Councils had Money In Icesave... doh! Millions!

lostinrates

PasturesNew wrote: »

This collapse of the credit bubble and the ensuing house price crash is taking twists and turns none of us could have foreseen.... and the curtains are only just opening on this production.



I am really ... feeling quite .... scared and alone ... about the coming months/years.

Hope you are ok PN.

(We'd adopt you but you'd hate our dogs, and they were here first.)

PasturesNew

lostinrates wrote: »

Hope you are ok PN.

(We'd adopt you but you'd hate our dogs, and they were here first.)

They only live about 14 years ... I can wait

treliac

I don't think many of us feel very confident or know where our future is going. Just have to rely on getting by ...... as has somehow managed to happen throughout history.

Woby_Tide

PasturesNew wrote: »

This collapse of the credit bubble and the ensuing house price crash

house prices and everything falling is great

isn't it? come on......surely they haven't all been myopic and only looking at one thing

PasturesNew

Woby_Tide wrote: »

house prices and everything falling is great

Not everything is falling though is it:
- debt
- missing millions
- list of BTL/entrepreneurs who will go bankrupt and get away with it
- list of bankers who trousered millions in bonuses and lived the high life
- council tax bills
- job losses
- the dole queue
- the price of beans ... although actually the price of beans is quite static

.... these and more things are not falling. They are growing, exponentially it seems.

Generali

PasturesNew wrote: »

This collapse of the credit bubble and the ensuing house price crash is taking twists and turns none of us could have foreseen.... and the curtains are only just opening on this production.

The thing to remember about bad economic times is that the wealth doesn't go anywhere. If the economy goes wrong then they don't plough up the roads and salt the fields. We won't starve and we won't all get turfed out into the streets.

The biggest problem the UK faces over the coming years is paying for pensions and the bailout. The bailout has probably added a couple of years to most people's working life.

PasturesNew wrote: »

I am really ... feeling quite .... scared and alone ... about the coming months/years.

It could be worse. You could be in Somalia or Newcastle or something*.






*That bit's a joke.

Walletwatch

Generali wrote: »

The thing to remember about bad economic times is that the wealth doesn't go anywhere. If the economy goes wrong then they don't plough up the roads and salt the fields. We won't starve and we won't all get turfed out into the streets.

Agree with the latter part of the above, life goes on, does not stop. It is the former part of your post that is not necessarily true - wealth doesn't go anywhere... the big problem right now is deciphering what represents wealth, what represents value !!!

Woby_Tide

PasturesNew wrote: »

Not everything is falling though is it:
- debt
- missing millions
- list of BTL/entrepreneurs who will go bankrupt and get away with it
- list of bankers who trousered millions in bonuses and lived the high life
- council tax bills
- job losses
- the dole queue
- the price of beans ... although actually the price of beans is quite static

.... these and more things are not falling. They are growing, exponentially it seems.

that was my point, house price falls were part of a very bigger picture that some didnt consider. A cheap house is still no good if you can't borrow the money to buy it (or withdraw the money you saved to buy it)

nasty times indeed (working for a bank...paying to a council and police authority with a penchant for Icelandic savings)

Generali

Walletwatch wrote: »

Agree with the latter part of the above, life goes on, does not stop. It is the former part of your post that is not necessarily true - wealth doesn't go anywhere... the big problem right now is deciphering what represents wealth, what represents value !!!

By wealth I mean physical (and metaphysical?) wealth - farmers' fields, houses, knowledge and skills, roads, sewerage systems and so on.

The latter is a big problem for investors right now. What is cheap and what is just a lot cheaper than yesterday but with nil value tomorrow?

fc123

Generali wrote: »

By wealth I mean physical (and metaphysical?) wealth - farmers' fields, houses, knowledge and skills, roads, sewerage systems and so on.

The latter is a big problem for investors right now. What is cheap and what is just a lot cheaper than yesterday but with nil value tomorrow?

And what things are 'worth' too.

My dad is or was a trustee for a council (pensions) and has doen some unpopular things over the years.....arguing with younger ones as some investment banker wanted to 'Churn' the pot to make fees....he felt, same years back, like a guard......defending the pot from raiders.

They used to get invited to jollies apparently or be given wizzy presentations.....

I notice said council is not on the list...but I've no idea if he's still involved with money things for them.