Reply to: Are you in denial?

[Stan.goodvibes]

we'll get over the pain quicker than '92 when everyone just bimbled along down the rocky road together

??? what is that exactly, just so I can keep an eye out for it in case we all start doing it again?

[Stan.goodvibes]

The younger more mobile workforce may well survive the recession, but the more settled with no mortgages and cash will get very rich on it. Lots of luvverly cheap assets to buy up

The rich are getting less rich every day. Assets values are dropping faster than you can say 'anyone see where I left that $billion?', or 'wow, those shares really have gone down, haven't they?'

GB is going to start printing money soon to ramp up inflation, which has the nice effect of making all your debts smaller and easier to pay off. Kinda sucks if you happen to own a lot of assets, as the value of them diminishes considerably. Buts its great if you have a big mortgage, because wages go up along with the inflation so eventually you end up like my parents who were paying 10 quid/week at the end of their mortgage a few years ago - a sum that used to be 1/3 of dads wages (back in the 60's).

Low low low interest rates, inflation, dropping petrol prices, dropping house prices. Frack me, if this is a recession we should have more of them.

Bring it on!!!

[AtW]

probably the best post of late on this issue.

Indeed. Only if people learns the lessons of 1992 they would not be getting so much into debt.

[Liability]

One thing that is 'different' this time round is that companies and individuals are on the whole quite aware what is going to happen, and lived through the '92 recession. So my 2p worth:

1) Everyone has cut back very quickly on spending, leading to a dramatic contraction in the economy and the start of big redundancies

2) Point 1) will exacerbate the problems and make things (initially) worse

3) But point 1) will mean we'll get over the pain quicker than '92 when everyone just bimbled along down the rocky road together

probably the best post of late on this issue.

[swamp]

One thing that is 'different' this time round is that companies and individuals are on the whole quite aware what is going to happen, and lived through the '92 recession. So my 2p worth:

1) Everyone has cut back very quickly on spending, leading to a dramatic contraction in the economy and the start of big redundancies

2) Point 1) will exacerbate the problems and make things (initially) worse

3) But point 1) will mean we'll get over the pain quicker than '92 when everyone just bimbled along down the rocky road together

[ThomasSoerensen]

My contract ends in December - 2009 and plan B is coming on well - I think me and the little family will be all right.

But thank you for caring.

[lightng]

B&Q? I think their shelves will be fully stacked for the foreseeable. Time for a plan C me thinks.

Damn. I was looking forward being able to ask people if they wanted decking without getting the tulip kicked out of me.

[Pickle2]

My contract ends in Jan. I'm gonna take a week off and then hopefully walk into a £3000 / day contract within walking distance of my home. Plan B is to work at B&Q stacking shelves.

B&Q? I think their shelves will be fully stacked for the foreseeable. Time for a plan C me thinks.

[lightng]

My contract ends in Jan. I'm gonna take a week off and then hopefully walk into a £3000 / day contract within walking distance of my home. Plan B is to work at B&Q stacking shelves.

[ookook]

When it reaches 100% does the girlfriend leave? (Sorry Darling....)

You dont think I tell her about my earnings and assets do you?

[expat]

So will it be like an IT version of Auf Wiedersehen pet?

It bloody is already.

[Pickle2]

Correction, now 80%

When it reaches 100% does the girlfriend leave? (Sorry Darling....)

[Andy2]

Talking to people recently, I've noticed that a lot of people are in denial about the impending economic downturn. For many (mostly the under 35s) next year is going to be a really rude awakening to the real world.
In the long run this can only be a good thing.
Remember - what doesn't kill you will make you strong.

You mean there will be a recession
I'm sure Gordo will sort it out

[Ruprect]

Correction, now 80%

[Ruprect]

I guess it depends on your personal situation. I've got a house thats rented out, about 60% LTV left to pay but it ticks over nicely. Car paid off, student load paid off, I dont lead an extravagant lifestyle (although its tempting) and plenty saved to allow me to take 3 years off if I wanted or go and live in South America for a year or anything really.

I have a girlfriend but no wife so I can move country with ease to follow the work (sorry darling ) , although its clear that the quantity of jobs and pay is dipping currently. I think in some ways the younger, more mobile workforce that might survive the recession with less bother than those that are settled.

since time of posting, this is now 70%