New financial crash predictions

[Paddy]

Financial crashes are the norm and are used by the wealthy to buy up cheap commodities and property while the poor get further into debt.

It is a bit like the game of Monopoly. If one player has hotels on Mayfair and Park Lane and the other has Old Kent Road, it is obvious who is going to win.

[Sysman]

Unless Greece is the spark to light the touchpaper of course!

Hmm, the article I had bookmarked has disappeared from the Times web site.

Fortunately someone at Housepricecrash quoted it

The City Minister has written to the heads of Britain’s five biggest banks asking them to explain how they are preparing for bad credit card debts, The Times has learnt.

Lord Myners’ letter, which was sent on Thursday after a debate on the issue in the House of Lords, was copied to Lord Turner of Ecchinswell, chairman of the Financial Services Authority, and to Angela Knight, chief executive of the British Bankers’ Association.

There is growing disquiet among some peers that the rising number of people struggling to meet credit card debts will provoke another aftershock to the financial crisis as banks are forced to write off billions in “toxic” debt.

Britons owe more than £63 billion on credit cards. Speaking in the Lords this month, Lord Marlesford, a Tory peer, said that some banks had received less than 20 pence for every pound of debt passed on to debt collectors.

“What has the ... credit card debt on the bank’s balance sheets been valued at? If its is still valued at 100 pence in the pound, I would suggest that that represents a heavy burden of potential toxicity which could imperil, again, the financial system,” he said.

[PAH]

It's obvious that no matter what happens with the election, there is only pain coming our way afterwards.

The goverim have been artificially propping up the economy until May with hundreds of billions of pounds worth of 'quantitative easing', so they can keep the recovery "locked in".

Trouble is there's been so much manipulation that even the 'professional economists' can't agree on what's going to happen over the next months and years. Hyperinflation, deflation, stagflation, ... may as well just put it all on red and cross your fingers.

[SuperZ]

If you think its over, I think you are fooling yourself. None of the political parties dare tell you how bad it really is.

Conservatives get in, raise interest rates. Then it will start.

Don't get me wrong, I don't have rose tinted glasses on. I'm sure there are visibile issues and hidden issues, but the impact the initial credit crunch had on the market I feel will not be repeated.
It depends what those consider a crash. The doom mongers might consider a 30 % correction of the March 2009 tocurrent market rise a crash when I would call it a correction . Given the current levels and the March 2009 to current timeframe, a crash would mean a sudden drop to below the March 2009 lows. And if that did happen, nobody would be proud of being right about it as many of us would be kissing our careers goodbye probably!

No matter what state we're in, the stock markets really still appear quite cheap IMO (considering the long term not short term).Any 'correction' in prices would be a buying opportunity, but may doomers will probably still not buy as they think the world is going to end because of it

I agree pain may come our way after the election, but it might not necessarily stop the markets from rising. Some may see it as being positive for the UK in the long run, especially with a change of government. IN a way I'll feel sorry for the next government, as they have to dig us out of the doodooo-not an easy task and doing that will upset some because yes it will come at a cost.

[suityou01]

Dear Cretins,

The "current economic climate" is a brand name for the few that preside above the many. They make money out of us, whether up or down. They intend to make even more money out of us, and gain even more control by crashing the markets again. Soros' comments are meerly preparing public opinion on what is to come.

Last year's doom is only on hold until the General Election. After which business as usual and down down down.

Do as the hedge funds, fill yer boots.

HTH

SY01

PS When the markets all start sliding after the election I expect kudos. HTH.

Anyone still expecting a double dip then?