Here's some optimism from Moneyweek (not!)

thriftybabe

I think it will happen also. House price crashing, builders not able to build. Housebuilders may go bust owing thousands to subcontractors - have seen it happen. Construction staff getting paid off with absolutely no work resulting in higher unemployment Mortgages that cannot be paid, reposessions happening. Definitely see it happening. It is happening in the Construction Sector as we speak and those businesses linked to it. It will then spread to the wider economy soon.

Pobby

A bit alarmist but Money Week has been warning now for about 2 years.In particular the housing market,US stocks and so on.A few of us have been cautious for many years based on the rise in property prices and peoples ever increasing debt.

Earning around £1,000 per week was very nice and a chance to save a good amount of money. Now, for me, that is long gone as business is dropping off at an alarming rate but if between 2 of us we can clear £500 a week we are doing very well.

The trouble is many are now finding themselves in a position of paying back a lot of money in a downward economy.As Merve once said, `` House prices are a matter of opinion, debt is debt``.

Microstar_2

Its going to be grim, no doubt about it. Construction industry will be on the floor for the next few years. I'm old enough to have seen it before though. Last time it happened I had builders knocking on the door asking to fix a few roof tiles or repoint a wall for a couple of tenners.
When the housing market goes down it takes other stuff with it. Kitchens, bathroom, carpet sales, decorating etc - people stop 'investing' in their house. If you need any work doing then hold off until this time next year - you'll have a queue of builders wanting to do the job, they'll be begging to do the work.

Brian_Bullocks

fc123 wrote: »

The old (80 something) lady upstairs has lived there for 56 years (secure tenancy @£700 per quarter) and he (and us other Indies) look out for her. He maintains the flat despite the rent being really under market value.

However, a new tenant is going to try and prise her out or make her life difficult so she leaves.

Sounds like a good idea for a movie....hang on Danny DeVito has beat me to it.

fc123

Brian_Bullocks wrote: »

Sounds like a good idea for a movie....hang on Danny DeVito has beat me to it.

????????????? Not seen this......but I don't think it would be very entertaining. Watch old lady be bullied by new landlord?

hedger

I think it is a very sobering and accurate report from Moneyweek. Im a subscriber to this magazine and I find it very very informative (and usually spot on).

iyiarz

That's irresponsible media hype as far as i'm concerned. We've hit a bit of a blip but everything's going to be fine and MoneyWeek will look stupid.
Life's too short for that much doom and gloom.

I'm very optimistic!

slipthru

Lets hope your optimism can pick up the global economy and make everything all right again.

WTF?_2

iyiarz wrote: »

That's irresponsible media hype as far as i'm concerned. We've hit a bit of a blip but everything's going to be fine and MoneyWeek will look stupid.
Life's too short for that much doom and gloom.

I'm very optimistic!

A 'blip'? :rotfl:

Try this:

http://www.msnbc.msn.com/id/23935940/

While members of the panel were generally supportive of the decisions, Sen. Jim Bunning, R-Ky., asked, “How big do you have to be to be too big to fail? ... Who let our financial system become so fragile that one failure jeopardizes the health of the entire system?”

Bernanke said that if Bear Stearns had been allowed to fail, it would have led to a “chaotic unwinding” of Bear Stearns investments held by individuals and other financial institutions.

“Moreover, the adverse impact of a default would not have been confined to the financial system but would have been felt broadly in the real economy through its effects on asset values and credit availability,” Bernanke said.

We were about 48 hours away from total financial system collapse a couple of months back and the fundamentals haven't got any better since then. Only vast amounts of 'funny money' coming from the Central Banks are propping the banking system up.

iyiarz

A 'blip'? :rotfl:

Try this:

http://www.msnbc.msn.com/id/23935940/

Eh ? Thats the US and a US Bank.. This is the UK... I would say you should be on the .com MSE site, but it makes no difference :rotfl:

Really though, the US has problems of its own... (no pun intended)
The Uk economy is much stronger than that... Even if we are still 'affected' by their economy. They have Buses taking people round the re-possesed houses in Florida. We don't have that here and I wouldn't expect it. :rolleyes: