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pipo
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Toe is in the water |
Registered: July 2008
Messages: 35
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Hello all,
I was wondering if anyone here has been personally touched by the recession we are having, and if so, how?
Here in mainland Europe, it started out as something happening at the other side of the Atlantic to a few stupid greedy investment bankers who had it coming anyway, then something affecting the UK and far away Iceland, but for heaven's sake it wouldn't affect the Euro countries, or would it?
A few months down the line there are ever more ominous stories in the newspaper every day... new unemployment benefit applications have more than tripled in my country and my car dealer suddenly went bankrupt.
I am thinking - what if I lost my job? I have a lot of savings, but who could have thought the bloody bank could well be failing and all my hard-earned money might evaporate overnight :-[ (luckily they have been kept afloat by the government until now).
So far it hasn't quite reached my doorstep - yet?! How about you?
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Personally the recession has only touched me in the a small way.
Firstly the the devaluation of our currency though printing money has put the kaibosh on holidaying abroad for the time being.
My savings are protected by being in fixed interest accounts, but that will only last a few months. The inflation is yet to come.
My pension is paid by the taxpayer and will always go up with inflation.
My shares have fallen by a third. It happened too quickly for me to do anything about it.
Luckily I did buy £1000 of euros before the bottom fell completely out of the pound.
Hugs
N
I dream of boys with big bulges in their trousers,
Never of girls with big bulges in their blouses.
…and look forward to meeting you in Cóito.
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timmy
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Has no life at all |
Location: UK, in Devon
Registered: February 2003
Messages: 13796
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Make sure your savings are distributed in several banks, though only Lehman Brothers was allowed to fail.
As for being affected, I have been, both positively and negatively. My professional work has dried up and has been that way for a year. That has not been hugely useful. On the positive side I was able to buy the house I'm going to retire to for a huge sum less than the asking price. And I have a tenant in it, paying rent!
But we were meant to be able to afford to retire. That looks harder now because a huge amount was wiped off my pension fund. Also rental incomes have fallen because houses are being offered for rent because the sales market has fallen. Normally when capital values fall rental values rise. We have rental property as a highly geared part of our pension, and I am having to evict a tenant right now because she;s trashed a house, and that leaves me with a potential gap. And, of course, there is no point in attempting to sell the property or I make a huge loss because of the gearing.
I also appear to have two sub-prime mortages which were securitised and sold on by the original vendor, oddly to Lehman Brothers! And I still have to pay even though Lehman has gone down the toilet!
Unfortunately it affects us all. The main thing to do is to hold a steady nerve. It will pass.
My father was 10 years old in the Great War. Both my parents went through the second one. He was evacuated from Dunkirk. This crap is peanuts compared to that.
Author of Queer Me! Halfway Between Flying and Crying - the true story of life for a gay boy in the Swinging Sixties in a British all male Public School
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timmy
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Has no life at all |
Location: UK, in Devon
Registered: February 2003
Messages: 13796
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I notice that much of that thread is about MLM. That will, of course, raise its head again.
Remember that, if it looks too good to be true, then it is. Look at http://tinyurl.com/ckbdcx and see
[Updated on: Mon, 02 February 2009 18:37]
Author of Queer Me! Halfway Between Flying and Crying - the true story of life for a gay boy in the Swinging Sixties in a British all male Public School
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Sorry about that, the post I was referencing was reply #664 posted by “Dood” ::-)
People will tell you where they've gone
They'll tell you where to go
But till you get there yourself you never really know
Where some have found their paradise
Other's just come to harm
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... I simply could not resist sharing this with everyone. No disrespect is intended; but, truthfully I have not stopped laughing since retrieving this photo in an e-Mail earlier today under the banner headline:
Financial crisis hits the U.K.
In today's economic crises worldwide, major life changes are happening...
Warren C. E. Austin
Toronto, Canada
-
Attachment: pic21305.jpg
(Size: 81.66KB, Downloaded 332 times)
"... comme recherché qu'un délice callipygian"
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Crisis, what crisis? 
