Re: I love the Credit Crunch
 

Plainly you haven't. It must be very close to your heart:D

As for this morning's announcements, I dunno... a necessary evil I guess. Who's coming with the rescue boat to everyone else?

Re: I love the Credit Crunch
 

:D excellent!

:p Nah, it was just my general feeling that people were only pontificating about the environment because they had no real problems to moan about. Now they do have real problems, suddenly the environment gets forgotten about...

I spoke to someone in the know about all this business the other day. Surfice to say, this is far more complex than greedy banks needing a bail out.

But as the US is now socialist, perhaps black will become white and the world will turn its self inside out - who knows!

Re: I love the Credit Crunch
 

oils running out, credit is broken, the ice caps are melting and i need some new tyres for my bike. Bit of a tight situation for all of us :(

Re: I love the Credit Crunch
 

How many banks reported ginormous profits last year.

And in just a few months we're bailing them out with £50bn.

Perhaps their auditors can explain.

Can somebody please square this circle?

Re: I love the Credit Crunch
 

Im in the the lifeboat and very grateful for the seat thank you
.
Hint: Contractor who pays himself monthly, and icesave. I'm feeling slightly more relieved now.

Re: I love the Credit Crunch
 

Ginormous compared to what though? A profit on its own is meaningless without context. You need to know how much money was invested to earn that profit.

A bank might earn £1bn in profit, but if they invested £100bn, then they're bringing in less than inflation and so essentially losing money.

Re: I love the Credit Crunch
 

Profit is profit....your refering to turnover.

'Turnover is for vanity....profit is for sanity'

Re: I love the Credit Crunch
 

Not really affecting me at the moment, just waiting on my outsourcing agreement to be signed and then i have my job guaranteed for 14months and then redundancy at the end of it if I don't want to stay

Looking to relocate to be closer to my girlfriend at the end of that time anyway and all my debts will be paid off by then so won't have any real overheads so currently its all good

Re: I love the Credit Crunch
 

I'm refering to profit as a % of turnover. Think of it as savings if you like - you stick £10 in the bank, you might expect £11 back at the end of the year for your investment. If you get £10 back, or worse £9 back, you won't bother. Business is the same, just with more zeros on the end.

Re: I love the Credit Crunch
 

Yes but picking up from what Ed said and using your example, it doesn't matter how much the bank invested, they all made a profit. So they all got their investment back plus some extra, ie, they put their £10 in and got their £11 back.

They didn't make a loss.