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  • The failing economy

    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?
    [COLOR=Olive]xxxx They tried to break my back, but i survived. whatever doesn't kill you, will only makes you stronger xxxx
    [/COLOR]

  • #2
    Re: The failing economy

    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.
    Last edited by Fleegle; 7, January 2009, 10:07 PM. Reason: "just found this"
    Don't Stop Believing

    http://youtube.com/watch?v=rnT7nYbCSvM

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    • #3
      Re: The failing economy

      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

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      • #4
        Re: The failing economy

        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 :-)

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        • #5
          Re: The failing economy

          Originally posted by Raoul View Post
          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....

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          • #6
            Re: The failing economy

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

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            • #7
              Re: The failing economy

              Originally posted by Fleegle View Post
              Welcome to the planet!

              Fleeg.
              Originally posted by lamzee View Post
              Must be all the pharmacists like me that haven't time to cook....
              [COLOR=Olive]xxxx They tried to break my back, but i survived. whatever doesn't kill you, will only makes you stronger xxxx
              [/COLOR]

              Comment


              • #8
                Re: The failing economy

                Had a dream last night that I was taking part in some vast socio-economic experiment.
                Have I woken up yet?
                47 BC : Julius Cesar : Veni Vidi Vici : I came, I saw I conquered.
                2018 AD : Modern Man : I shopped, I clicked, I collected.
                How times change.

                If you find you have read something that has upset or offended you an anyway please unread it at once.

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                • #9
                  Re: The failing economy

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

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                  • #10
                    Re: The failing economy

                    Originally posted by lamzee View Post
                    But Domino's pizza has posted record profits!
                    Not surprised at the prices they charge. Overpriced and not that good in my opinion!!!

                    Comment


                    • #11
                      Re: The failing economy

                      Sterling's finished, says Soros partner as pound plunges to new low | Mail Online

                      Sterling's finished, says Soros partner as the pound plunges to new low

                      Lloyds shares almost halve after fears of nationalisation shift | Mail Online

                      Lloyds shares almost halve as nationalisation fears shift

                      On the brink: Royal Bank of Scotland shares clawed back slightly today after a 67% plunge following its revelation it is facing a £28bn loss for 2008.


                      i am going to Malaysia soon, will open a bank account and transfer the 500 pounds i have in my saving account before the UK banks follow Icelandic banks bankruptcy.
                      i know it is sad
                      [COLOR=Olive]xxxx They tried to break my back, but i survived. whatever doesn't kill you, will only makes you stronger xxxx
                      [/COLOR]

                      Comment


                      • #12
                        Re: The failing economy

                        Originally posted by Raoul View Post
                        Sterling's finished, says Soros partner as pound plunges to new low
                        Well, I'm sure he's an honourable man, and worldn't be tslking sterling down; its not as if he makes money if Sterling goes lower through people listening to him and selling, is it?

                        Oh, hang on, that's how Soros made his money. You lose, he wins. Then, when its low, he buys them back and then tells everyone how sterling is turning a corner, leaving some of us with lots of depreciating Malasian currency.
                        ....just my opinion

                        Comment


                        • #13
                          Re: The failing economy

                          oh David, i am screwed
                          When the pound was 2 $ ( for years till few months ago) I had to re-pay( 60 000$) 30 000 pounds within 3 years after qualifying, now it is equivalent to 43K. i really feel desperate, but that's a different story.

                          That’s why i keep on reminding all people who want to come and do OSPAP course to re-think about it twice! ( i am not doing OSPAP course btw, but that's a different story, in summary i am on a scholarship, and have to pay the money back to my sponsor within 3 years post-registering, will talk to them and see if i can re-pay within 5 years or so).

                          Come on Sterling, please go back to 2$ for each quid!
                          [COLOR=Olive]xxxx They tried to break my back, but i survived. whatever doesn't kill you, will only makes you stronger xxxx
                          [/COLOR]

                          Comment


                          • #14
                            Re: The failing economy

                            Always a danger when borrowing money in one country to spend in another,
                            People who borrowed to buy property using a euroloan have found this out.
                            easy to be wise after the event, but it is possible to insure re future currency changes. Always a possibility that the bursar at your college may be able to help.
                            johnep

                            Comment


                            • #15
                              Re: The failing economy

                              Originally posted by Raoul View Post
                              oh David, i am screwed
                              When the pound was 2 $ ( for years till few months ago) I had to re-pay( 60 000$) 30 000 pounds within 3 years after qualifying, now it is equivalent to 43K. i really feel desperate, but that's a different story.
                              Everything goes in cycles. Sell into a rising market, buy from a falling market. Sounds simple, but requires nerves of steel and brain of jelly.

                              You don't say when you have to pay it back: in a couple of years things might well be a lot different. After all, this crisis started in the USA, and that country is deeply in debt. There is every chance that the dollar will drop in a year or so.

                              The key is to not pay it back until you have to, hoping the rate will improve (as it must).
                              ....just my opinion

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