?

Pobby

Us silly old bears have had years of being told we were wrong. Many of us warned about taking on too much debt. Many of us realised that you cannot build a financial model based on ``house prices always go up`` but hey, it looks as though they went ahead anyway.

I don`t know how many folk here are economists. I`m not. This post is not about ``I told you so`` it`s about a whole bunch of people seeing that the wheels had to come off and goodness me, isn`t that happening right now.

I can`t see that many will get away unscathed. Most of us have at least one area in our lives that will be affected. Pensions, jobs, investments, savings, those trying to get a remortgage. Just so many things.

Right now I feel very angry that the inevitable is playing out. How do you guys feel?

WTF?_2

Pobby wrote: »

Us silly old bears have had years of being told we were wrong. Many of us warned about taking on too much debt. Many of us realised that you cannot build a financial model based on ``house prices always go up`` but hey, it looks as though they went ahead anyway.

I don`t know how many folk here are economists. I`m not. This post is not about ``I told you so`` it`s about a whole bunch of people seeing that the wheels had to come off and goodness me, isn`t that happening right now.

I can`t see that many will get away unscathed. Most of us have at least one area in our lives that will be affected. Pensions, jobs, investments, savings, those trying to get a remortgage. Just so many things.

Right now I feel very angry that the inevitable is playing out. How do you guys feel?

I feel resigned..... Knew it was going to have to happen eventually. Now hoping that I won't get too badly burned by it.

And not looking too forward to a depressed economy for the next few years. Hopefully it will bring out the best in society and some of the stupid wealth-induced phenomena will go away (property !!!!!!/obsession with 'making money' from houses, ostentatious displays of wealth, worship of the cult of celebrity etc.). Well, you can hope.

lostinrates

I just feel nervous, edgy, dissappointed.

boyse7en

Personally I'm angry that the bankers have been getting enormous bonuses for years when they've effectively been selling the company away underneath them, leaving us (as depositers, borrowers and taxpayers) to pick up the pieces.

Alan_M_2

Resigned apathy, a feeling of inevitability.....

I reduced my business overheads as much as I could last year and battened down the hatches to weather the storm, this is worse than I expected, I just hope I get through it intact.

For business people like me, the short term future is not about profit it's about survival.

Laughing_man

I agree really p*ssed off, this could all have been avoided if there had been an intelligent debate held on the boom any time 03-05. You know, some shows about previous bubbles from our own recent history, what had been going in Japan, serious economists explaining why bubble markets never platuae etc.

Instead we got endless ramping that convinced everyone it was all one way and anyone disagreeing was just jealuous (an opinion much in evidence on this forum), and now here we are. Awesome.

ess0two

Its out of your hands,keep turning up for work,paying your bills and generally just get on with it.

casper_uk

Sad, because i think given 20 years time we will be here again, wondering how much house prices will drop as the bubble goes pop again

Chris2685

Stupid thing is, most people who are making decent money would put a bit away for a rainy day. If the banks had done this while they were making good money during the boom, we wouldn't be in this position now, or at least it wouldn't be quite so bad!

chewmylegoff

completely ambivalent.

Sir_Humphrey

I'm glad that Neoliberal Jackson Pollocks (rhyming slang) has finally been shown up for the sham it always was.

I am depressed that it has taken economic disaster for this to happen.

In the longer term I feel cautiously optimistic. This may prove to be the catalyst for better policy in the future with an end to market fundamentalism.