Happy Birthday

Thrugelmir

Today is officially the 5th anniversary of the credit crunch.

Where has the time gone? Given that the same problems remain.........

brit1234

Strange that low interest rates didn't solve the problem just prolonged it, who would of thought.:silenced::doh:

wotsthat

Thrugelmir wrote: »

Today is officially the 5th anniversary of the credit crunch.

Where has the time gone? Given that the same problems remain.........

Happy birthday credit crunch.

I remember being surprised at how easy it was to get credit and did think there would be a day of reckoning. However, I've been taken by surprise at the depth and length of the credit crunch and subsequent fallout. Can't complain because, mostly, things have worked out pretty well for me.

I'm slightly jealous of the more bearish board members. They were certain that bad things were going to happen. They must have positioned themselves just right to have profited from the credit crunch. Just don't know why they come across as such miseries when they are continually being proved right.

wotsthat

brit1234 wrote: »

Strange that low interest rates didn't solve the problem just prolonged it, who would of thought.:silenced::doh:

My average mortgage rate dropped to 2.5% in April 2009 and hasn't moved since. It was 5.48% in January 2009.

I'm not sure what problem you're referring to but I saved every penny of the difference at savings rates above my mortgage rate. No problem here and I don't think I'm unique.

Generali

Thrugelmir wrote: »

Today is officially the 5th anniversary of the credit crunch.

Where has the time gone? Given that the same problems remain.........

Interesting. How do you date it?

wotsthat wrote: »

Happy birthday credit crunch.

I remember being surprised at how easy it was to get credit and did think there would be a day of reckoning. However, I've been taken by surprise at the depth and length of the credit crunch and subsequent fallout. Can't complain because, mostly, things have worked out pretty well for me.

The boom was fricking awesome tho.

I was talking to an Investment Banking mate, one of the survivors. We were discussing the good times: he was once flown to London from Sydney for a bunch of meetings and he had a client (one) in Paris.

The bank sent him on the Eurostar (1st Class natch) for a 1 hour meeting. He arranged it for a Friday so spent the weekend in Paris on his employers' dollar. EUR17 for a coffee? Pas de problem me old garcon, stick it sur l'addition.

Drinks after work on a Thursday. The most senior person there puts his Amex behind the bar and you come into work on a Friday feeling very unwell having spent at most your cab fare home.

We hired the Ministry of Sound for one Xmas do and Middle Temple for a summer one (complete with fairground rides).

I once managed to get paid over £500 for 10 minutes work on a Good Friday.

The only thing I'd have done differently in the 2000s was push harder to become a trader rather than working in ops.

ILW

Must have been fun, just turns out that a lot of the stuff being traded was worthless, and much of it was being bought with other worthless stuff. Brilliant.

wotsthat

Generali wrote: »

The only thing I'd have done differently in the 2000s was push harder to become a trader rather than working in ops.

I would definitely have loaded up on more debt and be living in a much bigger house.

Feel a bit foolish now at the lengths I went to to minimise personal debt. Luckily, British governments seem to be making up for my lack of personal borrowing by borrowing on my behalf to spend on s**t I don't want or need.

Loopgames

My credit rating is really good and am tempted to do away with my money saving principles to borrow the £13k that natwest want to throw at me just for the heck of it.

It might be following my motto of doing the opposite of everyone else (currently people are paying back their debts) heck I may even buy some silver with it

chewmylegoff

wotsthat wrote: »

I would definitely have loaded up on more debt and be living in a much bigger house.

Feel a bit foolish now at the lengths I went to to minimise personal debt. Luckily, British governments seem to be making up for my lack of personal borrowing by borrowing on my behalf to spend on s**t I don't want or need.

i would definitely have bought the 1 bed flat in clapham i nearly bought in 2008. marketed at £320k, i put an offer in at £290k and just stuck with that, and they eventually agreed. lehmans went bust a couple of weeks later and i pulled out, thinking we were going to see further falls in prices. as it turned out, that was more or less the bottom, and the house was sold about 14 months later for £322k.

bollox.

a bit like when i nearly changed half of my money into AUS$ because the rate went up to $2.7 = £1 and it looked like we were going to migrate there in the next couple of years.

bollox.

Wookster

chewmylegoff wrote: »

a bit like when i nearly changed half of my money into AUS$ because the rate went up to $2.7 = £1 and it looked like we were going to migrate there in the next couple of years.

bollox.

I remember seeing the US$ move from 2:1 to 1.45:1 to the pound within 2 years of me arriving in the UK and promising that if if ever went back up there I'd buy buckets and buckets... only to be travelling in 2007 when it was 2:1 again!

Dan:_4

The only place the term 'credit crunch' is used these days is this forum and HPC.co.uk