However, I was just giving credit where credit is due - even if Brown has contributed to the situation, he has still handled it magnificently in the last few weeks.

 

A pity he wasn't so much on the ball and curbing the Fat Cat excesses from Day One though innit.....? Besides, I dont think these people are really gonna learn, all they've actually learned is that they can make as many rash decisions as they like, profit from it in the short-term, but dont worry if things fukk up, the Govt will come along and bail their asse(t)s out..... :rolleyes: What NEEDS to happen is rigourous, long term control of the Financial Sector, a hell of a lot more Corporate Responsibility and banging more of these bloody "white collar" crims up, because what they're doing is pretty much, in the words of an Arch-Bishop, tantamount to bank robbery.... Only, as opposed to small sums like a few hundred grand (which is insured anyway..), we're talking BILLIONS here, and massive job losses..... <_<

 

Put it this way, I could walk into a bank with a shooter, rob the place and get 10 years if caught, these fukkers get "Captains of Industry" awards and praise from the Mayor of London..... :lol:

Not really to anything like the extent they struggle now... Buyers cant even get on the market in London and SE because of the rise in house prices, even one of my LECTURERS (earning over 35K) and his girlfriend couldn't realistically get a place because of the costs a few years back... Of course one bank offered them a 120% mortgage, but in the long run, I think we all know that it was offers such as this that that led to the "Credit Crunch" in the first place and has led to problems for homeowners, and he was savvy enough to realise that it perhaps wasn't a wise idea...

 

David Cameron is 100% correct in his criticisms of Broon, and for me to agree with a TORY would've been unthinkable a decade ago, but put it this way, in the recent party conferences, I was sure more impressed by what Cameron had to say than what Broon and his "wee wifey" (GAWWWDDDD what a truly fukkin' pathetic piece of spin that was.... :lol: :lol: ) were prattling on about... Broon bored us sh!tless for over an hour and talked absolute bollocks for most of it, Cameron actually had something to say... Not that it convinced me to actually vote for the Tories, but still....

Has someone hijacked your account Scott? We all know what Cameron and his predecessors would have said if this government had tried to tighten regulation of the financial services industry. You only need to look at Cameron and Osborne's comments a year ago whan they were calling for less regulation. There's only one politician to come out of this with any credit. Vince Cable. He's been warning about excessive debt for years and he's now been proved right.

Has someone hijacked your account Scott? We all know what Cameron and his predecessors would have said if this government had tried to tighten regulation of the financial services industry. You only need to look at Cameron and Osborne's comments a year ago whan they were calling for less regulation. There's only one politician to come out of this with any credit. Vince Cable. He's been warning about excessive debt for years and he's now been proved right.

 

Obviously Cameron and Osbourne have changed their minds haven't they...? So, if TORIES can see the problem and the need for something seriously proactive to be done for the long-term good, then why is Labour seemingly incapable of seeing this....? Obviously the Lib Dems are the only party to emerge with any credit, and I did say I wouldn't consider voting Tory, just that I thought on this one issue they had a point.... I'd certainly be more inclined to vote Lib Dem come the next election tbh, because they seem the only party with any consistency.... Problem is, the Lib Dems need an effective leader, Nick Clegg aint really it tbh, Simon Hughes on the other hand.... Or better yet, beg Charles Kennedy to come back..... :lol:

 

UK is halfway into the recession now...

UK is halfway into the recession now...

 

Realistically we're already in a recession though. It's just no-one will actually come out and admit it...

Realistically we're already in a recession though. It's just no-one will actually come out and admit it...

Well no. A recession by definition is two successive quaters of negative growth. We haven't had that, only one. We WILL have two yes but technically it won;t be until next year...

Well no. A recession by definition is two successive quaters of negative growth. We haven't had that, only one. We WILL have two yes but technically it won;t be until next year...

 

Yeah that's true. But like you say, it's inevitable that it will happen, so the sooner people get to grips with the fact we're in a recession the better. There's no point pretending everything's rosy, when it's far from that.

Well no. A recession by definition is two successive quaters of negative growth. We haven't had that, only one. We WILL have two yes but technically it won;t be until next year...

 

That may be the proper definition, but it is splitting hairs. October is much worse than September and no doubt Nov & Dec will be as bad, so we don't need to wait till end of January to confirm what everyone knows. Statistics always come out after the event, the Government would rather delay things rather than confirm it.

 

How many times did Broon stand up at the dispatch box, and say this is the 63 consecutive month of economic growth, blah blah blah. I don't see him jumping up owning up to the 1st quarter of negative growth.

 

Anyway if I remember, we came out of the last recession in mid 1992, so we had 5 years of growth even before Noo labour came to power,and Broon takes credit for that as well. Hypocrite.

That may be the proper definition, but it is splitting hairs. October is much worse than September and no doubt Nov & Dec will be as bad, so we don't need to wait till end of January to confirm what everyone knows. Statistics always come out after the event, the Government would rather delay things rather than confirm it.

