Happy Birthday

Generali

Thrugelmir wrote: »

Was the day on which BNP Paribas announced losses on sub prime mortgages and the ECB was forced to pump billions of euros into the banking system to keep the banks going as liquidity dried up. In effect was the trigger for the run on Northern Rock a few weeks later and the events that followed.

That's a good a date as any.

For me the GFC started in the March as that was when Investment Bank research my hedge fund was receiving started turning very bearish. It was also when the owner and me had our first proper chat about which way the wind was blowing economically. I got it disastrously wrong as I was unable to persuade my boss of what I thought was going to happen.

The lesson? If you have a life defining argument to give then practice it properly first.

Oh well.

Generali

Thrugelmir wrote: »

Flotations of Facebook and more recently Man Utd suggest there are still.

There's always money out there. That's the great thing about pensions: they provide a bloody great big trough of money for bankers and asset managers to stick their snouts into.

If anything the latter are far worse.

Thrugelmir

Generali wrote: »

There's always money out there. That's the great thing about pensions: they provide a bloody great big trough of money for bankers and asset managers to stick their snouts into.

What's the difference between Manchester City and Paris St Germain?


Manchester City are owned by a family, PSG by a country.

RenovationMan

What credit crunch?

fc123

RenovationMan wrote: »

What credit crunch?

It has affected different people, industries, businesses etc at different times.

Most in my sector only felt it after Lehmans and the AW 08 season for partywear was a total disaster due to so many work do's being cancelled either due to lack of cash or they weren't felt to be appropriate. Most have now adjusted/adpated and are trading in the new 'normal'.

Other people I know didn't feel any effects at all but just benefitted from low interest rates. One of those now is being 'crunched' salary wise and didn't expect it but it's more to do with his main client changing the way their company works....in reaction to the downturn their sector has experineced the past 12 months.

I recall on this board posters saying it hadn't affected them at all nor their frends or family. I also recall posts from public sector workers who said they were in safe jobs. Maybe some of those jobs were not so safe afterall.


I wanted to ask Thrug when he thinks an 'upturn' would come, if at all?

grizzly1911

Thrugelmir wrote: »

Flotations of Facebook and more recently Man Utd suggest there are still.

Prices on both have been low so perhaps not as much "stupid" money as before?

Thrugelmir

fc123 wrote: »

I wanted to ask Thrug when he thinks an 'upturn' would come, if at all?

That was in part what struck me when I made the original post. Five years on and yet so so many unresolved issues. Not just in the UK but globally. As Mr King said the other day. Recovery is going to be a long slow process.

The endless stream of bad news from the banking sector. Shows how far we've yet to travel. Once banks are sound enough to withstand any further shocks. Then that's a good indication that the corner has been turned.