Right then this "Credit Crunch" thing

[jeremy]

i'm no expert (on anything) but surely the whole market is based on confidence; a bit too much and everyone gets a bit Gungho, a bit too little and everyone starts sh1tting themselves and before you know it the papers are telling us because they need to sell something short term that we are all financially sh4fted. If everyone calmed down and stopped bush brown and anyone else with a name beginning with B becoming a national leader we'ed be OK (probably) and O'Bama is not the first Black Irish candidate

 

[montybaber]

Don't see it. Have had 40 grand wiped off my ouse in 6 months. Am actually in a situation where my house is worth 20 grand less than the damn mortgage. If I saw GBrown I would shove a hot poker in his arse!

Dont see what?

houyse is only worth what people are willing to pay and at the moment that is nothing!, does that mean your house is worthless? this country is full of sheep and if the media tells them not to buy they wont...as soon as the media shuts up for five minutes then people will buy again.

the people dropping the house prices are the people desperate to get out (poor sods) and are giving them away..investors are rubbing their hands together!! if everyone doesnt panic and the interest rates stay sensible then we will recover from this...but who knows

 

[Carter]

If its all media hype ,why then has the goverment just risked 50bn of tax payers money in an effort to get the banks lending to each other again ,£2000 for each and every tax payer,its a good job weve got such a brilliant team in control or we would be doomed

Erm it's actually £500,000,000,000 (five hundred billion!) working out at about £21,000 each. Essentially a third of the country's annual work/productive output is now diverted into this underwriting of the banking system. In fact what they've done ("after full consultation" ) is borrow it against the supposed future viability of the most vulnerable banks! If they survive we get the money back (yeah right!) if they don't then they've basically saddled my son with even more debt before he's even started school! Nice one eh? What a total and complete f*ck up! If I knew this was going to happen as a layman how the hell did it slip under the nose of the treasury team, the FSA, the banking ombudsman, the city 'regulators' and all those other venal userers who nominally call themselves "the experts".
All of OUR WORK no matter how small has to be rigourously tested before use and before we are allowed to state that it is complete, 'fit for purpose' and we can then say WE have done our jobs competently! These arseholes have absolutely no effective quality control system yet they are allowed to play with the future of a whole nation not running a f*cking spur!!! We give them money to burn and then give them the bloody matches, we must be mental!

It is often remarked that you could strip a banker of every penny he has but if you leave the b@stard a fountain pen he'll have the lot back (through the con trick of fractional reserve banking) in a year.

 

[saveloy]

Right tin hat on with full body armour. Without wishing to be the monger of doom and gloom, I think you'll find that the causes of this current crisis run a hell of alot deeper than a bit of media hype!

Basically the banks of the world are in deep doo doo. For the past decade they have created the biggest credit binge pyramid scheme the world has ever seen.The banks thought they had created a foolproof scheme whereby they could lend into infinity based on the ever increasing value of houses. This worked fine until people started to default on their mortgages in the US.

Unfortunately the clever masters of the universe had made their pyramid scheme global. The problem now is that no bank trusts another bank because no bank knows what bad debts another holds. No one knows who is the next bank going under. Therefore no bank wants to lend to another.I agree that it is a crisis of confidence but it is well founded IMHO. Christ a country went bankrupt yesterday.

The media are only reacting to what is happening they are not the cause. I have been following this situation for a year now and although I can't say I knew what was going to happen (who can) I knew that the current crisis COULD happen. And it's not over by a long shot. People should prepare themselves for a whole lot worse. This will make the 1990 recession look like a bad week at work.

I'm off to take shelter from all the flak coming at me

 

[montybaber]

 

[Cirrus]

Might as well throw the freakin house keys at the bank manager now then eh?

 

[saveloy]

Yeah I know but please don't shoot the messenger . I'm sh1tt1ng myself just as much as everyone else!!

Might as well throw the freakin house keys at the bank manager now then eh?

TBH I think that is the worst thing you can do.

 

[montybaber]

Only playin dont get me wrong its worrying but i'm not gonna lose any more sleep over it...lifes too short

whats the worst that can happen? if i lose my house then i'll do my best to produce as many children as possible (6 will do) then i'll live in a tent til council put me up in a huge rented house and pay me £2k a month benefits while I sit on my arse playin fifa 09.

I may sound like i'm takin the **** but I have just watched the exact thing happen where I live (nice seaside town) so I know its possible, I started work 3 days after my last exam at school and havent stopped since and for what? feck all!

I honestly have given up worryin now!

 

[saveloy]

Only playin dont get me wrong its worrying but i'm not gonna lose any more sleep over it...lifes too short

whats the worst that can happen? if i lose my house then i'll do my best to produce as many children as possible (6 will do) then i'll live in a tent til council put me up in a huge rented house and pay me £2k a month benefits while I sit on my arse playin fifa 09.

I may sound like i'm takin the **** but I have just watched the exact thing happen where I live (nice seaside town) so I know its possible, I started work 3 days after my last exam at school and havent stopped since and for what? feck all!

I honestly have given up worryin now!

All though I said I am bricking it you are right. There is feck all anyone can do about this and that includes the government. I'm not going to worry about things I can do feck all about. Me worrying is not going to change what is happening. All you can do is deal with things as they arise.

 

[Bane]

Anyway.

A US Billion or a UK Billion?

US Billion = 1,000 million
UK Billion = 1,000,000 million

 

[rumrunner]

Anyway.

A US Billion or a UK Billion?

US Billion = 1,000 million
UK Billion = 1,000,000 million

Good point bane,i get confused hope Gordons got it sussed

course he has

 

[Cirrus]

Good point bane,i get confused hope Gordons got it sussed

course he has

He can't even suss out what pants to wear of a morning. Time for him to admit he is a no good for nothing ----- and hand over the reins to someone with an ounce of sense.

 

[rumrunner]

He can't even suss out what pants to wear of a morning. Time for him to admit he is a no good for nothing ----- and hand over the reins to someone with an ounce of sense.

Yeah i think he should handover to Peter Mandleson,and go back to being the chancellor,give alistair darling a nighthood for his outstanding contribution to the rescue package
i also think some provision should be made for Tony Blair ,maybee in the defence ministry
Then well have the dream team, once again

 

[PAUL M]

I think labour have run out of ideastime for a change me thinks especially on imigration policy

 

[saveloy]

Unfortunatley chaps we are past the point of no return!! There is nothing anyone can do, and I mean anyone, about this crisis now. The best we can do is offload as much debt as possible and hope for the best!