Deep Singh

All major indices in meltdown today!

Petem95

That US bailout really calmed the markets then - not!

Credit crunch just seems to be getting worse, and I can't see an easy way out from here - things will never go back to pre-credit crunch (ie banks falling over themselves to lend money, fueling asset boom like the housing market) so things have got a hell of a long way to fall.

Not wanting to sound cocky, but some people forsaw this and have planned for this scenario (I'm sure Deep is in this boat as well), but some people are going to get their fingers seriously burnt with this - I just hope not too many fellow scoobynetters are in the 'lose everything' boat

I really don't see where this will end tho - I'm actually a little worried now about the security of some of the banks I have money in (ok the money is insured, but you dont get 100% back and how long would it take to actually get the money?)

Certainly interesting times!...

Luminous

iTrader: (3)

Interesting times for some, but for the most of us its just a pain in the ****. The average person in the street just wants to get on with live, the only people that enjoy this are finance bods

Lets hope things start to smooth out in the near future. This situation is just a self perpetuating melee at the moment....

jjones

well as from tomorrow 50k in each bank is safe, as for you having 50k in any bank i doubt it

RyanSTI

iTrader: (1)

yer if the financial boys hadnt ballsed up in the first place we wouldnt be in this mess. as above, i for one dont really care, i just want to get on with it as normal.

fast bloke

So Pete - How should one have planned for this? I think the only people who are getting through this unscathed are those on the dole who live on special brew, but I would be interested to hear a reasonable alternative?

btw - 50k is 'insured' or guaranteed, but if enough banks go **** up, there won't be enough in the pot to pay out anyway.

zip106

Well, I'm ok then.
I haven't got £50K in the bank. Hell, I haven't even got £10k in a bank.

Wish I had.

The only thing that worries me (well, not the only thing) is that I put all my kids savings in the B&B but I don't want to take it out 'cos that will just add to the problems. Won't it?

PaulC72

No point in mulling over what could have been....

dpb

..invest heavily in the zim dollar NOW ..

hoskib

iTrader: (1)

i don't pretend to understand all the in and outs of this financial mess, but if the 'bloke on the street' could see that lending money to people that couldn't pay it back (america's mortage shambles/Northen Rock etc) and buy to let mortages were only viable in an artifically inflated housing market was a terrible idea, why couldn't the brains behind all these lenders/banks see it??

i cannot believe that people who earn a lot of money each year to make sensible financial decisions have all got it so wrong.

personally i feel a lot of current problems are down to speculation, scaremongering and the press blowing everything out of all bloody proportion at every opportunity.

there's got to be an awful lot of people making some serious money off the back of all this. the rich get richer, the poor get poorer. no more than now

f1_fan

iTrader: (9)

But Maggie taught us all that greed is good and then along come the 'socialists' who do exactly the same thing.

hoskib

iTrader: (1)

i think greed is playing a massive part of this problem. be it on our doorstep or in another country.

shame we're the ones paying for it!

paulr

If you never watched the news you wouldn't know anything was wrong, unless you had something to sell i guess.

zip106

Correct.

We went into Nottingham yesterday to get some new school shoes for our daughter.
2 of the 3 shops we went into (shoe shops) were rammed with people buying.
We ended up at John Lewis (as usual) and after getting the shoes we went up to the restaurant for some lunch.
This was also rammed to the rafters.

Considering it isn't exactly your usual 'All day breakfast for £3.00' type of place and if you didn't watch the news/read newspapers, then you'd never have thought we're in so much trouble.
It was like being back in 2006.


