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  #11  
Old 14-Feb-2009, 22:33
TopiToo TopiToo is offline
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Hello

I personally think, the reason we are as a nation in a worse situation than our counter parts,
is due to the fact many countries saw the UK as a free for all with regards to the financial sector.
Icelandic banks case in point. The government opened the doors to anybody without regulation,
and was happy to allow them to sell their wares to the public. Encouraging mass dept amongst the populace
with mortgages set at in some case 100% of earnings.
What was the song of the opening Blair Years “Things can only get better”


We are constantly being told it’s a world recession, but Gordon Brown was the chancellor or the exchequer
for a good few years, and I believe he must of known that this open market, would result in a down turn,
and come back to bite. So now he has instructed Alistair Darling to throw money at the banks to try and kick
start the market reduce VAT etc . . Which I believe will not solve the problem.


People are now pulling in the purse strings, as savings are being hit, and bills are rising out of control,
and the government hope we will spend our way out of recession? On top of that the bank bosses
sit around apologising to its share holders and claim they never perceived the economy would react in this way?
I honestly believe there were many who had the foresight to predict these times,
but their advice was not sought or acted on. Its all doom and gloom for the perceivable future,
and hard times are a coming and it looks like nobody will take the blame or be held accountable.
Which sounds about right, from the people playing with our money.

TopiToo
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  #12  
Old 14-Feb-2009, 23:27
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DSC Member Paul James Paul James is offline
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Wow!!! Some great debate and responses guys. I did wonder if I'd just get a "pi$$ off you miserable old git" reply but these issues have obviously provoked a lot of thought, quite understandably.

I believe it will end up being by far the worst crash in history and just hope that most of you manage to ride it out. Fortunately I did see it coming and have for the past 6 years been "saving for a rainy day", we are without doubt in monsoon season!!!

I've always adopted Fordies attitude "if you ain't got the cash you can't afford it" apart from the house which was bought on a mortgage and paid off within 5 years as planned

Unfortunately those of us who have acted in that way will still have to fund the recovery caused by the irresponsibilities of others be they lenders or borrowers.

Paul


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  #13  
Old 15-Feb-2009, 16:28
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Murray Mint Murray Mint is offline
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Quote:
Originally Posted by Paul James
I've always adopted Fordies attitude "if you ain't got the cash you can't afford it" apart from the house which was bought on a mortgage and paid off within 5 years as planned

And that has been one of the major problems with our modern society, people just want it now. From my own experience, Bev's son Ben was given a £7000.00 credit card without even asking for it and this is happening all over the place. Young people and even older people are just using the so called "Equity" in their over inflated priced house to fund an ever more luxurious lifestyle, me, I say lets get back to basics as Fordie says.

My biggest worry is now if I lose my job how will I get another, at fast approaching 50 my skills are as good if not better than most of the people I work with but when it comes down to getting an interview the younger will almost certainly get a chance.

Any how lets try talking up the country and maybe some of it will rub off.
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  #14  
Old 15-Feb-2009, 16:30
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bradders bradders is offline
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you guys with cash to burn are so lucky

banks will be back in profoit next year, hopefully the greed-driven heads will have been guillotined (spellinh?!) and thiose left will resemble once again the community-led ethos which institutions such as banks were...and with real luck private equity will collapse and all those to$$ers who make billions on teh back of other will end up penniless!!
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  #15  
Old 15-Feb-2009, 22:21
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DSC Member Paul James Paul James is offline
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Quote:
Originally Posted by bradders
you guys with cash to burn are so lucky

banks will be back in profoit next year, hopefully the greed-driven heads will have been guillotined (spellinh?!) and thiose left will resemble once again the community-led ethos which institutions such as banks were...and with real luck private equity will collapse and all those to$$ers who make billions on teh back of other will end up penniless!!

Funny thing I found Paul.......more effort I put in the luckier I got

Never did much more than get by until I started working for myself running my own businesses. It isn't for everybody but I've been fortunate enough to find some niche markets that have worked for me given my engineering background.

What we need is more genuine entrepeneurs as it is they and not the government who create and always have created real jobs and overall prosperity for the country. The problem I foresee is that they will again be crushed by penurious taxation, the last thing we need if we are to get back on our feet.

Murray has touched on a really serious worry; with the government having allowed our manufacturing heritage to be lost, lack of real training for engineers and for people who can leave university with a degree that suits them for a real job I can't see how the economy can genuinely pick up.

