What do you say about the Global Financial Crisis?

[Niall!]

My grandparents are pretty worried, all their money is invested, if they lose that they've got nothing at all to live on.

[Immenseman]

Perhaps we need to move on from a country of consumption and resort back to a country of industrialisation. The economy would bolster considerably, for Britain anyway. I had shares in Bradford&Bingley, not a good time for me either. :(

[Niall!]

Apparently the EU leaders are gathering in Brussels, but I don't see how they could even think of a way to solve it.

[lScottl2]

there is no way to solve it, just gotta let it pass now

[FlyingJesus]

If you're a share or stock holder don't panic sell.. that's the worst thing to do lol. Best idea is to just ride it out, or, as I intend to do, drink until you don't notice it

[Virgin Mary]

As long as they don't take my money I'm okay =)

[GommeInc]

I heard something about the idea of increasing interest rates, which would mean people in debt would have to owe more, but people who are in the + sums of money will get more in terms of interest. So anyone in debt would have to owe the banks more, therefore increasing the income they get, but it would mean bad news for the people in debt. But when you think about it, their fault for getting in debt :P

I blame the fact we don't make anything, we just waste money on imports.

My dad had shares which are set to be sold soon, but we're holding on for the moment. The trustee who holds onto my trust account and deals with investments and shares isn't going to sell them for at least 8 months (which is the current outlook on the current financial problems). On the plus side, I get to buy a house when the housing market crashes :D

[Jordy]

All your money should be safe providing you keep it in British banks, especially the nationalised one's (Most of them now!). Lots of people will have difficulty withdrawing their money from the Icelandic banks, just keep your money in the UK and it will be safe.

It all contributes to the cost of living though which is unavoidable. There's no way to solve the credit crisis, however the government can take measure's to sort it out and improve it.

[scottish]

I heard something about the idea of increasing interest rates, which would mean people in debt would have to owe more, but people who are in the + sums of money will get more in terms of interest. So anyone in debt would have to owe the banks more, therefore increasing the income they get, but it would mean bad news for the people in debt. But when you think about it, their fault for getting in debt :P

I blame the fact we don't make anything, we just waste money on imports.

My dad had shares which are set to be sold soon, but we're holding on for the moment. The trustee who holds onto my trust account and deals with investments and shares isn't going to sell them for at least 8 months (which is the current outlook on the current financial problems). On the plus side, I get to buy a house when the housing market crashes :D

The interest rate went down from 5% to 4.5% last wednesday :P

Reducing the interest rate allows more money in the economy as more people aren't saving their money as there is less incentive to save money in the banks. It also means less interest due on loans and mortgages which means more people are likely to take out loans and mortgages.

If you have shares in banks theres no point in selling as they will rise again when theres more stability in the economy, as there is 50 billion (300billion now i believe?) plan that the banks can take when they need it so the banks aren't going to go bankrupt.

If the interest rate rose the inflation rate would rise, causing prices to go up.. but more money would be in the banks, and as bad as the government are atm as their target for inflation is 2% and is currently 4.7% last time i checked.

[RedStratocas]

while politicians can deny it as much as they want, the problem is the distribution of wealth. there's a quote from 1951 by FDR's FED chairman that explains everything very well:

"As in a poker game where the chips are concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped."

its amazing how an analysis from more than 50 years ago could describe our situation so well. and it's sad we haven't learned a thing. it's sad that the 700 BILLION dollars isn't going to the people losing their homes or their jobs, but the gigantic corporate banks WHO CAUSED THIS PROBLEM IN THE FIRST PLACE. it's pathetic, really.

[brandon]

I think the solution is to stash your money under your bed.

[scottish]

That would become a problem with even less money in the banks causing more of tax payers money being used by banks....

