Credit Crunch....getting scary now!!

sorry I should have put UK. You are correct about the USA and they do have different housing issues which meant the banks made bad investments.

The banks got greedy and have been caught with their pants down. They need to be yanked up hard and given a wedgey asap.

I also think TV news and politicians should be banned from being so bloody negative and looking for the USA or someone else for blame as OK it is not good news, but they are talking us into a grave. they should be saying that we are a strong economy with great people in this country, with tradition to see us through adversity and to lead the way for the rest of the world to follow. With food prices and shortages, we have acres of fields getting subsidized for being set aside, where is the sense in that? what ever happened to us being Great Britain!
 
On a brighter note - Tesco's profits are up again.....
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In a global economy, with close financial alliances to the big world banks, we are essentially part of other countries' economies - particular the US. If their economy goes bust, we'll all go with it. Our own banks have not been exactly cautious in their lending.
 
it is quite amazing that the house of representatives are in recess for two days because of the jewish holiday instead of sorting out an ammendment that would help world markets, so perhaps it is not that big a deal
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it is quite amazing that the house of representatives are in recess for two days because of the jewish holiday instead of sorting out an ammendment that would help world markets, so perhaps it is not that big a deal
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I was amazed that 10 mins after the votes were closed, one senator from Texas asked if he could change his mind.
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I do know that some of the big Uk energy companies were also bidding for British Energy but due to not enough government backing they couldnt match the offers of EDF...
I think that it is going to be a scary next few years, they keep changing the end dates for when we will come out of this i think only a month ago it was by 2010 we will be fine..um i think maybe 2012 it will be!
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That is optimistic. Hope you are right, as I can foresee a miserable decade ahead! Although who knows what will happen? The entire Western economy is based on services rather than manufactured goods, or land values. We may lose our position as the world's most developed economies permanently.
 
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I was amazed that 10 mins after the votes were closed, one senator from Texas asked if he could change his mind.
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yeah with someone who had one and only George Bush would swap so he thought he would be better off staying stupid
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I was amazed that 10 mins after the votes were closed, one senator from Texas asked if he could change his mind.
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yeah with someone who had one and only George Bush would swap so he thought he would be better off staying stupid
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LMAO!
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I went to my local feed merchants this morning only to find it had gone bust! I spoke to the owners who told me that their suppliers would only now deliver to business with large orders.
Mostly to do with lack of confidence, fuel costs etc.
A victim of the credit crunch
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I'm so sick of reading a load of inaccurate bull and scaremongering - or what's worse the lovely socialist and Marxist student societies who like to rant and rave about things they know nothing about.

Yes there has been (and always will be) short selling but there is an infinitely larger issue of severe bad practice and poor credit handling for which come people will be banged up for.
 
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I'm so sick of reading a load of inaccurate bull and scaremongering

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What inaccuracies or scaremongering has been reported?
 
The OP asked what effect the media had? There have been ridiculous reports in the paper about the cause of the credit crunch - as The Voice says the Daily Mail etc. Sorry AmyMay I don't have particular quotes as I don't read them in detail - the headline is usually sensationalist enough to bear the inaccuracies.

Perhaps my post wasn't entirely clear but it is rather frustrating when you come across individuals heavily influenced by the papers who like to rant and rave about greedy business men pulling us into a recession when there is a plethora of reasons this is happening and it doesn't mean all city traders are ogres.

So my post wasn't a whinge about my purse feeling the pinch but I was refering to the OP's question about media.

Just incase you thought it was aimed at you Sooty it was QR. -
 
Just to clarify further (as it seems necessary...since when have HHO posts always been relevant?! Jeez.) - I am not suggesting the ranting and raving individuals are on this post.
 
A minor aside, but I did wonder, on my return trips to England, how the average person was funding a Chloe bag habit, an Audi TT up the drive, and multiple holidays per year.
 
My husband was always amazed when banks (not the ones we bank with) would send him a cheque book through the post, unsolicited, giving him and automatic credit line of 25k??!!

May be there are lots of people out there to blame for the situation we are in but what really worries me are those people who are already on the poverty line. We are heading in to winter and I fear for the old man on the corner who has to make a decision on whether he eats today or stays warm.
 
yes i am worried, most days i think about its effects, its in the news every bloody day! makes me cross, tax payers always having to pick up the pieces, i would have thought lessons would have been learnt from the 80's
i am watching every penny i can, cutting back on many things, not that i lived like a queen before, just more of a pauper now!
 
I feel lucky as my website has no experienced a loss of sales, infact its picked up.

Ive really noticed a hike in the prices of goods, its just so silly. When we got our oil in about 5-6 years ago, we managed to fill the tank for just over £250, now it will cost us over £600!

I watched a programme the other day about the credit crunch, a professional couple are so far in debt that even the value of their house wouldnt cover it! Now thats scarey.

Im so careful with money, i always think if i really need it before i buy it. Only thing that i owe is my mortgage
 
It will get worse before it gets better. Its all a domino effect.
Start to support your local butchers and farmers markets.Tesco declared a profit yesterday after dropping prices and special offers !
I am very much involved in the financial market and advice people to place your cash into bonds.
Home owners does not have to worry about loosing your property in case another mortgage lender crashes at the end of the day your property is an asset to them.
Contact your Gas/Electricity supplier and demand a locked rate or you will change provider.
 
Governer, am inclined to agree with your sentiment re the media.
However, more annoying are the daily letters from readers who quite obviously understand very little about the situation and are just regurgitating Daily Mail sh*te, with catchwords such as 'fatcat bankers' over and over again.
My favourite yesterday was in one of the London papers, along the lines of 'every trader who has received a large bonus and short sold positions should be made to pay it all back then be sent to prison'. Nice one.
Guarantee they'd have been singing a different tune if that short selling had occurred in different market conditions and benefited their pension or investments in some way.

Obviously I'm seeing it from a slightly different side but there is so so much more to it than anything the press appear to be reporting.......there is no one doorstep to lay blame on.
 
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