Credit crunch 2?

[Daniel]

BBC News - How close is Credit Crunch 2? (http://www.bbc.co.uk/news/business-14412390)

What do people think? Is it likely?

[Sonic]

I don't know if it's likely, but the markets certainly seem spooked.

Fingers crossed we don't, because it wouldn't be a recession if we did, it would be a full blown depression.

[Malbec]

I don't know if it's likely, but the markets certainly seem spooked.

Fingers crossed we don't, because it wouldn't be a recession if we did, it would be a full blown depression.

Fortunately Britain is in a far better position than most because of the massive cuts in government spending that were announced last year. While countries like Italy and even France now see a sharp rise in borrowing costs we've been spared that.

Sadly Germany and France are going to have to take a lot of pain now devoting huge sums of money to an ECB rescue fund if they're going to save the Eurozone.

[Daniel]

Fortunately Britain is in a far better position than most because of the massive cuts in government spending that were announced last year. While countries like Italy and even France now see a sharp rise in borrowing costs we've been spared that.

Sadly Germany and France are going to have to take a lot of pain now devoting huge sums of money to an ECB rescue fund if they're going to save the Eurozone.

It's all relative though. Whilst Germany and France might take a lot of pain, we will feel the knock on effect of it.

[Daniel]

BTW I should mention that one the way home today I'm taking all of my money out of the bank, I hear HSBC are running out of money!!!!!! :p

[555-04Q2]

The so called credit crunch 1 and the recession did not affect me at all. Since the s#!t hit the fan in 2008 I have had 3 record years in a row! Bring on the second one please :)

[Daniel]

The so called credit crunch 1 and the recession did not affect me at all. Since the s#!t hit the fan in 2008 I have had 3 record years in a row! Bring on the second one please :)

I suspect most other people would disagree. Nice of you to wish a recession on the rest of us.

[555-04Q2]

I suspect most other people would disagree. Nice of you to wish a recession on the rest of us.

Humour lost on you this fine Friday afternoon Dan? :p :

[555-04Q2]

A little tip for people. Don't live beyond your means. Do you really need a 40" Plasma or LCD TV? Do you really need shinny mag rims on your car? Do you really need a fancy new graphics card? etc etc. The answer is no, you don't. Put aside at least 25% of your salary every month, you will be surprised how easy it is if you plan ahead and make do without the cr@p you really don't need. If you do this, you will have money to burn when you want something nice and if the you know what hits the fan, you got some back-up. Discipline!

[Rudy Tamasz]

A little tip for people. Don't live beyond your means. Do you really need a 40" Plasma or LCD TV? Do you really need shinny mag rims on your car? Do you really need a fancy new graphics card? etc etc. The answer is no, you don't. Put aside at least 25% of your salary every month, you will be surprised how easy it is if you plan ahead and make do without the cr@p you really don't need. If you do this, you will have money to burn when you want something nice and if the you know what hits the fan, you got some back-up. Discipline!

My kinda guy! :up: It's a pity my wife isn't this way. :(

[Daniel]

A little tip for people. Don't live beyond your means. Do you really need a 40" Plasma or LCD TV? Do you really need shinny mag rims on your car? Do you really need a fancy new graphics card? etc etc. The answer is no, you don't. Put aside at least 25% of your salary every month, you will be surprised how easy it is if you plan ahead and make do without the cr@p you really don't need. If you do this, you will have money to burn when you want something nice and if the you know what hits the fan, you got some back-up. Discipline!

I've got a nice bit of money in the bank, still doesn't make it nice when you're not working :)

[Mark]

The recession in the early 90's put my Dad out of work. And this one has put me out of work.

[ioan]

Well during credit crunch 1 the governments bailed out the banks with out money, now when it comes to the governments debts to the banks no bank is going to bail out the governments, so we will have to pay for it, again.

IMHO the previous crisis was badly handled, even though everyone knew that the very base of the world finances is rotten it was left like that, everything was swept under the carpet and seemingly forgotten. The problems we are seeing now are directly related to what happened in 2008 and was not properly addressed back then.

If you want to have a great life you should become politician or banker! The rest of us mainly exist to pay the bills of these 2.

[ioan]

A little tip for people. Don't live beyond your means. Do you really need a 40" Plasma or LCD TV? Do you really need shinny mag rims on your car? Do you really need a fancy new graphics card? etc etc. The answer is no, you don't. Put aside at least 25% of your salary every month, you will be surprised how easy it is if you plan ahead and make do without the cr@p you really don't need. If you do this, you will have money to burn when you want something nice and if the you know what hits the fan, you got some back-up. Discipline!

