Has the Worldwide Credit Slump Hit You ?

[wraggster]

Just as the banking markets are in tatters the whole world seems to be plumetting towards a very real recession, i cant speak for other countries but the very high price of fuel which has come down lately but still exceedingly high coupled with every single thing taxed in every area of life and the rather dangerous costs of Gas and Electric which have seemingly tripled.

Add all these together and the very low if any pay rises and its no wonder that people around the world are struggling and that everywhere a massive downturn in sales is inevitable.

Has the Credit Slump Hit you and Your familys ?, i personally foresee that no one hasnt been affected and if anyones to blame who in your eyes is to blame ?

[havoc_012]

I live in the U.S. and I can feel the effects of the recession.

I was one of those people that pulled money out of Washington Mutual. A total of $15 billion was drawn from Washington Mutual after they announced they lost $5 billion. The loss of liquidity caused the bank to close.

I don't think the government should be bailing out these banks after the sub prime mortgage crisis. Buying a house you can't afford and hoping that the value increases is gambling. Unfortunately, when I go to Las Vegas and gamble away my money, I don't get reimbursed. Why should these banks be any different?

[FOL]

Well, Im out of job. Finding another is looking hard. Im just worried about loosing my home and everything I have worked for, :(.

As for whos to blame, well it has to be the government. Give it a few more weeks, and the backlash will come. We are going to start turning against each other. Think I should stop as I will start getting political, all I will say is check out the SUN newspaper from yesterday and the story on a 7 bedroom mansion.

This is why I think the country will ultimately crash, the government is inciting hatred in my eyes. People will start comming to the conclusion, I work my arse off and end up loosing everything. Yet a bum with kids, gets a £12,000 a month rent paid on a mansion and does nothing (best thing is they aint even british). You tell me where the justice is.

If your interested in the story, read HERE (http://www.thescottishsun.co.uk/scotsol/homepage/news/article1781465.ece)

EDIT:- Forgot to add, that £12,000 is my entire years salary. To be paying this a month is disgusting.

[WhizzBang]

As for whos to blame, well it has to be the government.

Why do you think the government to blame? What could they have done differently so that the UK could have avoided this? (I presume you are talking about the UK government since you live in Wales). This crisis started in the US not the UK.

[Zack]

It hasn't but I am sick to death of hearing about it.

People are still on the same wages so I don't know how this thing even happened.

The sooner people get over it and move on the better.

[FOL]

Why do you think the government to blame? What could they have done differently so that the UK could have avoided this? (I presume you are talking about the UK government since you live in Wales). This crisis started in the US not the UK.

I was just posting my feelings towards it. You obviously dont live in the UK, and dont know how much money the government waste on pointless crap. If they would get their head out of the sand and wake up to reality, the UK wouldnt even be in this problem.

People are worried how the £400,000,000 is going to be funding, and oh look its going to be funded by us the working public.

This is why I wanted to avoid posting.

[FOL]

It hasn't but I am sick to death of hearing about it.

People are still on the same wages so I don't know how this thing even happened.

The sooner people get over it and move on the better.

Well lets hope your job is secure, else you would proberly not repeat that comment.

[ojdon]

It's kinda' affected me personally, since I am no longer able to afford to go on Holiday with my Girlfriend.

[shadowriffe]

It hasn't really hit me yet, but I'm sure it will. We live with only my dad's income with a government job, which will likely get shut down if Obama gets elected. I don't think bailing out the banks makes sense, but if it actually works down the road, I won't complain. I have to try to have a little faith in our officials.

I am sick and tired of the leftist news media blaming it on Bush though. People seem to forget, or they'd like you to forget about a little thing called Congress. The President is not a monarch, which they want the idiots en masse to think, thus making them want to vote for Obama, thus putting my family's income down the toilet.

The real people to blame are the senators that stood behind Fannie May and Freddie Mac and allowed millions of people (It's their fault too.) to purchase homes that they could not afford. And most of those congressmen are *drum roll* Democrats. : )

[Eviltaco64]

From what I've heard, there was some law passed that allowed poor people to buy houses, they couldn't afford to pay for them, and banks lost money.

[WhizzBang]

I was just posting my feelings towards it. You obviously dont live in the UK, and dont know how much money the government waste on pointless crap. If they would get their head out of the sand and wake up to reality, the UK wouldnt even be in this problem.

People are worried how the £400,000,000 is going to be funding, and oh look its going to be funded by us the working public.

This is why I wanted to avoid posting.

I didn't mean to sound as though I was having a go at you, I was just interested to hear why you blamed the UK government.

Yes, I am outside the UK - I am in Sweden. I have been following the news intently on it all and my own company has made many lay offs in the last year and is bracing itself for an even tougher time in the coming year. I am hoping we can ride the storm out and I can keep myself employed through it all.

It is terrible for people like you who have already been shafted by the recklessness of the worlds major banks.

