back to the (credit crunch)

[Stingo]

I am extremely fortunate. I am (currently) uneffected.

In fact, I am given to understand that the queues to get into the Armed Forces Careers Offices just keep getting longer.

PS This is not meant to belittle anyone or anyone's problems/dificulties - it's just an observation that somebody told me about.

[Mr Speirs]

I was affected by the credit crunch back in May last year when I couldn't get a low rate on a loan but haven't tried to take any credit out since.

The recession hasn't really impacted me. I know my job is safe for another 3 years. Our business is very fortunate in the fact that overheads are low and we own all our gear. I have however started looking at my outgoings and started to think more long term.

The most it has affected me is that I have lost alot of money on my car and am struggling to sell it for a decnt value but its hardly panic stations.

My personal feeling is that the 'recession' has been taken out of context by the media which has sparked an almost panic mode in the public. Because of the credit crunch the overinflated housing market slumped which led to alot of job losses in that artificially inflated industry. The media then report this as mass redunancies across the whole country rather than a specific industry and people and companies start to tighten their pockets which has had an affect across lots of industries.
Also a some business aren't getting any credit they aren't able to survive (woolworths for example). I thought woolworths would have folded long ago but it only survive due to the credit it was given. When it was taken away it folded like it should have done years ago. I not saying running a business on credit is a bad thing but when it goes away the business should be able to support itself, if it can't well the inevitable happens. You make no money, you go bust.

There are people out there who obviously have been affected heavily by the recession those involved in the housing market mainly and it is a shame but I have a feeling most of us whaven't seen the drastic effects of the recession the media would lead you to believe.

[Bluepete]

We talked about this at the Hardy Bikers ride a little. Several members are in difficulties, others are not.

The headlines tell us crime will rise as unemployment "forces" people into crime. Hmmmm, not sure about that, but it keeps me in a job. Mrs BP is a teacher, so fairly secure too. And before anyone says it, yes I know my kids are really, really unlucky!

PS, I'm no economist, but can someone tell me where the money went? Or was it just never there?

[dizzyblonde]

I'm currently unaffected.
Although I'm pretty sure the plans for moving to a bigger house this year, will be complicated by it, something else in the way again, like the last three years I think I'm doomed to stay in chav central.

[markryker]

Things not affected us chocolate makers yet either, seems everyone still needs their fix

Originally Posted by BluePete

PS, I'm no economist, but can someone tell me where the money went? Or was it just never there?

Think your last comment there hits it on the head Pete-lots of people have been living maybe not beyond there means but very close to it-overdraft survival I heard it called, guys into there overdraft a week or two after pay day, mortgages of 800-1000 a month-plus a car etc-glad the mrs just gives me pocket money and takes care of the rest

husky

[timwilky]

My brother and son are both jobless as both are (were) employed within building trades. I have had to pay my sons mortgage for the past two months. My step mother works for a small builders merchants who are feeling the pinch and lost a few customers who have gone bang with outstanding accounts.

I suppose my co does OK at the start of recessions. We build power stations, trains etc. Big very expensive capital projects that the money is allocated to years in advance. It is 2 years in that we start to feel the pain.

Now I seem to recall someone saying they had ended boom and bust. and how they had been prudent with the nations money. Strange I would have thought the prudent man would have invested his money in the good years to ensure he had money available in the bad. It seems poor money management to borrow money when you have no income. Assuming that you may be able to repay it over the next 30 years. I am sure my brothers/sons bank manager will lend them funds to keep going because the economy will recover (oneday!)

I've got a fair bit more work than usual! Seems peeps love their pets and will pay out for portraits - fortunately for me!

I found out that my job has gone.
Construction has taken a hell of a hit of late so I'm taking a couple of months off, chilling out and geting out on the bike.
I may fall back on my trade as a carpenter at some stage and do a few smallish jobs (kitchens/extentions ect) but I think the worse is yet to come.
The OH works in marketing and accounts managing and she seems to be ok for now, might have to become a kept man

Originally Posted by gid

Are there many people out there who have not been affected?

Another one not affected here. I work in a company that deals with/offers multi-continental gambling.

People will sadly gamble right down to their last penny. Something that I occasionally witness through work, and probably the least favourable thing about the job (being the person that says "No, they can't have the money they think they're owed").

Originally Posted by BluePete

PS, I'm no economist, but can someone tell me where the money went? Or was it just never there?

Again, coming from my work perspective, it was never there. If there was anything resembling money, it was just a series of numbers on a computer screen.