[FlyingJesus]

while politicians can deny it as much as they want, the problem is the distribution of wealth. there's a quote from 1951 by FDR's FED chairman that explains everything very well:

"As in a poker game where the chips are concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped."

its amazing how an analysis from more than 50 years ago could describe our situation so well. and it's sad we haven't learned a thing. it's sad that the 700 BILLION dollars isn't going to the people losing their homes or their jobs, but the gigantic corporate banks WHO CAUSED THIS PROBLEM IN THE FIRST PLACE. it's pathetic, really.

Dirty commie haha

[Holofoil]

http://www.nowpublic.com/tech-biz/oh-****-economist-cover-september-2008-0

[scottish]

error 404 as its got the **** :P

[Minstrels]

Money is safe in British banks, simple.

[RedStratocas]

Dirty commie haha

haha. im not anti-capitalist, but there have been multiple economic experts that have said that when there is a large gap in the distribution of wealth (i.e. the top 1% of the population owning 95% of the wealth) there is corruption in the system. capitalism isn't evil, it's greediness that's evil.

[scottish]

i doubt 1% of the population own 95% of the wealth lol.. but i can see where your coming from..

Most people are greedy.

[FlyingJesus]

Capitalism is fuelled by greed, the whole idea is that people are out there to better themselves and only themselves financially. It might break down every now and then but there really is no alternative

[RedStratocas]

i doubt 1% of the population own 95% of the wealth lol.. but i can see where your coming from..

Most people are greedy.

well obviously it was an exaggeration, lozl. even though it is pretty high (i think the actually figure is the top 5% own more than half the wealth).


Capitalism is fuelled by greed, the whole idea is that people are out there to better themselves and only themselves financially. It might break down every now and then but there really is no alternative

it's the corruption, dood. greed breeds corruption, which got us into the first depression. capitalism rulez, but it definitely needs more regulation. the bush administration de-regulating was horrible. it's the companies that go bankrupt and the ceo's who walk away with millions that frustrate me the most, tbh.

[Ezzie.]

Morale of the story:

Vote Obama if you live within America, pray to your flying spaghetti monsters if you're outside of America, as whomever gets put in to office is going to make shockwaves.
MC Cain (yo!) seems quite inexperienced in his ideals on how he's going to fix the economy, a spending freeze all across the board barring a few small things (veterans pensions i believe?) Just doesn't seem the best way to go.. but hey

Obamorama.

[scottish]

McCain is better.. his partner is anti-gay (H)

[Ezzie.]

Her partner has been found to be abusing power, said that if an 8 year old girl (around that age) was raped, she'd have to pay for her own rape kit.

yeee haww.

Anti-gay? Yeap an evolutionary determined characteristic that has been shown throughout the animal kingdom.. but she believes man coexisted with dinosaurs flintstone wise? Anyhow this is going off on a tangent so I won't continue to kill the thread.

[Paulio]

This is where my thickness shows lol. I havn't got a clue what half of use are talking about.

[scottish]

Barkseh i'll break it down

Financial = MONEY STUFFZ
Crisis = BAD STUFFZ HAPPENINGG

put it together :P

Wht don't you understand? ;)

[Paulio]

Lmao shap :P

Because I'm thick as ****!!


Barkseh i'll break it down

Financial = MONEY STUFFZ
Crisis = BAD STUFFZ HAPPENINGG

put it together :P

Wht don't you understand? ;)

[Loser]

I think whoever has lots of money should give it to people without lots of money.

[scottish]

I don't as people who work for their life to gain there money are made to give it away while lazy slobs sit on their bum and get it off the rich people who work for no apparent reason.

[Ezzie.]

Ah you're a daily mail reader I see?

[FlyingJesus]

"If you're not a liberal when you're young, you have no heart; if you're not a conservative when you're old, you have no mind."

[scottish]

Ezzie if you're referring to me then no, i don't read any sort of news paper however i study the economy so.

Also this is the first quarter we have had negative growth (0.5% contraction in GDP) another quarter then we are officially in recession.

[Suspective]

Hopefully, the World can recover!

[scottish]

theres no "hopefully" about it, the economy will recover..