You almost made me regret the panoramic roof on my next car! :D

[Sonic]

A little tip for people. Don't live beyond your means. Do you really need a 40" Plasma or LCD TV? Do you really need shinny mag rims on your car? Do you really need a fancy new graphics card? etc etc. The answer is no, you don't. Put aside at least 25% of your salary every month, you will be surprised how easy it is if you plan ahead and make do without the cr@p you really don't need. If you do this, you will have money to burn when you want something nice and if the you know what hits the fan, you got some back-up. Discipline!

I think a few governments could do with following that advice.

The market analysts I have heard today suggest that the markets are over reacting because of the time of year. Apparently.

[ioan]

I think a few governments could do with following that advice.

The market analysts I have heard today suggest that the markets are over reacting because of the time of year. Apparently.

That is also possible.
Let's also not forget that there are interests at play on the markets and when someone sells it always means that someone else buys and in this case they buy cheaper.
I will wait and see what happens next.

[anthonyvop]

The recession in the early 90's put my Dad out of work. And this one has put me out of work.

Starbucks is hiring.

[Steve Boyd]

A little tip for people. Don't live beyond your means. Do you really need a 40" Plasma or LCD TV? Do you really need shinny mag rims on your car? Do you really need a fancy new graphics card? etc etc. The answer is no, you don't. Put aside at least 25% of your salary every month, you will be surprised how easy it is if you plan ahead and make do without the cr@p you really don't need. If you do this, you will have money to burn when you want something nice and if the you know what hits the fan, you got some back-up. Discipline!
I did but the bank gave it all away in the form of mortgages to a bunch of Americans who just bought 40" plasma TV's, mag rims & graphics cards . . . . . .

[Brown, Jon Brow]

Starbucks is hiring.

As the disposable income of people is getting lower then I think unnecessary purchases like coffee house beverages will decline. So it might not be the best time to go into the coffeehouse industry.

I suggest Mark gets a van and becomes a Man with Van. Then he can offer his services to clear out businesses that have gone bust, like coffeehouses. :)

[Gregor-y]

I did but the bank gave it all away in the form of mortgages to a bunch of Americans who just bought 40" plasma TV's, mag rims & graphics cards . . . . . .
They still will have to pay back all they borrowed; the real winners are companies that bundled those debts and sold them without the usual disclosure about what was in them.

[Sonic]

As the disposable income of people is getting lower then I think unnecessary purchases like coffee house beverages will decline. So it might not be the best time to go into the coffeehouse industry.

I suggest Mark gets a van and becomes a Man with Van. Then he can offer his services to clear out businesses that have gone bust, like coffeehouses. :)

Now that's a business plan! :D

[GridGirl]

I could say the recession has effected me. In January my previous employer knew that I wanted to leave the firm and offered me a voluntary redundancy package that was alot higher than any statutory redundancy package so I took it. I had a week off and then started looking for new jobs. I got offered a job at a much larger firm to do the same job that I was doing at my previous employer but they offered me a package that would have involved me taking a £10k pay cut. Luckily I was in a position where I could tell them to sod off and I spend a further couple of months out of work.

I ended up making quite a big career change. Ironically the client I am working on at the moment is a nationalised bank.

[Malbec]

The recession in the early 90's put my Dad out of work. And this one has put me out of work.

Joking aside if you need help keeping this site running I'd be happy to chip in something towards the running costs.

[driveace]

Well I read an article that said" Today is the TENTH anniversary of the Euro,BUT I guarantee you there will not be a Twentieth".Was the author of this article correct.?
Can Germany and France,hold together the Eurozone OR will it collapse ?

[Mark]

Joking aside if you need help keeping this site running I'd be happy to chip in something towards the running costs.

That's fine. The advertising covers costs at the moment.

[Mark]

Well I read an article that said" Today is the TENTH anniversary of the Euro,BUT I guarantee you there will not be a Twentieth".Was the author of this article correct.?
Can Germany and France,hold together the Eurozone OR will it collapse ?

Hard to say. It may well partially collapse. We may end up with a two speed Europe with France and Germany keeping the Euro as is but other countries having their own versions.

I think it has proved that Europe is simply too diverse for a single currency for everyone. Which is a shame as in principle it's a good idea.

[markabilly]

Fortunately Britain is in a far better position than most because of the massive cuts in government spending that were announced last year. While countries like Italy and even France now see a sharp rise in borrowing costs we've been spared that.

Sadly Germany and France are going to have to take a lot of pain now devoting huge sums of money to an ECB rescue fund if they're going to save the Eurozone.

Does not matter as much as you think as to each country.

The problem is the international linkages between all the banks and other monetary institutions.

when I was a kid, I was told the great depression was caused by a bloated then collapsing stock market.

