Credit Crunch, thoughts?

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The Universal
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Credit Crunch, thoughts?

Post by The Universal » Tue Apr 15, 2008 12:03 pm

Interesting that EA are about to launch possibly the most expensive game and peripheral as peoples disposable incomes dry up.

Anyone have any thoughts of how it might affect themselves, lifestyles and the world at large?
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FatTrucker
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Post by FatTrucker » Tue Apr 15, 2008 12:25 pm

I think a lot more is being made of this by the media than it actually warrants to be honest. If there's enough maudlin presenters, talking to maudlin analysts, making maudlin predictions about the economy day in, day out then it will become self fulfilling as people start to think 'f**k me, I'm not spending any money now, time to tighten my belt...the economy sounds f**ked' which of course if its repeated by enough people who watch/read the news will lead to the economy being f**ked.

There's a general slowing in the housing market which is actually several years overdue and should see prices fall then stagnate for a while until peoples incomes catch back up (the housing market has had unsustainable growth for a long time) and there's the general fallout from the American banking/mortgage industries problems, but the economy itself and peoples jobs still by and large seem to be ticking over nicely (shops and shopping centres are still full to bursting) and most of the large retail and grocery chains are all reporting excellent profits for the year.

So its mostly media spin, looking for a story that isn't currently there IMO, although they might well create one if they keep sensationalising what is little more than markets slowing and stabilising. The problem nowadays is that everyone's a f**king shareholder and so demand unrealistic growth year on year and its just not a sustainable goal in the longer term.

Maybe the government and financial institutions would have a little more cash to splash if they weren't spending so much money funding the debacle over in Iraq and failing to address the currently spectacular levels of benefit fraud.

There's definitely some kind of alternative agenda at play, the financial situation just doesn't warrant the panic that the media seem content to be trying to instill in people.
Last edited by FatTrucker on Tue Apr 15, 2008 12:35 pm, edited 1 time in total.
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markopoloman
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Post by markopoloman » Tue Apr 15, 2008 12:34 pm

Media spin or not - financially - I am a bit FUXORED at the moment! And the good old government are doing very little to help :evil:
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FatTrucker
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Post by FatTrucker » Tue Apr 15, 2008 12:37 pm

markopoloman wrote:Media spin or not - financially - I am a bit FUXORED at the moment! And the good old government are doing very little to help :evil:
Thats because you are one of the workers old son. A labour government will only ever be interested in squeezing your teats - god bless em.

Socialism should stay in the Kibbutz where it belongs.
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Post by psj3809 » Tue Apr 15, 2008 1:20 pm

markopoloman wrote:Media spin or not - financially - I am a bit FUXORED at the moment! And the good old government are doing very little to help :evil:
Thats because you have 27 kids ;)

Only messing fella ! Hope things improve, i was in a bad situation last year, suddenly made redundant, had a few weeks of panic but everthing then settled down. Must admit it did look bleak for a bit.

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Post by SirClive » Tue Apr 15, 2008 1:25 pm

FatTrucker wrote:
markopoloman wrote:Media spin or not - financially - I am a bit FUXORED at the moment! And the good old government are doing very little to help :evil:
Thats because you are one of the workers old son. A labour government will only ever be interested in squeezing your teats - god bless em.

Socialism should stay in the Kibbutz where it belongs.
And the Tories or Libs would be giving away free money ;)

I am just gutted that my employers share price has dropped (as with all financial institutions) so my benefits are worth less :(

Credit Crunch or not though, I aint paying £180 for a game unless it is packed in with a console.
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Dudley
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Post by Dudley » Tue Apr 15, 2008 2:13 pm

A massive fall in house prices would help almost everyone, including the vast majority of homeowners.

It would of course screw buy to let landlords but they can f-off.

I have difficulty feeling sorry for homeowners struggling to pay the mortgage. Worse case scenario given the recent rises is that you sell your home and end up renting like the rest of us... but with probably an average of £50k in free money in your pocket. My heart bleeds.
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sleeper77
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Post by sleeper77 » Tue Apr 15, 2008 3:16 pm

The "credit crunch" is another media excuse to potray more doom and gloom in newspapers, radio & TV. The economy might not be as good aslast year, but I don't see any mass redundancies or big panicky protests taking place like in the late 80s/early 90s because the general public is really hard up. I would say we are in a better position to recover than we were during the last big recession. And anyway, some leading financial analysts have said that the UK economy has always been robust during hard times and will continue to do so in future. But who is going to listen to them, the media just say whatever they want so we can buy their blabber. Just one more thing though, who is the "credit crunch" really afecting. The working person or those who continually cheat on the benefit system?

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Post by sscott » Tue Apr 15, 2008 3:25 pm

As stated in previous posts the media make it a self-fulfilling prophecy. What if the media/newspapers had not covered the northern rock story, you wouldn't have seen droves of middle class grannies drawing out their savings to keep it 'safely' under the bed instead. The big issue for some are those that have re-mortgaged their houses to the hilt to pay for that sh**ty conservatory or whatever and may have negative equity.
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paranoid marvin
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Post by paranoid marvin » Tue Apr 15, 2008 4:20 pm

You can guarantee that some people, some where , are making a great deal of money out of all of this

I mean ,have you seen the fluctuations in the FTSE recently?
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Xesh
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Post by Xesh » Tue Apr 15, 2008 6:40 pm

Dudley wrote:I have difficulty feeling sorry for homeowners struggling to pay the mortgage. Worse case scenario given the recent rises is that you sell your home and end up renting like the rest of us... but with probably an average of £50k in free money in your pocket. My heart bleeds.
Don't know about where you live but if I had to sell my house and rent one I'd be worse off. Buying a house was cheaper than renting when I got mine. My mortgage is under £350 a month but to rent a house or flat here is at least £400 a month.

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madblokeything
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Post by madblokeything » Wed Apr 16, 2008 3:31 am

the peeps making money are TESCO and their clan....


so £2.7 billion profit in one year isnt making money..... :shock:

what do we all do start our diets.. :lol:
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Post by James A » Wed Apr 16, 2008 4:45 am

Its weird but actually at the moment i feel pretty well off despite all the economic doom and gloom. I can afford to but the stuff i want plus put some money into my house savings each month. I 've only recently been able to do this.

With regards to housing though it seems every expert has a different opinion on what is going to happen. Personally i want a dramatic drop in prices very quickly as the friend i rent a room off for a very cheap rate is looking at moving to Australia. If that happens then it will drastically change how much money i have to the worse. Where i live though you looking at £130,000 for a house somewhere decent were your not likely to have everything nicked the first night you move in.

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Post by EvilArmourKing » Wed Apr 16, 2008 4:46 am

madblokeything wrote:the peeps making money are TESCO and their clan....


so £2.7 billion profit in one year isnt making money..... :shock:

what do we all do start our diets.. :lol:
Agreed!

The story on Channel 4 news last night about the increase in food prices just goes to show that TESCO couldn't give a flying **** about it's customers.

If they did, they could have been more dominant in the market by keeping the (rising) rate (of food) slightly UNDER general market cost, while still staying in healthy profit and at the same time, lessening the impact on it's customers.
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David
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Post by David » Wed Apr 16, 2008 4:57 am

I have a mortgage with Northern Rock and am currently in negative equity

I am about to default on an unsecured loan and overdraft to the tune of approx £32,000.

I have a baby on the way

Fun times.

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