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[keasy]

It's comming 

The advice I am hearing on the news just now ?
Try not to spend what you don't have...ffs.   Everyone living beyond their means is dragging everyone that saves up for shit down.

So...The American mortgages fiasco
The price of Oil
and
World borrowing

is the ingredients

Save up and and get another job was another piece of advice, yeah okay then, I'll just nip out and get a better paid job or take on an extra one to pay trhe tax man more and get ripped off shall I ?

Where do these finance geniuses come from ? I think they have been wrapped in wooly blankets all their privellaged bloody lives, we're normal people, we can't just decide to get an extra managerial position or open up a new investment account 

[eatit]

Yep definitely on its way!

The only thing that will stop it imho is some global disaster that will take the media attention off the fact and leave the banks alone to sort the mess.

I cant see it being avoided though - worrying times ahead

[Ctulu]

where is the source of an impending global recession?

[corroded]

I'd seriously been considering a second job for a long time, i can't live properly on this... i'm basically just about covering everything each month.

Which still leaves me in proverbial mountains of existing debt. woo

[Wooster]

After years of lurking and scrooge like activity, my plans are coming to fruition.. 
I noticed that some banks are so desperate for cash that they are offering 12 or 13% on annual savings accounts...I honestly can't recall it ever being so high.

Btw...I think the banks have been running around with their heads up their arses tbh, I bet everyone here knows at least one person who's up to their eyeballs in tick and are planning to just declare themselves bankrupt when the crunch comes.

[Centurion]

Me Me Me...I just hope Northern Rock gos under so I can sleep at night.....

[Ed]

from what i read ...if u gonna sell your house .DO IT NOW
if u gonna take a mortgage....DO it NOW.
dont invest ATM (in those risky funds i mean )
with the  culmination of the american slow down and some intenational "doubt"
there will be slow down next year, suprisingly though its not meant to affect the IT market
dam i wish i had invested in activision when there shares were 50p 

[nnex]

yeah, been reading alot of articles and books about the dollarcrisis, shortage of resources and oil and the coming financial crash before 2010.
america is the only country in the world that is allowed to just print dollars whenever they want to and now their goldreserves can't cover the amount of dollars anymore.....things were bound to go wrong.

in the process of getting a mortgage on a new house atm and i feel it's just in the nick of time.
i think we will start feeling the burn in 2008......better buy your new pc now guys.....and pay our serverdebts in advance so we can keep playing while we are broke

seriously...it's a big problem

[Galah]

You're such a pessimist Keasy - but you are right, it is coming, but it's a cert as in a capitalist society that we're going to get boom/recession cycles. Various government/statutory organisations try to smooth to peaks and toughs out to various levels of success. Us wee people just hope that we don't get flogged too harshly when it comes about nor does it last too long.

past US recession cycles http://www.nber.org/cycles.html (I like the 1990 one as many Australians believe that wee global recession was totally and completely our Labor Prime Minister Keating's doing, his steely glaze freezing economies accross oceans, we like to big note ourselves that way )

wiki http://en.wikipedia.org/wiki/Recession has a link http://recessiontimes.blogspot.com/ a blog dedicated to the 'possible' incoming 2008 recession (I added possible, I don't think it's a certainty, we knoweth not the hour to steal a saying) - a bit sensationalist IMHO, but not too bad a read/browse

[Galah]

Damn - you got me reading about Keasy, and yeah, a US recession is looking likely 2008 if it hasn't already begun

I hope it does bit too long or hard.

One of the scariest reads was the Florida state schools that had it's money tied up in a triple A rated financial institution that was exposed to the dodgy re-financing and lost all and has no money to pay staff (although I guess the tab is being picked up by the state, but maintenance and capital investment is now nil)

[Centurion]

Lets hope it doesn't come at all...........I still remember the 80s when I had to move to London to get work..

[Ctulu]

the 80's
the dreaded years of pop!

[keasy]

Spawned some great music too.

[Ctulu]

ofcourse

[Centurion]

These guys....