So just how bad is it?

Old Jan 28th 2009, 5:57 pm
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Default So just how bad is it?

Not good at all....


Britain's economy will be the hardest hit in the developed world in what is expected to be the "deepest recession since the second world war," the International Monetary Fund said today...

... Also today, a United Nations agency warned that more than 50 million jobs could disappear around the world this year. As the global economy battles its worst downturn since the Great Depression, the International Labour Organisation (ILO) said its worst case scenario would see 51 million more jobs lost by the end of this year, taking the global unemployment rate to 7.1% from 6% last year.


http://www.guardian.co.uk/business/2...oyment-to-soar
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Old Jan 28th 2009, 6:16 pm
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Default Re: So just how bad is it?

Originally Posted by Autonomy View Post
Not good at all....


Britain's economy will be the hardest hit in the developed world in what is expected to be the "deepest recession since the second world war," the International Monetary Fund said today...

... Also today, a United Nations agency warned that more than 50 million jobs could disappear around the world this year. As the global economy battles its worst downturn since the Great Depression, the International Labour Organisation (ILO) said its worst case scenario would see 51 million more jobs lost by the end of this year, taking the global unemployment rate to 7.1% from 6% last year.


http://www.guardian.co.uk/business/2...oyment-to-soar
It ain't too cool, Auto...

But, hey, the supermarkets and Sky are both reporting healthy profits and new jobs.....

Personally I think that everyones talking themselves into it - it's depression in more than one sense. Think the answer is to spike the nation's water with some E and everyone cheer up a goddam bit - ain't like we live in Gaza, after all....
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Old Jan 28th 2009, 6:49 pm
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same shit different day
 
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Default Re: So just how bad is it?

here is some further depressing reading

-------------------------------------------------------------

If the history of past property cycles everywhere from London in the early 1990's, Mumbai in the mid 1990's, the Gulf in the 1980's and Silicon Valley six years ago are any guide, real estate values fall by 60 to 70 per cent from their bubble peak over a protracted four to six -year period.

<snip>

http://www.zawya.com/printstory.cfm?...l=042000090126

Last edited by Autonomy; Jan 28th 2009 at 7:11 pm. Reason: no wholesale cutting and pasting please - links... thanks
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Old Jan 28th 2009, 7:07 pm
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Default Re: So just how bad is it?

Originally Posted by Slingshot View Post
here is some further depressing reading

-------------------------------------------------------------

If the history of past property cycles everywhere from London in the early 1990's, Mumbai in the mid 1990's, the Gulf in the 1980's and Silicon Valley six years ago are any guide, real estate values fall by 60 to 70 per cent from their bubble peak over a protracted four to six -year period.

<snip>
On the other hand, is the fall in property prices such bad news? Prices in the UK and elsewhere were becoming ridiculous and pricing people out of the market. It was a bubble as you say and was due a correction. In the long term, property always goes up anyway.
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Old Jan 28th 2009, 7:34 pm
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Smile Re: So just how bad is it?

My job might go soon.

I've not wasted any time clutching at straws, got an interview today somewhere else.

There are still plenty of jobs out there but you need to be willing to ask because most positions are never advertised .


I've actually done quite well out of this "credit crunch" because, like many I'd imagine, I followed my mums advice for once, and have never lived on credit. [/rubbing it in]
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Old Jan 28th 2009, 7:37 pm
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Default Re: So just how bad is it?

Originally Posted by shakh your bootie View Post
Personally I think that everyones talking themselves into it - it's depression in more than one sense. Think the answer is to spike the nation's water with some E and everyone cheer up a goddam bit - ain't like we live in Gaza, after all....
Hey you - hope all is going good for you.

You know I'm with ya'... you lead and I'll follow... we'll just need to take care of the sky being filled with what appears to be GIANT BATS...
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Old Jan 28th 2009, 7:38 pm
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Default Re: So just how bad is it?

Originally Posted by littlejimmy View Post
In the long term, property always goes up anyway.
Assuming the average wage does as well since both are tied. You can only rob Peter to pay Paul for so long.
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Old Jan 29th 2009, 5:25 am
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Default Re: So just how bad is it?

Originally Posted by Autonomy View Post
Not good at all....


Britain's economy will be the hardest hit in the developed world in what is expected to be the "deepest recession since the second world war," the International Monetary Fund said today...

