Seriously doomed

[HRH]

I'd probably be better off. I can stop paying my car tax/insurance, pay £68 quid a week rent, breed like theres no tomorrow and let the government foot the bill and still have enough change to be in weatherspoons every lunchtime on the dot.

Chavdom here I come!

[Platypus]

It means your client/employer will be downsizing.

Why?

I'm still not sure what the crunch means to the average person in the street right now, assuming that person has a house with a mortgage and doesn't plan on moving home or getting a loan or retiring.

[NoddY]

Any reform of the banking and the money supply will expose the inner workings of capitalism and is unlikely to happen. A more likely scenario is democratic capitalism will eat itself.

[Moscow Mule]

ooops...


http://afp.google.com/article/ALeqM5...QNgHwiboHTlk_A


'Global banking giant [MILAN SAYS CAN YOU GUESS WHICH ONE] said Monday it had to take a massive 17 billion dollar hit on its exposure to the collapsing US housing market and resulting global credit crunch last year but it still managed a record net profit.
'

Milan.

Profits of $24bn - up 10% on last year. not doing too badly are they.

[NoddY]

Why?

I'm still not sure what the crunch means to the average person in the street right now, assuming that person has a house with a mortgage and doesn't plan on moving home or getting a loan or retiring.

He may lose his job. Labour resellers (employers) also take on debt and may have difficulty maintaining payments to the moneylenders.

[DimPrawn]

Why?

I'm still not sure what the crunch means to the average person in the street right now, assuming that person has a house with a mortgage and doesn't plan on moving home or getting a loan or retiring.

I'll leave this as an exercise to the readers.

[DimPrawn]

Profits of $24bn - up 10% on last year. not doing too badly are they.

What were the profits in the last quarter?

Lets see what the profits do next year and the year after that.

[DimPrawn]

http://www.moneyweek.com/file/43121/...cky-stars.html

[Platypus]

I'll leave this as an exercise to the readers.

Very smug! So you don't know either?

This is all starting to sound very Chicken Little to me.

OK I found this:
http://www.thisismoney.co.uk/credit-crunch

So, if you're in debt or seeking credit, then there's a problem. If you work in an industry that relies on people taking on debt to purchase your product (motor vehicles, houses) then your job is at risk. And I can see that has a knock-on effect in the high street.

But I still reckon that for many averages joes, the sky is not falling in, nor will it.

[HRH]

Yeah thats what I understand as well. If you have heavy debts, mortgages you can not afford unless you BTL's are full, you are going to suffer more. As for losing jobs, thats something that we have all lived under the threat of for many years, does anyone remember the contract market in the early 2000's....and the economy as a whole was pretty strong back then.


Im a FTB, my house is to live in not to make cash (although that would be nice!) if it does not rise 10/15% a year, Im not goingto lose any sleep, my fear is if it plummets in value.