World Recession

[beej]

OMG, the unbelievable has happened - the Dow has just crashed through 10,000 points.

Not since October 2004, has the Dow been at this point.

Moreover, it has fallen some 15 % in the last ten days.

There is just panic in the market place right now.

More banks and companies are at risk of failing in the weeks ahead.

Title of the thread Cosmo :roll: title of the tread.

Its going to keep dropping and not stop, how can it? no one can keep up their payments on their morgages, houses can't sell because no one can borrow, prices going up all over the place, huge lay offs.

Got another few months if not years of this!

Yeah, I know what you mean.

But the signs are suggesting we may be headed for a deep recession or may be even a Depression

I have only prepared for a mild recession though (put away enough to last 2 years) :roll: :shock: :roll:

Had hope it would be enough....not so sure now :roll: :roll: :roll:

Damn...got to go back to the drawing boards again.... :cry: :roll:

I'm still not sure how things are going to pan out, I'm selling fine art still without any worries and people are still paying top dollar for it.

Damian Hirsts Auction just grossed £100,000,0000 over 2 days and was pretty weak in my eyes, so theres still a lot of money floating around in the wealthy circles, its just the poor who'll take the kicking again, and they deserve it in some ways for living above their means on pots of borrowed money.

[beej]

When youve got idiots like Gordon Brown running the show youve no chance.

The dim jock after 10 yrs of running the economy now tells banks and business theyve got to be more moral and responsible.

Well how about when youre in a position to legislate against fraudulent practices from BANKSTERS doing so instead of t4lking about it once the damage has been done.

http://news.bbc.co.uk/1/hi/uk_politics/7655723.stm

This is the visionary that said 10 years ago the days of boom and bust are gone, and that there wont be a boom in the property market. Then he oversees the biggest credit boom and property boom followed by one all mighty bust in British history.

What a bunch of brainless w4nkers this govt are.

I'm no friend of Nu Labour but do you really, really think that Cameron, IDS and that Yorkshire queer with the punch-me-now face whose name I can't recall and their marry band of public school boys would have done anything different, better, more 'prudent', smarter?! Do you?? :roll:

Pluurrssseee....

Cameron would have twatted it up just as much if not more, the whole of Europe's f**ked as well as the States, its through OUR greed as well as his.

I'm interested to see how this will effect the Asian economy/housing markets, any thoughts?

[Stu_thailand]

and that Yorkshire queer with the punch-me-now face whose name I can't recall and their marry band of public school boys would have done anything different, better, more 'prudent', smarter?! Do you?? :roll:

Pluurrssseee....

William Hague:)

[Cosmo]

The Reserve Bank of Australia has just dropped interest rate by a massive 1%.

Lets hope other countries will follow soon.

Fingers crossed..... :roll:

[Dave40]

The Reserve Bank of Australia has just dropped interest rate by a massive 1%.

Our dollar took a battering last night, looks like it will be worse now!!!!

(All the experts predicted half a percent)

[Cosmo]

The Reserve Bank of Australia has just dropped interest rate by a massive 1%.

Our dollar took a battering last night, looks like it will be worse now!!!!

(All the experts predicted half a percent)

Dave,

Not looking good for your holidays.

Looks like you will have to cut back on the beers..... :twisted:

[Dave40]

The Reserve Bank of Australia has just dropped interest rate by a massive 1%.

Our dollar took a battering last night, looks like it will be worse now!!!!

(All the experts predicted half a percent)

Dave,

Not looking good for your holidays.

Looks like you will have to cut back on the beers..... :twisted:

No it's ok van I will just borrow more money!!!

[Cosmo]

The Reserve Bank of Australia has just dropped interest rate by a massive 1%.

Our dollar took a battering last night, looks like it will be worse now!!!!

(All the experts predicted half a percent)

Dave,

Not looking good for your holidays.

Looks like you will have to cut back on the beers..... :twisted:

No it's ok van I will just borrow more money!!!

I recommend Highpoint shopping centre.

The sale staff are literally giving away free money for 12 months...

[zeusbheld]

OMG, the unbelievable has happened - the Dow has just crashed through 10,000 points.

Not since October 2004, has the Dow been at this point.