... Also today, a United Nations agency warned that more than 50 million jobs could disappear around the world this year. As the global economy battles its worst downturn since the Great Depression, the International Labour Organisation (ILO) said its worst case scenario would see 51 million more jobs lost by the end of this year, taking the global unemployment rate to 7.1% from 6% last year.


http://www.guardian.co.uk/business/2...oyment-to-soar
well me and mrs spugsy really times it right for leaving (just over a year ago), I spoke to my old mates at work and they said there would have been a good chance of me losing my job if I was still in the UK, same goes for mrs spugsy, with our credit cards debts and 100% mortgage plus no savings we would have been in deep, deep trouble.
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Old Jan 29th 2009, 5:28 am
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Default Re: So just how bad is it?

Originally Posted by Spugsy View Post
well me and mrs spugsy really times it right for leaving (just over a year ago), I spoke to my old mates at work and they said there would have been a good chance of me losing my job if I was still in the UK, same goes for mrs spugsy, with our credit cards debts and 100% mortgage plus no savings we would have been in deep, deep trouble.
And you could have been watching Newcastle Utd every weekend too
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Old Jan 29th 2009, 5:48 am
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Default Re: So just how bad is it?

Originally Posted by lionheart View Post
And you could have been watching Newcastle Utd every weekend too
I do watch them every week over here, it would seriously pain me to be at the match each week, freezing cold and spending £40 on a ticket run by a big stupid fat twatbasket.
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Old Jan 29th 2009, 8:00 am
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Default Re: So just how bad is it?

I get the impression that people in the UK are drawing in their breath in anticipation for painful times ahead, but yeah, it's not like you get kicked out of your country or sent to jail for having debts, so in my mind, it's easier to weather the storm in the UK.

Most of the people I know seem borderline obsessed on picking up good deals at the supermarket and have switched to Tesco Value or whatever.

How much of that is fuelled by the media, I don't know. There's a big focus on making your money stretch and every page seems to have either doom and gloom stories or those little heart-warming ones about cats being rescued from certain death.

Interestingly, this evening (I think) there's a documentary Piers Morgan is doing about Dubai, which I'll be watching with great interest... I wonder how many will be drawn to the gleaming, sunny skyscraper images and tales of untold luxury?!
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Old Jan 29th 2009, 8:15 am
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Default Re: So just how bad is it?

Originally Posted by Spugsy View Post
well me and mrs spugsy really times it right for leaving (just over a year ago), I spoke to my old mates at work and they said there would have been a good chance of me losing my job if I was still in the UK, same goes for mrs spugsy, with our credit cards debts and 100% mortgage plus no savings we would have been in deep, deep trouble.
In case someone loses his job in the UAE (knock on wood), seems like it would be a better option just to stick around for a while than going back home...
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Old Jan 29th 2009, 8:17 am
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Default Re: So just how bad is it?

Originally Posted by Spugsy View Post
I do watch them every week over here, it would seriously pain me to be at the match each week, freezing cold and spending £40 on a ticket run by a big stupid fat twatbasket.
Better to spend equiv of 40 pound on booze here in a bar and watch it in the warm?
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Old Jan 29th 2009, 8:23 am
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Default Re: So just how bad is it?

Originally Posted by Hello.Kitty View Post
I get the impression that people in the UK are drawing in their breath in anticipation for painful times ahead, but yeah, it's not like you get kicked out of your country or sent to jail for having debts, so in my mind, it's easier to weather the storm in the UK.

Most of the people I know seem borderline obsessed on picking up good deals at the supermarket and have switched to Tesco Value or whatever.

How much of that is fuelled by the media, I don't know. There's a big focus on making your money stretch and every page seems to have either doom and gloom stories or those little heart-warming ones about cats being rescued from certain death.

Interestingly, this evening (I think) there's a documentary Piers Morgan is doing about Dubai, which I'll be watching with great interest... I wonder how many will be drawn to the gleaming, sunny skyscraper images and tales of untold luxury?!
I was watching piers pratface on this morning yesterday.... do you know he met some of richest people ever in Dubai.... there is no recession in Dubai because the ruler is mega rich..... its all gold and heaven there....
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Old Jan 29th 2009, 9:07 am
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Default Re: So just how bad is it?

Originally Posted by MrsHaps View Post
I was watching piers pratface on this morning yesterday.... do you know he met some of richest people ever in Dubai.... there is no recession in Dubai because the ruler is mega rich..... its all gold and heaven there....
yeah, I had a feeling it'd be like that... I'm going to settle down with a nice glass of wine and laugh my socks off... then get really irate and rant a bit.

http://www.radiotimes.com/ListingsSe...s_fullpage.jsp

Tonight 21h, ITV1...
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