Well quite. You can't really have a statistic about something before it's happened. And even so, I'd rather back up the terms I use with statistics rather than predictions (however accurate those predictions are likely to be).

How many times did Broon stand up at the dispatch box, and say this is the 63 consecutive month of economic growth, blah blah blah. I don't see him jumping up owning up to the 1st quarter of negative growth.

 

Anyway if I remember, we came out of the last recession in mid 1992, so we had 5 years of growth even before Noo labour came to power,and Broon takes credit for that as well. Hypocrite.

 

growth?.... id suggest it was a natural recovery after things were so down... when nu labour came to power...THATS when we started to see the difference. stability was acheived after brown was chancellor, ok maybe he had a firm base to start on.. but still . i cannot emphisise enough just how things did change under new labour in regards to investing in education. every school i work in has seen old, run down, delapidated buildings replaced or renovated after 20 years plus of neglect. and under brown , not under the 5 years of tories, did we get low interest rates, low inflation, low and stable mortgage rates...

 

 

growth?.... id suggest it was a natural recovery after things were so down... when nu labour came to power...THATS when we started to see the difference. stability was acheived after brown was chancellor, ok maybe he had a firm base to start on.. but still . i cannot emphisise enough just how things did change under new labour in regards to investing in education. every school i work in has seen old, run down, delapidated buildings replaced or renovated after 20 years plus of neglect. and under brown , not under the 5 years of tories, did we get low interest rates, low inflation, low and stable mortgage rates...

 

So we have great new schools, pity that still loads of kids still leave with little qualifications. Education,Education,Education...hollow ring to me.

 

Our interest rates over the last 10 years have been continually higher than the Eurozone, Japan and the US. Our inflation has been higher than them too. How can you say mortgages are stable, I would say they were giving them to anyone who applied whether they could afford one or not. I would expect that under a Tory Government(no regulations) but under a labour one.................

 

And I blame Broon totally for screwing up my pension, by Taxing the Pension Companies with a £5 billion tax in 97 to spend on his pet projects. I don't work for a council,school or civil service so I will end up a pauper, even though I have paid my taxes,Insurance and into a pension fund.

 

And to think I voted for them in 97, well I won't at the next election thats for sure.

So we have great new schools, pity that still loads of kids still leave with little qualifications. Education,Education,Education...hollow ring to me.

 

Our interest rates over the last 10 years have been continually higher than the Eurozone, Japan and the US. Our inflation has been higher than them too. How can you say mortgages are stable, I would say they were giving them to anyone who applied whether they could afford one or not. I would expect that under a Tory Government(no regulations) but under a labour one.................

 

And I blame Broon totally for screwing up my pension, by Taxing the Pension Companies with a £5 billion tax in 97 to spend on his pet projects. I don't work for a council,school or civil service so I will end up a pauper, even though I have paid my taxes,Insurance and into a pension fund.

 

And to think I voted for them in 97, well I won't at the next election thats for sure.

 

mortgage rates are stable, under nu labour my repayments were consistently low, the previous 14 years they were everywhere but 'low'. im currently paying just under £50 a month less then at the hight of tory rule, and thats with them being above the lowest repayments now.

 

interest rates higher then europe? the usa and japan?.. so?.. they are ... were, still consistently lower then at any time since i became a homeowner in '83...

 

the facts are that when labour came to power schools had had their infrastructure run right down. rotting 'temporary' classrooms with leaking roofs. this HAD to be paid for... of course if the previous 18 years of tory rule had steadily invested in this area then it wouldnt have been needed. however im not saying it was right to raid the pension funds.

 

im not employed by schools , im as a self employed person, im CONTRACTED to... which means i have to fund my own pension.

 

and for all of browns/labours faults... just what was the alternative in 97?

mortgage rates are stable, under nu labour my repayments were consistently low, the previous 14 years they were everywhere but 'low'. im currently paying just under £50 a month less then at the hight of tory rule, and thats with them being above the lowest repayments now.

 

interest rates higher then europe? the usa and japan?.. so?.. they are ... were, still consistently lower then at any time since i became a homeowner in '83...

 

the facts are that when labour came to power schools had had their infrastructure run right down. rotting 'temporary' classrooms with leaking roofs. this HAD to be paid for... of course if the previous 18 years of tory rule had steadily invested in this area then it wouldnt have been needed. however im not saying it was right to raid the pension funds.

 

im not employed by schools , im as a self employed person, im CONTRACTED to... which means i have to fund my own pension.

 

and for all of browns/labours faults... just what was the alternative in 97?

 

In '97 there was none, absolutely agreed... Which is why I voted for them in '97.... But you can only blame the Tories for so much, yes, the general attitude of "greed is good" was fostered by Thatcherism, but what has Broon actually done to reverse this attitude...? Not a hell of a lot as I see it... Very good "Dispatches" prog on last night, I presume you watched... The blame can pretty much be 99.9% laid at the doors of the banks and those in power who didn't do a damn thing to stop them from going completely OTT with their ridiculous schemes which nobody knew what the hell they were all about....