Moreover, it has fallen some 15 % in the last ten days.

There is just panic in the market place right now.

More banks and companies are at risk of failing in the weeks ahead.

Title of the thread Cosmo :roll: title of the tread.

Its going to keep dropping and not stop, how can it? no one can keep up their payments on their morgages, houses can't sell because no one can borrow, prices going up all over the place, huge lay offs.

Got another few months if not years of this!

Yeah, I know what you mean.

But the signs are suggesting we may be headed for a deep recession or may be even a Depression

I have only prepared for a mild recession though (put away enough to last 2 years) :roll: :shock: :roll:

Had hope it would be enough....not so sure now :roll: :roll: :roll:

Damn...got to go back to the drawing boards again.... :cry: :roll:

all the analysis i've seen suggests deep recession not depression.

bear in mind that it would have to tank a lot more, the fed would have to be a lot stupider, and unemployment would have to end up in the 25 percent range. unemployment will rise but nothing i've seen to suggest 25 percent is imminent.

one thing that's slightly reassuring. Bernanke is an academician who studied the great depression, so i am at least cautiously optimistic it won't be Big Depression II.

[beej]

Long long way to go, just look at house repossessions across Europe and the States, and un-employment figures.

Plain and simple shits going down.

House prices DO need to fall though, simply no one can afford to buy these days, so I can't say a good healthy recession is a bad thing!

[Cosmo]

Holly Sh*t!!! :shock: :shock: :shock:

Barclays and RBS and other UK banks are at risk....just got this report.

Oct. 7 (Bloomberg) -- The U.K. government may invest at least 45 billion pounds ($79 billion) in banks including Royal Bank of Scotland Group Plc and Barclays Plc to bolster capital depleted by mortgage-related losses, two people with knowledge of the situation said.

Chancellor of the Exchequer Alistair Darling and Bank of England Governor Mervyn King met with banking chief executive officers including RBS's Fred Goodwin and Barclays's John Varley late yesterday to discuss the investment, said the people, who declined to be identified because the meeting was confidential.

[Ngairo]

Holly Sh*t!!! :shock: :shock: :shock:

Barclays and RBS and other UK banks are at risk....just got this report.

Oct. 7 (Bloomberg) -- The U.K. government may invest at least 45 billion pounds ($79 billion) in banks including Royal Bank of Scotland Group Plc and Barclays Plc to bolster capital depleted by mortgage-related losses, two people with knowledge of the situation said.

Chancellor of the Exchequer Alistair Darling and Bank of England Governor Mervyn King met with banking chief executive officers including RBS's Fred Goodwin and Barclays's John Varley late yesterday to discuss the investment, said the people, who declined to be identified because the meeting was confidential.

The issue they have is they are no longer trusted (between each other) in the bond market and therefore have to make physical deposits as electronic ones are no longer accepted....what was taking three days to cash a bond is now taking anywher from 10-15 working days.......the governments can't afford to have major banks in this position....trading (export etc...) or everything grinds to a screaming halt.....

We ain't seen the worst yet....three major European banks will put their hands up in the next three weeks.....

[GoldMember]

and that Yorkshire queer with the punch-me-now face whose name I can't recall and their marry band of public school boys would have done anything different, better, more 'prudent', smarter?! Do you?? :roll:

Pluurrssseee....

William Hague:)

And he didnt go to public school

And he's a very smart guy

And a front bench of retarded plankton could have done a better job than Gordon and his 'taxalot,spendalot and f@@kupalot ' cronies

[Hobbes]

and that Yorkshire queer with the punch-me-now face whose name I can't recall and their marry band of public school boys would have done anything different, better, more 'prudent', smarter?! Do you?? :roll:

Pluurrssseee....

William Hague:)

And he didnt go to public school

And he's a very smart guy

And a front bench of retarded plankton could have done a better job than Gordon and his 'taxalot,spendalot and f@@kupalot ' cronies

That is the **** who's name slipped me...thanks Stu.

Of course he isn't a public school boy...he's from Yorkshire. :twisted:

Cannot say if he's smart or not, all I can say is he has mastered the art of breathing.

