The failing economy

[Rafael]

i am annoyed from the fact that the economy is shrinking fast! Everyday a major company goes into administration, everyday more shops are closed and unemployment rises.

Woolworth, Adams, Wedgwood, Viyella, and much more on the way for closure!

and the BBC talking about flu pandemic hitting the country! are we ready for all these horrifying events!

Oh Lord! Have some mercy on the average people of this country!
What is coming next? Crimes, robbery and murder levels increasing!

now Russia cutting the fuel on Europe? The coldest winter i have witnessed!


Then i check the international news, it is all about killing, wars and innocent trapped between fights and dying!

From now on, I will no longer read the newspapers, I prefer to remain ignorant of other's misery than becoming depressed.



memories from the last recession anyone? was it worse than the current one?

[Fleegle]

Hey Raoul...

This is not new..I and many others who contribute to our forum all survived the death-throes of Thatcherism in the mid-eighties.
I particularly remember sitting in Robbie's bar on Leith Walk, Edinburgh, during that time, watching my mortgage interest rate rise from 5% to 10.85% in one day, courtesy of Norman Lamont, then Chancellor. The red-braces brigade from "the city" were all instantly made redundant, and the bubble burst. Just found this:

The mortgage market has changed considerably since the Standard Variable Rate (SVR) peaked 15 years ago at 15.40% in February 1990. From an interest rate of 9.8% in April 1988, mortgage rates had seen a steady upward trend until they peaked at an all time high of 15.4% between February and November, 1990.

We all got through it. To cliche, "what goes around comes around". Hopefully, at my age, I won't see it again, but if it does happen, fear not..at least next time you can say you've seen it all before.

Welcome to the planet!

Fleeg.

[johnep]

One of the problems of my generation is that when we were borrowing money, interest rates were high. Now we are trying to live on interest from our savings and rates are low. We have had a double whammy.

Thank God I am a pharmacist and can still earn a few bob. Had call about 10 mins ago asking if could work today, I can't, but it shows that work and income are there if I want it. Yesterday was 8.30am - 6.30pm and busy busy all day.
johnep

[lamzee]

I vaguely remember being told not to buy PIs for a while when the pound dropped out of the ERM--must have been early 1990s. I was too young to have shares or a mortgage then :-)

[lamzee]

Woolworth, Adams, Wedgwood, Viyella, and much more on the way for closure!

But Domino's pizza has posted record profits!
Must be all the pharmacists like me that haven't time to cook....

[johnep]

Standard invstment advice during a slump is to invest in utilities food and pharma. Ie those items judged as necessities rather than luxuries.
johnep

[Rafael]

Welcome to the planet!

Fleeg.

Must be all the pharmacists like me that haven't time to cook....

[Pharmanaut]

Had a dream last night that I was taking part in some vast socio-economic experiment.
Have I woken up yet?

[DavidS]

I think Raoul has cornered the market in iconic responses. I bet 121 its about how he nods his head.

[JonF]

But Domino's pizza has posted record profits!

Not surprised at the prices they charge. Overpriced and not that good in my opinion!!!