General Chat

from ITV news " The recession will be "deeper and longer" than previously thought, the CBI business group has said.

The CBI predicts the recession will run for almost all of 2009, with growth hit by the dramatic falls in confidence and business activity in the wake of the recent financial turmoil."

This will have a huge impact on all of us (sorry to state the obvious !) and there are likely to be huge social problems following on from that ,

"House repossessions soared by 48 per cent to 18900 in the first six months of 2008 as the credit crunch and stricter lending regimes forced ..."

without going into party politics....how do see yourself coping during the recession , and do you think we need to shift our ideas from a culture of 'ownership' re houses and /or possessions in the long term ?

Rose xx

I think the recession will run far longer than 2009 - more like 2012. This current period is merely a fore-taste of things to come, and I have very serious concerns about the manner in which this country will be able to deal with mass unemployment and it's effects.

Personally, I think I shall have to kick the fags into touch, stop buying the vino and generally become a "grumpy old woman" who's catch phrase will be "well in my days..............."

I remember what my old dad use to say - and it's a sad recollection - it takes a war to get a country out of recession. Hope he's not gonna by proved right.

(off now to empty the cat litter tray))))


Jac XX

am worried, my son leaves leaves college next year and i hope he will be able to find a job to suit his qualifications...

Jac I hope you are not without your hearts because they have been repossessed!

My mum used to say something similar ... I also remember when Mrs Thatcher's popularity was begiinning to wane and financial dealings were 'dodgy', it was overtaken by the patriotism during the Falklands war and her being a 'strong leader'.

Hi Stella , hopefully your son will have qualifications that will always be in demand...but it is a worry as to what situation school and college leavers will find themselves in.

xx

My OH is made redundant xmas, .. if he doesnt find a job it will be big cuts in new year .........

Hi Jgee sorry to hear that, and I know also that local to you is not an easy place to find work,

xx

Sorry to hear that Jgee, hope things turn out okay for you and your hubby

Ixx

I can remember not so long back when interest rates went trough the roof and properties where being reposessed as it happened to us and I would not wish that on anyone. Whn you go for help and you get told that the only help that you gan get is to split the family up myself and daughter on way and OH and sons the other.
I feel for any young family just starting out in life.

There should be no need to repossess homes. The Banks Building Societies who recklessly lent money out willy nilly should be made to accept partial responsibility for their actions,Anyway ,where are these people going to live? They should let them Pay Rental on their Homes untill such times as they can start paying their Mortgages again.**M**.

hi rose theres not much for the younger ones here .. cant see him finding one easily fingers crossed .........


thanks barbara..........xx

Merlin i agree with you and said that years ago ..... if they are out of work they should get help or on low wage .......

Agree with you Merlin

xx

I happen to live in an employment black spot , so am not expecting the current crisis to affect me to much personally.

My son has just managed to get his first proper job in a shop that is opening this week in town , he did the collage thing for several years but couldn't find employment in the area he had studied.

Hopefully our town will buck the national trend and actually be on the up , as we are getting the long awaited ( 20 years ! ) outer harbour.

As for " home ownership ".....I have never stood a snow-balls chance in Hell on that front.......lol
My heart does go out to the folk that have been badly advised and ended up getting massively in debt.

Amanda

I have come to the end of my working life and feel for the younger generation not being able to find work through the lack of jobs out there. Your greedy bank managers and gravy train MPs are doing Ok as usual. Are these people really looking out for the younger generation or are they talking empty words as usual.

nudge for the evening :)

Hi Rose

Thanks for an interesting thread.

What I find more than a bit upsetting is that this whole thing was caused by greedy hedge fund managers who were gambling - and I do mean - gambling with our money. All backed with a house build on sand.

I heard the local Bank of England representative talking up here recently and he said that the clearing banks had been used to thinking in terms of "return on capital" and were now thinking in terms of "return of capital".

Here's my personal opinion - my hard earned savings and pension should not be the toys of speculators (even if they masquerade as bastions of society) - things we all rely on, like the utilities (gas, electric etc) and personal banking - should not be the subject of private profit. These are things that our government should control for the greater good.

Lol Sue

Hi Sue,

so many councils put money into Icelandic bank also...so there will be a shortfall in funds there..which will inevitably have to be made up by council tax payers .

I have just put money (from my house sale) into a 6 year fund...it is a 'no risk' one so if the worst comes to worst i will get back all the money...but I could have gone with the 'risk' ones that really are gambling....

have always thought it is better to put your money into property if you can afford to sit it out through the times like now when property prices slump.....

xx

Hi Rose

I'm beginning to think that the bank of the "sock under the bed" would be the safest repository for my tiddly bit of cash.

Lol Sue

Lol Sue, if you have a good alarm and locks it probably is!

xx

Does anybody want to buy any socks ? they are very reasonably priced :)