Although I would never vote for Nu Labour anyone voting for the Tories thinking they will do something different or dare I say better is sadly as retarded as the above mentioned plankton which unfortunately isn't governing this country. :wink:

8)

[Cosmo]

The US Fed has just announced they will set up an entity to buy commercial papers from companies and financial institutions in the latest attempt to free up the credit markets.

The Dow should rally tonight.

[beej]

The US Fed has just announced they will set up an entity to buy commercial papers from companies and financial institutions in the latest attempt to free up the credit markets.

The Dow should rally tonight.

It dropped so much yesterday it should, but I see it dropping badly again on Friday, people won't want to get caught out over the weekend again!

[lovyana]

!!!!!

sorry was entered the wrong room!

[eagle]

and that Yorkshire queer with the punch-me-now face whose name I can't recall and their marry band of public school boys would have done anything different, better, more 'prudent', smarter?! Do you?? :roll:

Pluurrssseee....

William Hague:)

And he didnt go to public school

And he's a very smart guy

And a front bench of retarded plankton could have done a better job than Gordon and his 'taxalot,spendalot and f@@kupalot ' cronies

So politicians are the same everywhere eh' Dam :twisted:

[English_Bob]

Lehman Brothers CEO took home 300 million USD in pay

The head of failed United States investment bank Lehman Brothers told Congress on Monday that he took home about 300 million US dollars in pay and bonuses over the past eight years.

Richard Fuld [said] "I do not expect you to feel sorry for me."

Finally.... he got something right!

[GoldMember]

and that Yorkshire queer with the punch-me-now face whose name I can't recall and their marry band of public school boys would have done anything different, better, more 'prudent', smarter?! Do you?? :roll:

Pluurrssseee....

William Hague:)

And he didnt go to public school

And he's a very smart guy

And a front bench of retarded plankton could have done a better job than Gordon and his 'taxalot,spendalot and f@@kupalot ' cronies

So politicians are the same everywhere eh' Dam :twisted:

We dont call it the 'special relationship' for nothing ya know.George is 'special' and Gordon is 'special'.

[Cosmo]

Bernanke sees worsening economy, hints at rate cuts

Tuesday October 7, 2:43 pm ET

By Chris Isidore, CNNMoney.com senior writer

Federal Reserve Chairman Ben Bernanke predicted that the global financial markets crisis is likely to restrain the economy well into next year and signaled that the Fed may be getting ready to cut interest rates.

But he said he believes the unprecedented steps taken to have the Treasury Department and the Fed intervene in financial markets were done in time to prevent more expensive and permanent damage to the nation's leading financial institutions.

In a speech before the National Association of Business Economics in Washington on Tuesday, Bernanke said the threat of inflation has receded recently, while the economy has continued to weaken. This could be interpreted as a sign that the central bank might be preparing to lower its key fed funds rate soon.

"Overall, the combination of the incoming data and recent financial developments suggests that the outlook for economic growth has worsened and that the downside risks to growth have increased," he said.

[Cosmo]

The Dow has just dropped 508 points.

The Nasdaq has followed with a drop 108 points.

Whilst the S & P 500 has dropped 60 plus points.

In the last year, American's retirement accounts (401 k) have lost some 2 trillion dollars....yeah, that's the ordinary mom and dad retirement accounts

And American unemployent rate is expected to increase from 6% to about 9% in the next 12 months.

[luckyphil247]

With all the terrible massacres that have occurred in the U.S over the years , its amazing that some nutcase hasn't yet gone into the bank that repossessed his home and let fly with a fully automatic .

On a positive note , maybe the salaries of corporate executives will also come down to earth . Call me a communist ; but the fact that they may earn the same as 100 average folk out there is just f*cking crazy .

Rather than kicking their f*cking ass out of the company that they've sent broke ; 100 people lose their jobs in order to save money and they continue with their 'justified salary' :wink:

[BJ]

I agree 100% with you Phil,I think we are lucky in a way here in Australia that our minning industry is probably propping our economy up,but for how long can that last?

It must hit countries hard that don't have a huge export commodities to deal with.

What disapoints me is why is all currencies taken from the USA $$$$$

and yet they seem to have a very delicate economy with huge risks in money lending practices.

[hbkbkk]

just got my margin call. I am down one million dollar for the year.

is 7500 possilbe for the DOW