[myuusmeow]

From what I've heard, there was some law passed that allowed poor people to buy houses, they couldn't afford to pay for them, and banks lost money.

It wasn't a law. Interest rates were low and they didn't know what "adjustable rate" meant. Interest rates get higher, they stop being able to pay for their house, bam bank lost lots of money and gets to keep the house. (foreclosure) But they don't want to. Property taxes, insurance, all kinds of expenses they don't want. They want people to buy them but no one can because so many banks lost so much money in foreclosures. Barely any houses are sold, economy is crushed. Stocks fall 1000s of points.

----
It hasn't affect me as I am just a minor, but my parents are greatly affected. Their retirement funds, $10,000s in stocks are all down the toilet.

[FOL]

I didn't mean to sound as though I was having a go at you, I was just interested to hear why you blamed the UK government.

Yes, I am outside the UK - I am in Sweden. I have been following the news intently on it all and my own company has made many lay offs in the last year and is bracing itself for an even tougher time in the coming year. I am hoping we can ride the storm out and I can keep myself employed through it all.

It is terrible for people like you who have already been shafted by the recklessness of the worlds major banks.

Aye, no problems. I to was hoping that my company would wether the storm. Lets hope the job prospects pick up soon, or im in the crap big time. I wouldnt mind so much if I live alone, but I have my wife and 2 children to think about and loosing our home would kill me, :(.

[Mc_Logical]

Well id rather live like the way we do than people starving hungry or poor in other countrys, so I say stop f-ing moaning and get on with it, weak minded bastards... it`s psychological, we all die anyway, I have no worrys and honestly I couldn`t care less

[mike_jmg]

I haven't been affected yet although I saw a raise in the prices of lots of everyday products, not that much, it's like everyone is getting used to it since now we have this raises like once or twice a year. But I think this crisis will get us sooner or later after all, Mexico is like the US backyard.

I'm in hopes of getting a job in Texas as chemical engineer, a friend of mine who is already working there says I shouldn't worry about that, but I'm not so sure, this thing might cut out my possibilities of getting it and that one is my best and last hope of getting a job this year.

[FOL]

Well id rather live like the way we do than people starving hungry or poor in other countrys, so I say stop f-ing moaning and get on with it, weak minded bastards... it`s psychological, we all die anyway, I have no worrys and honestly I couldn`t care less

That has to be the stupidest comment ever in the regards to not caring. Sure there are other countries who are poor and have starvation. I do my part, in regards to charities.

So lets break it down. PAY MY MORTAGE FOR ME, and I to will not care either. If I wasnt being made redundant, then I to would just carry on my merry way.

@Wraggster was this topic wise.

[watupgroupie]

I live in Canada and things are coming pretty easy. I mean the gas prices are quite high but they've been that way for awhile now. Since are dollar is worth more than the American dollar, everything from America is dirt cheap. Plus if we go to America and use our money to buy stuff, its practically robbery. I can see us falling down right away though, cause were having an election on tuesday and I have a feeling one of these dumb parties will screw it all up, or maybe our good luck will catch up with us.

[havoc_012]

Vegeta, whats the scouter say about the Dow Jones' power level? Its under NINE THOUSAND!!!

So who's to blame?

I think we have to look at greedy banks making predatory loans. Washington Mutual CEO Kerry Killinger was one of the main offenders. His bank made some of the worst loans. Yet up until he was fired earlier this year, he was getting paid $18 million a year to drive our economy into the ground. Enjoy your golden parachute, you've earned it.

I think we have to look at legislation signed by President Clinton in 1997, that allowed houses to be sold tax free. This encouraged speculation in the housing market. Of course, we were in a technology boom in 1997, so this didn't seem like a bad deal at the time. The bill was a bipartisan effort, so both parties are to blame.

[devdj]

i can see recession hit ireland already i was downtown quess what loads of stores are having early sales just before the budget which i belive is on the 14th of october and every where i went barely any one was buying anything and a local grocery shop closed 3 days ago it seems like alot of small business's are screwed where i live and we in ireland took the risk by making the Irish economy the most open in Europe, a strategy that paid off handsomely when the global economy was booming. But it means also that we are now feeling the downturn much faster than other countries. But now that we Irish have a plan that provides a guarantee of *400 billion of bank liabilities, with all deposits, loans and debts covered by the state. To put that in context, *400 billion is around 300% of our national income. The $700 billion proposed in the U.S. is less than 10% of American national income.
So the Irish bailout is gigantic. And we will be looking at what all that means for Ireland next week.

[pibs]

It has effected me alot! I had to switch to a JC because they are less expensive and its cheaper on gas to get there because they are closer. I still can't find a damn job! I go to places that are hiring but never get a call back :( Many businesses around where I live are closing down.... things are getting real bad and noticeable. I stop wasting time blaming and trying to figure out who did it, I am just trying to find a plan how me and my family will get through this now.

Just hope this recession doesn't become a depression.

