Reply to: Northern Rock

[AtW]

A small dingy bedsit in Brum

4 bedroom house (all to myself) in a very friendly and leafy part of Brum, garage for 2 cars - beans are not good for long term storage

[shaunbhoy]

I can just imagine it. A small dingy bedsit in Brum, packed to the gunnels with Tesco value beans and the resultant atw farts. Meanwhile people will be getting on with life.

Don't forget the collection of alcohol-free beers for celebratory moments....whatever they might be?

[sasguru]

I am off to buy canned goods

I can just imagine it. A small dingy bedsit in Brum, packed to the gunnels with Tesco value beans and the resultant atw farts. Meanwhile people will be getting on with life.

[SueEllen]

Most were doing it before they knew their deposits were insured.

HTH

The deposits where not fully insured then.

Most of the people the news programs talked to in the queues where over 50 and seemed well-heeled so where likely to have a higher level of savings then £35,000 in NR.

[AtW]

Most were doing it before they knew their deposits were insured.

Rubbish - there were queues standing while TV was saying over a couple of days that deposits are insured, people in queues were asked why they queue knowing this and many said they don't give a hoot about guarantee and just want their money out.

Unlike you I've seen this behavior before.

[shaunbhoy]

What about those people that were queueing to get their deposits out of Northern Rock, why were they doing it while it was known that their deposits are insured anyway?

Most were doing it before they knew their deposits were insured.

HTH

[AtW]

Maybe in Russia, but in this country most of us have been raised to be able to think for ourselves.

What about those people that were queueing to get their deposits out of Northern Rock, why were they doing it while it was known that their deposits are insured anyway?

[shaunbhoy]

Understand now numpty that if 10% people die, then 90% will be thinking whether they are next, regardless of whether there is a chance of that happening or not?

Maybe in Russia, but in this country most of us have been raised to be able to think for ourselves. Maybe that is why you are struggling to adapt?

[shaunbhoy]

So maybe 10% of them will lose their house

And the Banks STILL won't lend the likes of alexei enough to buy one!

[AtW]

So maybe 10% of them will lose their house and suffer severe financial hardship.
Your point being?

The point is that markets are about expectations - only a fraction of people in the UK had deposits in Northern Rock, yet the view of long queues was rather chilling and it made Govt bail them out to the tune of 2 defence budgets. Understand now numpty that if 10% people die, then 90% will be thinking whether they are next, regardless of whether there is a chance of that happening or not? Newspapers will play good role in scaremongering too, and also - more importantly - stupid mistakes by this Govt that will certainly happen.

I am off to buy canned goods

[sasguru]

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.

So maybe 10% of them will lose their house and suffer severe financial hardship.
Your point being?

[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.

[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.

[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

[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