Northern Rock

[AtW]

When it comes to economics he has all the vision of a bat with cataracts!

Typical statement by shaunbhoy - he tries to do it funny but totally screws it up by not knowing bats well. Idiot, don't you know that bats "see" using "radar" (sound) rather than with eyes? Cataracts affect eyes but eyes are not primary "seeing" sense for the bats!

[sasguru]

Ask Beaker or Brillo or spill the beans yourself since you clearly know the answer.

One recession is not necesserily the same as others - unemployment in this country is not high because of NL policy to keep people on books paying them money rather than have them registered as proper unemployed that they really are.

The answer is 8-9%. So approx 90% of the population could ride out the recession.
And you're right, due to larger public sector recruitment, this recession should be milder.
Did they teach you about Keynes in your "Business Admin" degree?

[BankingContractor]

"central banks are throwing tons of money to avert a crisis" - its ok for BoE to do this as its nationalised, but Federal Reserve is just another private profit-making enterprise (and not a part of the US Treasury) so probably not a good idea, in my opinion.

I find myself for the 1st time agreeing with my dear Russian friend here. The initial decision to provide liquidity was correct (after all, look at what's happening now - central banks are throwing tons of money to avert a crisis) however the way it was taken (hesitantly and publicly) and the ensuing melee of people wanting their money out has resulted in a huge propping up with billions of £ and no end in sight. NR had a business plan that guaranteed expansion at a phenomenal rate (in less than 3 years, it got to 1st in residential and 2nd in BTL with about 1/5 of the total market) with one flaw (dependance on foreign and cheap markets).
It's no coincidence that half of the contractors that I know (including myself) have 1 or more mortgages with NR.
The bad news for everyone (not just the existing NR customers) is that potentially borrowing may become much more expensive for most - or even unavailable for some.

[shaunbhoy]

Typical statement by shaunbhoy - he tries to do it funny but totally screws it up by not knowing bats well. Idiot, don't you know that bats "see" using "radar" (sound) rather than with eyes? Cataracts affect eyes but eyes are not primary "seeing" sense for the bats!

Bat or not, nobody "sees" sounds you dimwit. The reason they don't use their eyes and have to rely on radar is because their eyesight is so poor, so it is therefore eminently appropriate to use this description. You might have heard of the saying "As blind as a bat" at school if you had not been deluged with shouts of "Alexei, you are as thick as pigsh1t!".

[AtW]

The answer is 8-9%. So approx 90% of the population could ride out the recession.
And you're right, due to larger public sector recruitment, this recession should be milder.
Did they teach you about Keynes in your "Business Admin" degree?

Any current recession is bad - people will not find much peace in knowing it is better than WW2 bombs raining on London or other recessions.

Also, the big issue now is that disposable income of most people is non-existant, structural changes in economy happened since last recessions, so industry is decimated and people moves to services, but where to move afterwards when services tank?

They taught me Keynes in 1993, first year of Russian university, which I personally think was not bad, even though some subjects were totally useless.

[AtW]

Bat or not, nobody "sees" sounds you dimwit.

Retard, you are just digging yourself deeper - you made stupid mistake by suggesting that a bat with cataract will see poorly, this is the same stupid thing to say as suggesting that a submarine in submerged state won't see enemy ships because periscope is not on the surface. Geddit now stupid?

[DodgyAgent]

Retard, you are just digging yourself deeper - you made stupid mistake by suggesting that a bat with cataract will see poorly, this is the same stupid thing to say as suggesting that a submarine in submerged state won't see enemy ships because periscope is not on the surface. Geddit now stupid?

Yes but you are talking about Russian subs

[sasguru]

Any current recession is bad - people will not find much peace in knowing it is better than WW2 bombs raining on London or other recessions.

Also, the big issue now is that disposable income of most people is non-existant, structural changes in economy happened since last recessions, so industry is decimated and people moves to services, but where to move afterwards when services tank?

They taught me Keynes in 1993, first year of Russian university, which I personally think was not bad, even though some subjects were totally useless.

the big issue now is that disposable income of most people is non-existant,
Speak for yourself.
There are plenty of people with ready cash ready to liquidise the economy quickly


so industry is decimated
This had already happened in the 80s. If anything I would say there was a mini-revival in the 90s. Those companies that survived are the mean and lean ones.
On the other hand services in the City are multinational and deal with India, China, Russia, the Americas and Europe. The global economy is much larger now than in 1990, and housing is only a small proportion of it.

They taught me Keynes in 1993
You can take a horse to water but you can't make it drink

[shaunbhoy]

Retard, you are just digging yourself deeper - you made stupid mistake by suggesting that a bat with cataract will see poorly, this is the same stupid thing to say as suggesting that a submarine in submerged state won't see enemy ships because periscope is not on the surface. Geddit now stupid?

It doesn't "see" them. It "hears" them. Google it to find out the difference peabrain.

[AtW]

the big issue now is that disposable income of most people is non-existant,
Speak for yourself.
There are plenty of people with ready cash ready to liquidise the economy quickly

Yet again you show ignorance - you look at your personal situation and maybe of some of your work collegues, and think it's all right. No, it's not all right - statistically on average in the UK people have very low savings rate, at some point it was negative, so most people have got enough money to last maybe 6 months out of job if that.