Spain's Bankia plunges on reports of massive withdrawals

brit1234

FTBFun wrote: »

Surely you're in the perfect position to buy now then. You can't wait forever surely?

In a position to buy yes but not perfect time to buy. Despite having a £60k deposit I am pretty priced out. I can afford to wait with cheap rent, stable housing and more importantly the ability to save a large amount of money each month.

The housing market is very overvalued and is coming down. I will buy when it feels right to me.

FTBFun wrote: »

IMO it appears that your study of risk has perhaps made you a little too risk adverse when it comes to purchasing property.

There may be an element of truth in that but I am happy the way I am doing it.

DpchMd wrote: »

Where/how did you make your money?

Buying/selling shares at the right time, ploughing all my overtime into high interest accounts, renting cheaply, not having a car but using a bike, putting a chunk of my basic wages into the bank accounts as well. I could of saved even more but have enjoyed life and had good holidays

I will transfer my latest bunch of shares and metals into cash when the time is right. That may be before or after I buy a home. If after I will use it to over pay the mortgage.

DpchMd

brit1234 wrote: »

Buying/selling shares at the right time, ploughing all my overtime into high interest accounts, renting cheaply, not having a car but using a bike, putting a chunk of my basic wages into the bank accounts as well. I could of saved even more but have enjoyed life and had good holidays

I will transfer my latest bunch of shares and metals into cash when the time is right. That may be before or after I buy a home. If after I will use it to over pay the mortgage.

Sounds like you've got it right. Good luck.

Graham_Devon

Bankia now deny that this ever happened...

http://www.bbc.co.uk/news/business-18100049

IveSeenTheLight

brit1234 wrote: »

Yeap with a degree in risk/disaster management. Doing prep reading for my masters in a related subject for my masters after the Olympics.

Understanding vulnerabilities and portential hzards is useful in my work. Applied what I learnt there and the forces and made big difference in crime reductions in the patches I have worked.

The fields I didn't cover at uni were economics and politics. Since Uni I have learnt this and related it to my field. Hence the reason I haven't bought a home yet and have the funds with the perfect credit background to pounce when the time is right. I have gold and silver, large amounts of cash and making the most of the buying opportunities for shares over this year.

Knowledge is power

Interesting, I know people who have worked in risk / disaster management not only for the Police but also the government working on greater risks / areas than local patches.

People with years of experience and knowledge.

None of them would claim to be experts, were always open to new ideas, indeed needed to adapt all the time.

To claim to be an expert, because you have a degree comes across as ignorant and in the world of risk management potentially hugely dangerous in my opinion.

Conrad

brit1234 wrote: »

I will transfer my latest bunch of shares and metals into cash when the time is right.

I thought you were dismayed by all those greedy boomers, and here you are greedily collecting a nice little pile. You are them, just your timing is different.

I'd love to find you at 65, perhaps selling your house, greedily ensuring you get best possible price, the very thing you've been critiscising these years.

Pobby

Back to topic anyone? In over 6 decades of being in Earth I don`t think I have seen anything like this. When everything came unstuck I wished everyone good fortune.

I suppose I can do no more than that right now. My 2 pence is, I think we have applied the kiss of life to the economy, nothing has seemed to change much. Well at least the government is not going on about how the private sector will pick up the short fall of the public sector.

I am bracing myself for the storm that I feel we cannot escape coming from the Euro zone. It beats mre how any one thought you could take diverse economies and cultures and put them under one exchange mechanism.

My acquaintances from Portugal, Spain and Eire tell me street level reports of what is going on there. Won`t bother posting as it is impossible for houses to crash nearly 70% as all the bulls will tell you.

Great horizons of uncharted water lay ahead. Frankly I have little faith for those in control.

In hind sight 10 or 11 years ago when I and a few others were warning that the whole economy was getting out of hand, maybe some should not have thought we were bonkers. Even people of my age were boring me crazy with the boomers anthem, " It`s different this time ". Sure is but not the way they intended.

Consumerist

brit1234 wrote: »

I smile as this is the start of big correction which has been holding back our economy and starting sustainable growth.

Ok. Let's talk about public sector cutbacks as the start of a big correction which has been holding back our economy.

Perhaps you would have liked me to put a smiley on that.

heathcote123

brit1234 wrote: »

Yeap with a degree in risk/disaster management. Doing prep reading for my masters in a related subject for my masters after the Olympics.

Understanding vulnerabilities and portential hzards is useful in my work. Applied what I learnt there and the forces and made big difference in crime reductions in the patches I have worked.

The fields I didn't cover at uni were economics and politics. Since Uni I have learnt this and related it to my field. Hence the reason I haven't bought a home yet and have the funds with the perfect credit background to pounce when the time is right. I have gold and silver, large amounts of cash and making the most of the buying opportunities for shares over this year.

Knowledge is power.

Doing a degree does not make anyone an expert.

vivatifosi

Moody's has announced that it has downgraded 16 Spanish banks. The agency has been investigating European banks for a while. On 14th May it downgraded 26 Italian Banks:
http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_141195 Article on Italian downgrades
http://www.moodys.com/research/Moodys-downgrades-Spanish-banks-ratings-carry-negative-outlooks-or-remain--PR_245275 Article on Spanish downgrades

Four Spanish regions have also been downgraded, Catalunya to junk status:
http://money.cnn.com/2012/05/17/news/economy/moodys-downgrade-spain-regions/

brit1234

CLAPTON wrote: »

interesting that Santander is paying a 13.4% dividend at the moment

As the post above Santander has just been downgraded like the other banks. Now that will surely affect Santander mortgage holders here as they borrowing money internationally.