"The banks are f****d, we're f****d, the country's f****d." - Cabinet Minister

treliac

nickj wrote: »

the most annoying thing is that " experts" didn't see it coming
so the average house price reached over £100k , personal debt hit £1 trillion ,
even when northern rock collapsed , what exactly were they thinking .
was there not one person who thought this can not last

Hey, hang on there. Gordon doesn't think we've borrowed enough yet.

Pyewacket338

ad44downey wrote: »

I'd emigrate only the pound is worth so little you'd end up a pauper overseas. Well done labour, you've made sure no-one can escape from the mess you've created

That was my plan for May.... now the Euro is hammering the £ I'm having to stay put, the house is on the market too but with obvious results....... looks like we're all in it together!

southernscouser

I think that's the first (and probably last) thing I've ever believed from a politician. :eek:


The fcuking fcukers fcuking fcuked.

Dithering_Dad

Lord, time to get out the tinfoil hats and head to the bunker in the cellar, methinks. We're fooked, it's official!

Mandark

It’s generally agreed that the current crisis began when the emerging economies, thanks to western investment, productivity and domestic savings of their large populations, began pumping excess cash into the mature western economies. The banks and mortgage companies had so much money available, they didn’t know what to do with it and so started lending to just about anybody.

I believe, however, that this same cash from the emerging economies is what will eventually bail us out. Once you add the funds that the government is currently throwing into the economy then there should be even more cash floating around.

I can see a situation arising in a few years time when there’s a lot of available credit in the economy but as long as our institutions use it more wisely next time, we should be all right.

Generali

Mandark wrote: »

It’s generally agreed that the current crisis began when the emerging economies, thanks to western investment, productivity and domestic savings of their large populations, began pumping excess cash into the mature western economies. The banks and mortgage companies had so much money available, they didn’t know what to do with it and so started lending to just about anybody.

I believe, however, that this same cash from the emerging economies is what will eventually bail us out. Once you add the funds that the government is currently throwing into the economy then there should be even more cash floating around.

I can see a situation arising in a few years time when there’s a lot of available credit in the economy but as long as our institutions use it more wisely next time, we should be all right.

The trouble is we've had a modern day mercantilism where the Asians have lent money to the US and Europeans to buy their goods and used the money to make more goods. That couldn't last forever and indeed hasn't.

It's hard to see how that mechanism can start up again.