Lessons from this recession

[BrilloPad]

1. Be feckless and borrow as much as you can. If there are any problems the government will bail you out. The careful spendthrifts will always suffer.

[alreadypacked]

1. Be flipless and borrow as much as you can. If there are any problems the government will bail you out. The careful spendthrifts will always suffer.

Be flipless and borrow millions

A friend of mine manages one store in a chain of six, company is supported by the bank until Christmas. They have been given sales targets approved the bank, and told if they don't make the targets by Christmas, they will be forced to close.

I wonder how many other companies are in the same boat

[TimberWolf]

Be flipless and borrow millions

lend trillions

[DimPrawn]

I remember seeing a TV programme about a single guy building a multi-million pound BTL empire from nothing.

He had a simple view on this. Either the dream will pay off and he will sell up down the line and become very rich with very little effort using 99% borrowed money OR it will all go t1ts up and he'll be a bankrupt for a few years. Not exactly a big downside when he had fook all anyway to lose.

When you look at it like this, it's madness NOT to borrow during a credit boom a make a shot at the big time.

The only people that pay are the sensible ones, and no one like boring sensible people anyway.

[sasguru]

I remember seeing a TV programme about a single guy building a multi-million pound BTL empire from nothing.

He had a simple view on this. Either the dream will pay off and he will sell up down the line and become very rich with very little effort using 99% borrowed money OR it will all go petals up and he'll be a bankrupt for a few years. Not exactly a big downside when he had fook all anyway to lose.

When you look at it like this, it's madness NOT to borrow during a credit boom a make a shot at the big time.

The only people that pay are the sensible ones, and no one like boring sensible people anyway.

Each day you're beginning to sound more and more like AtW.
Full of ideas and dreams that are in no way justified by your reality.

HTH

[Menelaus]

don't borrow more than you can afford to repay.

[DimPrawn]

Each day you're beginning to sound more and more like AtW.
Full of ideas and dreams that are in no way justified by your reality.

HTH

Not at all. I was pointing out that during a credit boom the downside (bankruptcy for a few years) is not a great hardship or "punishment" vs the chance to become a millionaire by risking other peoples money.

I used cheap borrowing to build up a reasonable amount of money and it wasn't exactly difficult. My regret is I didn't borrow a LOT more money. Spotting when to buy and when to sell was easy too.

So to summarise, the lesson is, be part of the boom because you are going to be part of the recession whether you benefitted or not.

[Cyberman]

Not at all. I was pointing out that during a credit boom the downside (bankruptcy for a few years) is not a great hardship or "punishment" vs the chance to become a millionaire by risking other peoples money.

I used cheap borrowing to build up a reasonable amount of money and it wasn't exactly difficult. My regret is I didn't borrow a LOT more money. Spotting when to buy and when to sell was easy too.

So to summarise, the lesson is, be part of the boom because you are going to be part of the recession whether you benefitted or not.

... but we were also part of the credit-fuelled boom whether we liked it or not.

[bobhope]

Not at all. I was pointing out that during a credit boom the downside (bankruptcy for a few years) is not a great hardship or "punishment" vs the chance to become a millionaire by risking other peoples money.

I used cheap borrowing to build up a reasonable amount of money and it wasn't exactly difficult. My regret is I didn't borrow a LOT more money. Spotting when to buy and when to sell was easy too.

So to summarise, the lesson is, be part of the boom because you are going to be part of the recession whether you benefitted or not.

Unfortunately DP is right. It's a prisoner's dilemma type thing.

Nobody could see this coming(TM) of course :-)

[Cyberman]

Unfortunately DP is right. It's a prisoner's dilemma type thing.

Nobody could see this coming(TM) of course :-)

Anybody except Labour voters saw the writing on the wall in 1997.