 

As the presenter on the "Dispatches" prog said last night "there is no way that the things we do in the City should affect the High Street or the Real Economy", and this is coming from a Hedge Fund manager, one of these people who I decry as evil buggers... Even HE says ordinary people should never feel ill-effects.... The Banks forgot what their actual function was and tried to play the High Flyer, totally over-reaching themselves, and it ended up going totally t*ts up.... I mean, seriously, go into any bank branch these days and I guarantee that the cashiers are gonna try to sell you something.... Sorry, but aren't they supposed to be CUSTOMER ADVISORS and not bloody SALESPEOPLE.....???? Ridiculous, we need a return to PROPER banking as it was, cashiers should be cashiers and not try to sell you a credit card or a mortgage when you just go in to make a deposit...

 

Oh, and by the way, now we're seeing the return of Negative Equity, just as you had in the 90s under the Tories.... :rolleyes:

Well no. A recession by definition is two successive quaters of negative growth. We haven't had that, only one. We WILL have two yes but technically it won;t be until next year...

 

That's as maybe, but it's a pretty ridiculous definition.... I mean, I imagine that Americans pretty much KNEW that they were in the throes of an almighty financial disaster pretty much the day Wall St crashed back in 1929..... :lol: They sure didn't need some tit in the Govt waiting about 6 months to tell them officially.....

 

We all have eyes, we all have ears, we KNOW things are in an utter shambles, of course, some of us live in denial of this fact.... :rolleyes: I would suggest everyone go onto the Channel 4 website and watches the "Dispatches - Don't Bank on the Bail-Out" programme..... As the Nobel Prizewinner for Economics said in the prog - "What we have is a 'World Wide Web' version of 1931".....

 

In '97 there was none, absolutely agreed... Which is why I voted for them in '97.... But you can only blame the Tories for so much, yes, the general attitude of "greed is good" was fostered by Thatcherism, but what has Broon actually done to reverse this attitude...? Not a hell of a lot as I see it... Very good "Dispatches" prog on last night, I presume you watched... The blame can pretty much be 99.9% laid at the doors of the banks and those in power who didn't do a damn thing to stop them from going completely OTT with their ridiculous schemes which nobody knew what the hell they were all about....

 

As the presenter on the "Dispatches" prog said last night "there is no way that the things we do in the City should affect the High Street or the Real Economy", and this is coming from a Hedge Fund manager, one of these people who I decry as evil buggers... Even HE says ordinary people should never feel ill-effects.... The Banks forgot what their actual function was and tried to play the High Flyer, totally over-reaching themselves, and it ended up going totally t*ts up.... I mean, seriously, go into any bank branch these days and I guarantee that the cashiers are gonna try to sell you something.... Sorry, but aren't they supposed to be CUSTOMER ADVISORS and not bloody SALESPEOPLE.....???? Ridiculous, we need a return to PROPER banking as it was, cashiers should be cashiers and not try to sell you a credit card or a mortgage when you just go in to make a deposit...

 

Oh, and by the way, now we're seeing the return of Negative Equity, just as you had in the 90s under the Tories.... :rolleyes:

 

nope didnt see, i was out last night :)

 

negetive equity is reletive... it matters not unless you are selling or cant meet the payments. ok, there will be some losers but in the real world $h!t happens.

Can I ask is this affecting anyone here yet? Anyone made any 'cutbacks'? I feel ignorant because to me so far it's just a bunch of rich people fearing they may have to be common considering I'm dirt poor and have lived the same way I've always had to! Is it JUST the case of banks lending people too much thus people are borrowing too much and it's all catching up on everyone? (which there has been warnings for years but no one has done anything about) or what? I really don't understand the full extent of the problem at all!

Not really

 

The value of my shares in recent weeks has fallen by £9500 but that is not ready cash as stock market can go up as well as down, work is quieter than usual but I have enough clients providing work for me atm to not have to make any real cutbacks

 

This is only the beginning of the recession though so the answer might be different in 6 months time

Oh yeah I forgot about share prices and then you have things like house prices which would affect people like Property Developers etc. (I wonder how Robbie Fowler is doing? :lol: ) Think I've answered my own question especially as I'm finding it harder to find a job due to not many people hiring in my first choice in line of work so I'm looking slightly lower because of it which is not good as I'm trying to raise money for more education! <_<

Europe's largest economy, Germany, has officially gone into Recession. Figures are far worse than what was expected.

 

 

And mainland Europe was supposedly in a better state than the UK.

 

Were actually fecked if thats still the case

not in the slightest..... in fact now the mortgage rates are cut im better off! but tbh as a seasonal worker, or someone whos effected by the seasons, im normally tightening my belt anyway at this time of the year.

 

however.... it really depends upon how long it lasts, im comming up to my quiet period workwise, if it deepens and lengthens then i expect some of my customers may cut me!