[jamotto]

These are very uncertain times, the cost of basic needs is just outrageous. My workplace is preparing for an extended depression. The future does not hold much promise.

[fpcreator2000]

I Live in the US and I only have to say this:

The crisis the world is facing ( yes the world, if the US economy falls, the rest of the world economy is going to hurt.) is because these bad loans have been happening since the invention of credit. The only difference is that people had jobs to pay these loans. Now that they don't, what a surprise, they can't pay for the loans.

[Veskgar]

Its tougher to get a decent job and even tougher to just get your foot in the door at a spectacular job nowadays. I'm not really sure I care much though. I don't pretend to know and understand all the reasons this is happening. But greed and over-population have their place that is for sure.

[Eviltaco64]

I'm going job hunting again tomorrow.
Hopefully I'll find something, even when the economy is as unstable as it is now.

[gutbub]

Being a college student, this surprisingly hasn't effected. I'm still broke, and still have the same amount of loans to pay back after I get out of school. People who cry about this are the people it should effect. Don't blow money you don't have on stuff you don't need. Also, finding a job is not that hard, it just might not be where you want to work.

[juiceface]

"Why do you think the government to blame?"

Easy, deregulation of the financial industry caused us to be where we are today. The government took away all checks and balances in the financial sector meaning wall street could run wild and issue as many risky loans as they wanted without any oversight whatsoever. Had there been government regulation and standards set in place for all loans (ie, making it illegal to give a loan on a $250,000 house to someone who makes $12.00 an hour) we wouldn't be where we are now with billions of dollars in defaulted mortgages.

[pibs]

Being a college student, this surprisingly hasn't effected. I'm still broke, and still have the same amount of loans to pay back after I get out of school. People who cry about this are the people it should effect. Don't blow money you don't have on stuff you don't need. Also, finding a job is not that hard, it just might not be where you want to work.

well that might be in the AZ but here in LA finding a job is getting ridiculous. Work is work, I have no preference in jobs so I have been applying at burger joints, factories and gone to those shitty agencies and still nothing.... I have a clean record and a good resume and that still doesn't help.

I have heard word on the street that if McCain wins this election there are going to be riots. People are getting desperate/anxious and anyone with half a brain knows Cain is gonna bite the dust and leave us with that idiot of a VP.So I have been wondering

What are Conservatives Conserving?

[kaferenza]

Easy to answer who's to blame. Ultimately "the people" are for allowing their governments/financial institutions to have/use a credit system in the first place. Not sure how it works overseas but here in the US it's pretty much designed purely to give the rich breaks and the poor engorged bills. :rolleyes: Stick to cash, it's the safest bet, and don't trust it to banks.

[gutbub]

well that might be in the AZ but here in LA finding a job is getting ridiculous. Work is work, I have no preference in jobs so I have been applying at burger joints, factories and gone to those shitty agencies and still nothing.... I have a clean record and a good resume and that still doesn't help.

I have heard word on the street that if McCain wins this election there are going to be riots. People are getting desperate/anxious and anyone with half a brain knows Cain is gonna bite the dust and leave us with that idiot of a VP.So I have been wondering

What are Conservatives Conserving?

Well in that case, I'm sorry. I guess what I said doesn't apply to everybody in a bad situation. Pretty sad when even shitty jobs aren't available.

In regards to president election. Being that I'm from Arizona, I want McCain to win. I would have no preference, but I watched the news when Obama's "mentor" was interviewed. His mentor believes in "black theology." Think of it as black nazis. Not cool, I don't care for racism. Off topic now, so I'll end my post here.

[Mc_Logical]

That has to be the stupidest comment ever in the regards to not caring. Sure there are other countries who are poor and have starvation. I do my part, in regards to charities.

So lets break it down. PAY MY MORTAGE FOR ME, and I to will not care either. If I wasnt being made redundant, then I to would just carry on my merry way.

@Wraggster was this topic wise.

Sorry I was drinking that day lol and was in a bad mood

[HexenDarkside]

*Turns away from cave* No.

Actually, its helped me. Because people are wanting some extra cash garage sales are on the rise and I found an Intellivision II with like 20 games for $5 :P

[FOL]

Sorry I was drinking that day lol and was in a bad mood

Aye, no problems. Im sure something will turn up, the trade I work in is finished in the UK. No one wants electronic engineers. Plus its like someone already posted, all the crap jobs are taken, so there is nothing, :(.

[mr_nick666]

Sorry to hear your news FOL :(

I have to agree that our government is to blame for this state. If we could fix our benefit culture where workshy scum get paid more than me (who works full time for a living) the country would be a better place.

[Auriman1]

I've been outta a job for some time now, and I'm not sure if I can get another any time soon :(

That's bad, because I'm in the middle of paying for college, and don't have much to speak of for backup cash due to living expenses and an unfortunate car failure burning up most of my savings (It was an epic car failure, the whole front suspension snapped from rust, engine and all fell off the car right onto the ground; I had to buy another car after that...).