In fact it was caused by the banking system's failure, with the stock market crash being one of many results.

Germany could not continue borrowing to repay the greed of the winners in WWI, and they deafulted, and the the domino effect set in.....crunch.

Then nobody did what was necessary----INdeed all this austerity practices started as they have now, and made things worse.

History has repeated itself, with the denmes republicans and now, the dumbest of them all, the Tea Party!!!!!!

They want to cut spending, but not put taxation back to where it was, so as to make the wealthy pay for the infrastructure (paid for by the government taxpayers) that permits them to become wealthy. Indeed, not supporting taxation is as unpatriotic as it gets, but they are more than happy when a certain war drove the debt higher and higher.

Meanwhile it is and remains JOBS that permit the economy to work; those jobs are going to china and india.

And the S and P lowers the rating of the USA, because they are not happy the debt not being cut more by cutting more spendingr, but they have no other basis for the cut--just their political bs....;


of course,in the tea party's view, the only to cut spending is to cut money given to the poor and federal/state government jobs----which only compounds the problems----not the money given to the super wealthy through tax breaks and the money spent on the miltary industrial complex

[anthonyvop]

The liberal's(Like Markabilly) quick list of who is at fault here:

Bush
S&P
Millionaires & Billionaires
Tea Party
Bush
Jets
Boehner
Paul Ryan
McConnell
Bush
Limbaugh
Moody's (as soon as they announce a downgrade)

The real culprits:

No budget
Out of control spending
A poor economy
Failed stimulus
A democrat congress that spent with no budget
"Affordable homes"
Obama

[ioan]

The liberal's(Like Markabilly) quick list of who is at fault here:

Bush
S&P
Millionaires & Billionaires
Tea Party
Bush
Jets
Boehner
Paul Ryan
McConnell
Bush
Limbaugh
Moody's (as soon as they announce a downgrade)

The real culprits:

No budget
Out of control spending
A poor economy
Failed stimulus
A democrat congress that spent with no budget
"Affordable homes"
Obama

:laugh:

You're not biased at all, eh?! LOL!

[anthonyvop]

:laugh:

You're not biased at all, eh?! LOL!

Not biased if it is the truth.

[ioan]

Not biased if it is the truth.

Your truth, but not the absolute truth.

[anthonyvop]

Your truth, but not the absolute truth.

Nobody has yet been able to prove that it isn't the truth.

[Sonic]

Nobody has yet been able to prove that it isn't the truth.

Eh? What are you two on about?

In other news, the US has lost it's triple A credit rating. Anyone knows what that will mean for the American people or the rest of the words fragile economy?

[markabilly]

Eh? In other news, the US has lost it's triple A credit rating. Anyone knows what that will mean for the American people or the rest of the words fragile economy?

It means that the idle rich and the chinese will get paid more by the USA government (through its taxpayers) because of higher interests rates

No doubt that Vpop can use the extra change


Do not know why he bashes Obama like he do, since Wall Street bought off Obama years ago when he was a baby senator, and continued to do so through the race for preseident. (like at $10 to $15 for every dollar to McCain)

Hey, so Obama agreed to cut spending as in the deficit bill and to no new taxes. But shame on him, he should have done 4T instead of 2t cut.......


meanwhile, rome continues to burn

[anthonyvop]

It means that the idle rich and the chinese will get paid more by the USA government (through its taxpayers) because of higher interests rates

No doubt that Vpop can use the extra change


Do not know why he bashes Obama like he do, since Wall Street bought off Obama years ago when he was a baby senator, and continued to do so through the race for preseident. (like at $10 to $15 for every dollar to McCain)

Hey, so Obama agreed to cut spending as in the deficit bill and to no new taxes. But shame on him, he should have done 4T instead of 2t cut.......


meanwhile, rome continues to burn

Once again we have a knee jerk liberal who uses the usual left wing talking points that are based on Lies.

A real conservative like me is against ALL government assistance to private industry. Obama is the most anti-business president the USA has had since Jimmy Carter.

BTW Who the F*ck are the idle rich?

[Rollo]

Eh? What are you two on about?

In other news, the US has lost it's triple A credit rating. Anyone knows what that will mean for the American people or the rest of the words fragile economy?

A downgrade of the credit rating means that the government is seen as a higher risk. Higher Risk is coupled with a higher price for money to be borrowed.
What this means is that the Government will have to pay more in interest on loans it takes out.

An increase in the price of money generally leads to an increase in inflation and a falling of real wages for the American people generally.

[Sonic]

A downgrade of the credit rating means that the government is seen as a higher risk. Higher Risk is coupled with a higher price for money to be borrowed.
What this means is that the Government will have to pay more in interest on loans it takes out.