The government go on about the 250,000 skilled vacancies that we have no people to fill, what an admission of abject educational failiure!

The major economies of the world rely on consumerism; China which has witnessed an absolute manufacturing boom will I predict be very badly positioned to ride this out as their rise to heady economic heights has largely been down to selling to the affluent West. With the scarcity of credit people can no longer buy the luxury items they were buying well beyond their means, the manufacturers will not be selling product and will in many cases go bankrupt leading to more unemployment, less people paying into the government coffers and more drawing benefits in an exponentially increasing downward spiral.

The $64 million question is when does it touch bottom.


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  #16  
Old 16-Feb-2009, 08:46
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mjbayley mjbayley is offline
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Question Help in the worng place!

Having been recently hit with the news at as of next Tuesday (24th) I'm unemployed (again) from the auto industry, I am seeing things first hand as well.

Companies are pulling in their belts with decining sales, stopping investment in new/better products, as their cash flow dries up.

The government says it is going to hep the companies by pouring cash into them, the same way it is propping up the banks, who seem to be vast black holes for 'our' money.
It also says 'we' are going to spend our way out of recession, but how can 'we' if 'we' haven't got any money to spend and the the loans have all dried up?

Instead of pouring more and more into the banks, how about setting up a sort of guaranteed loan scheme to individuals for environmentaly friendly products?

Say if you wanted / needed a new car/van, how about an interest free bank loan over 5 years, guaranteed by the government on identified 'eco' products?
That way, people would have more incentive to buy, companies would get the boost in sales, banks get their cut as they normally do, money filters through the sytem, everyone is working again, and can afford the loans to buy new / better products.

Pouring 'bad money' after 'even worse money' is not helping anyone and making the situation worse!

Or am I missing something here?????
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  #17  
Old 16-Feb-2009, 09:11
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DSC Member Paul James Paul James is offline
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Quote:
Originally Posted by mjbayley
Having been recently hit with the news at as of next Tuesday (24th) I'm unemployed (again) from the auto industry, I am seeing things first hand as well.

Companies are pulling in their belts with decining sales, stopping investment in new/better products, as their cash flow dries up.

The government says it is going to hep the companies by pouring cash into them, the same way it is propping up the banks, who seem to be vast black holes for 'our' money.
It also says 'we' are going to spend our way out of recession, but how can 'we' if 'we' haven't got any money to spend and the the loans have all dried up?

Instead of pouring more and more into the banks, how about setting up a sort of guaranteed loan scheme to individuals for environmentaly friendly products?

Say if you wanted / needed a new car/van, how about an interest free bank loan over 5 years, guaranteed by the government on identified 'eco' products?
That way, people would have more incentive to buy, companies would get the boost in sales, banks get their cut as they normally do, money filters through the sytem, everyone is working again, and can afford the loans to buy new / better products.

Pouring 'bad money' after 'even worse money' is not helping anyone and making the situation worse!

Or am I missing something here?????

Not sure you are missing much in what you say Mark, the government in their infinite wisdom have a new plan in the wings to help the car industry by some sort of trading in scheme that allows people to offset the new car price against an artificially high price for their old car. Can you recall last year how the housing industry was "helped" by rumours of a change in stamp duty? Virtually brought the market to a standstill while people waited on the rate cut decision. I think the same will apply here.

You've hit it spot on IMHO: how can we "spend our way out of recession" when nobody has any money irrespective of how much credit they can get hold of. I've got a great idea.......why don't we get the banks to lend zillions of pounds to people who can never pay it back then encourage them to buy a load of old **** they don't really need and can't afford. Wouldn't that work? Well at least until the banks had to pull the money back in. Didn't something like that happen recently ?

Hope you do find another job Mark, not sure what your background is within the industry but I think anybody who can be flexible will be in with the best chances.


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  #18  
Old 16-Feb-2009, 20:00
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bradders bradders is offline
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Quote:
Originally Posted by Paul James
Funny thing I found Paul.......more effort I put in the luckier I got ...etc etc

there are more that start and fail than succeed

and effort is no gurantee of success if the concept, ides etc is not the 'right' one
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  #19  
Old 18-Feb-2009, 22:14
Paul James's Avatar
DSC Member Paul James Paul James is offline
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Quote:
Originally Posted by bradders
there are more that start and fail than succeed

and effort is no gurantee of success if the concept, ides etc is not the 'right' one

Very true Paul, many unfortunately fail due to having a flawed game plan at the outset, the old adage of "sticking with what you know" isn't far off the mark.


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