I got skanked 14 quid for a few coffees, a ploughmans and 2 kids lunch boxes .
I never learn

paulr

Does the Footsie ever represent real life ?
Isn't it just people playing against each other, hoping to out-think the next man into predicting which way it will go. As someone who has no money in the stock market i dont see how it affects me.

hoskib

iTrader: (1)

this is the bit that pisses me off, unless i'm wrong (probably) we're all at the mercy of markets. pensions are linked to them, savings gets played on them, pretty much everything is tied in one way or another.

so if someone ***** up, we all lose out. well, all normal tax paying folk.

does seem daft as ****, but in an age where credit is supposed to be harder to get i'm still getting the pre-approved credit card applications and loans coming through the letterbox at an alarming rate. do they never learn?

anyone notice booze is still cheap as chips though? shocker that

zip106

When stocks dropped a couple of years ago, admittedly not on this scale, I took a fair chunk out of my ISA and bought a nice 2 acre field opposite my house.

My plan is to build a house for my retirement in 20 years time.

Got some sheep on it at the moment, free lawn mowers!

dpb

Do us a favour - you absolutly bloody well be have to be mad to think something wasnt going to give sooner or later when the price of property bears no relation to salaries

vindaloo

At this rate, the price of Special Brew is going to go up! As new customers join the dole queues, they won't be able to increase production to keep abreast of demand. Until the ex-banker and financial whizz-kid have to sell their last pair of braces or tub of hair gel, for the masses, Special Brew will be something you remember your grandad could afford on benefits.

Maybe I'm saying... buy cigarette and alcohol shares. Does anyone do an ISA in Booze and Smokes?

J.

Deep Singh

Not that difficult really, I'm guessing Pete has done the same as me. Over at least the last three years avoided entering the stock market (no, I don't have an equity linked pension. I have the last of the final salary type )

when everybody was jumping in, we stood by and watched the bubble.

Again the same with property, people that we all know were jumping in ***** nilly, buying new build after new build on IR mortgages. Or others further down the ladder were mewing to buy cars/holidays etc.

I didn't go as far as selling my house and renting but thats because I have a large family and we love our house/home.

Half of my mates, aswell as huge financial outlay on shares and property here, wanted to go one better. so they bought property all around the world ie spain, dubai etc.

spain has already unwound and I have a feeling places like Dubai are about to have the rug pulled from beneath them.

so, in simple terms, when we saw a bubble forming (in the latter 2-3 years) we followed the old advice ' cash is king old boy, cash is king'

I thought were are an IFA or something I'm suprised you didn't follow this easy path

simpsons !

If you had purchased £1000 of Northern Rock shares one year ago it would nowbe worth £4.95, with HBOS, earlier this week your £1000 would have been worth £16.50, £1000 invested in XL Leisure would now be worth less than £5,
but if you bought £1000 worth of Tennents Lager one year ago, drank it all,
then took the empty cans to an aluminium re-cycling plant, you would get
£21.40
So based on the above statistics the best current investment advice is to
drink heavily and re-cycle.

Cheers.
Simpsons !

dpb

Bloody 'ell ,the boys a genius

zip106

RUMBLED!

https://www.scoobynet.com/non-scooby...it-crunch.html

Post 7

simpsons !

So i wasn't the only one to get that email

fast bloke

I'll see your cash and raise you 5% CPI and a looming cut in interest rates.

The point I am trying to make is, Pete claims to have planned for this. If he means he planned to survive it, then fair enough, most people will survive it. I will, I'm sure you will and most of Scoobynet will. ...Just because you survive it doesn't mean that you come though it unscathed. So I would be interesed to know how Pete planned to come through it with no personal financial cost.

Suresh

With all due respect, this has nothing to do with the banking meltdown we are seeing.

Fundamentally, depositors have been queueing to withdrawing funds and have been causing bank treasurers to panic.

I don't know what its worth, but at the institution I work at, depositors have been queueing in the baning halls to deposit funds and the treasurer has problems placing it all in the market (ECB only at the moment).

It isn't going wrong everywhere. (yet)

hoskib

iTrader: (1)

it's almost comical isn't it, Press says PANIC, PANIC get all your money out of N/Rock it's going down captain!!!!!!!!!

same person then joins the queue to put the same money back in because the Press say PANIC, PANIC it's the only place your money is safe!!!!!!!!!

and then they get turned away because the bank is not allowed to take any more deposits you couldn't make it up sheep to the slaughter.