Has the Worldwide Credit Slump Hit You ?

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Originally Posted by FOL

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.

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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.

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Originally Posted by 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.

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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.

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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.

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Originally Posted by WhizzBang

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.

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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, :(.

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

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.

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Originally Posted by 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

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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.

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.

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.

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.

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.