An increase in the price of money generally leads to an increase in inflation and a falling of real wages for the American people generally.

Thanks for the concise explanation.

How likely is that to make America's weak recovery flat line, or even double dip?

[Brown, Jon Brow]

The real culprits:

No budget
Out of control spending
A poor economy
Failed stimulus
A democrat congress that spent with no budget
"Affordable homes"
Obama

It's interesting that Obama is to blame when the financial crisis began before he got elected.

[anthonyvop]

Thanks for the concise explanation.

How likely is that to make America's weak recovery flat line, or even double dip?

Wouldn't the current recession have to end before there can be a double dip?

[Rollo]

Wouldn't the current recession have to end before there can be a double dip?

The US economy grew in all four quarters of 2010 and has also done so in 2011.

Officially the recession ended in Q3 of 2009 when the economy started to grow again.
U.S. economic growth seen resuming in third quarter | Reuters (http://www.reuters.com/article/2009/05/10/us-usa-economy-bluechip-idUSTRE54904E20090510)

[Daniel]

Absolutely began before he got there. He's just made it much worse. Along with much help from the (then) Democrat controlled Congress.

Tbh i don't really think anyone anywhere has control over this.

[anthonyvop]

The US economy grew in all four quarters of 2010 and has also done so in 2011.

Officially the recession ended in Q3 of 2009 when the economy started to grow again.
U.S. economic growth seen resuming in third quarter | Reuters (http://www.reuters.com/article/2009/05/10/us-usa-economy-bluechip-idUSTRE54904E20090510)


Let me guess.....Cuba has the best Healthcare and education system, North Korea is a Workers paradise and the Iranian revolutionary guard is a Farming club.

You believe any press release by the left don't ya?

Well then explain unemployment.

[BDunnell]

You believe any press release by the left don't ya?

Is Reuters 'the left'?

[donKey jote]

it all depends how right you are, and big tony is always right :p

[Sonic]

Let me guess.....Cuba has the best Healthcare and education system, North Korea is a Workers paradise and the Iranian revolutionary guard is a Farming club.

You believe any press release by the left don't ya?

Well then explain unemployment.

Good grief! :rolleyes:

[anthonyvop]

Is Reuters 'the left'?

Actually it is extreme left!

find me one person here that is from the right. The real right. Not the right left wingers like you love.

Analysis & Opinion | Reuters (http://blogs.reuters.com/us/)

[Rollo]

Recession Over, but Pain Persists - WSJ.com (http://online.wsj.com/article/SB10001424052748703989304575503691644231892.html)
The end of the recession occurred in June 2009, 18 months after the economy began sliding into a downturn in December 2007, said the National Bureau of Economic Research's Business Cycle Dating Committee, a group of academic economists that determines the widely accepted benchmarks for U.S. recessions.

Is the Wall St Journal "leftist" as well? Just who is an acceptable news source in Mr Vop's world?

[Captain VXR]

Recession Over, but Pain Persists - WSJ.com (http://online.wsj.com/article/SB10001424052748703989304575503691644231892.html)
The end of the recession occurred in June 2009, 18 months after the economy began sliding into a downturn in December 2007, said the National Bureau of Economic Research's Business Cycle Dating Committee, a group of academic economists that determines the widely accepted benchmarks for U.S. recessions.

Is the Wall St Journal "leftist" as well? Just who is an acceptable news source in Mr Vop's world?

Fox
Mail
Express
Basically the uber right propaganda lies, double standards and general sh**e

[BDunnell]

Is the Wall St Journal "leftist" as well? Just who is an acceptable news source in Mr Vop's world?

Himself. He also believes himself to know me better than I know myself, so we should definitely take him seriously, because that is some impressive skill, especially coming from someone who is either a criminal or a congenital liar (cf. aforementioned incident as described by Mr Vop himself regarding possession and brandishing of an unlicenced firearm during travels around Europe).

[JackSparrow]

Buy a plot of land,preferably close to water source.
Than buy the following
Mule
Goats
Chickens and a Cock
Rabbits
Dog/s
Cat/s
Seeds for planting
A wife to have many kids with to help with the above.

Always start small.

[markabilly]

Buy a plot of land,preferably close to water source.
Than buy the following
Mule
Goats
Chickens and a Cock
Rabbits
Dog/s
Cat/s
Seeds for planting
A wife to have many kids with to help with the above.

Always start small.



avoid the ocean.......to salty and hurricanes

[555-04Q2]

Joking aside if you need help keeping this site running I'd be happy to chip in something towards the running costs.

Same here :up:

[ifacompare]

It's very difficult to say right now, but with the U.S. struggling to pay it's debt it's not looking good.