|
|
|
|
|
|
BMW Garage | BMW Meets | Register | Today's Posts | Search |
|
BMW 3-Series (E90 E92) Forum
>
RECESSION, REALITY and how it has affected you
|
|
02-02-2009, 02:08 PM | #67 | |
Major General
268
Rep 9,915
Posts
Drives: VW T5
Join Date: Apr 2008
Location: Worcestershire
|
Quote:
__________________
|
|
Appreciate
0
|
02-02-2009, 02:13 PM | #68 | |
Captain
171
Rep 981
Posts |
Thank you so much for telling me what really happened!
Quote:
And then we went home and had our tea. |
|
Appreciate
0
|
02-02-2009, 02:53 PM | #69 |
Brigadier General
96
Rep 3,465
Posts |
The outlook for my company seems very positive. We are on course and it seems likley that 2009 will show well over 100% growth over 2008.
Ive just taken on another 3 staff this week now upto 30. People seems to be spending money. However i put this down to a really sound sales program i designed that aims at contstant training and development on new geographical areas for growth. I have had businesses in the past that went to the wall. i have been in a position where i didnt have 2 pennies to rub together. I have learned from my mistakes. It WILL NOT happen again, whatever the market conditions. Good flexible businesses will survive. Poorly run businesses with bad management / models will not. Its a dog eat dog world, stop FUCKING whinging about shit and go and do something about it. If you cant than look at yourself and dont try to blame others for YOUR decisions in life. BTW just spent a week in the Austrian Tyrol skiing and it was fantastic. Anyone who likes shkiing cant go wrong.
__________________
C350 cdi sport estate facelift 457lbft
130i M SportMercedes C350 CDI Sport Estate AutoMini Cooper Auto.Mercedes E250 CGI,Lexus IS-F,R36, RS4 Saloon,ML 420 CDI SPORT,M6, 335d, C55, C32, M3, M5, S3, ALL SOLD but fondly remembered |
Appreciate
0
|
02-02-2009, 03:02 PM | #70 |
The Tarmac Terrorist
949
Rep 29,345
Posts
Drives: 997.2 GT3
Join Date: Mar 2007
Location: ''Fandango Towers''
|
Glad things are going well for you Steve.
You coming OOO KAY 7?
__________________
997.2 GT3
|
Appreciate
0
|
02-02-2009, 03:09 PM | #71 |
Brigadier General
96
Rep 3,465
Posts |
thanks Carl
and yes i am.
__________________
C350 cdi sport estate facelift 457lbft
130i M SportMercedes C350 CDI Sport Estate AutoMini Cooper Auto.Mercedes E250 CGI,Lexus IS-F,R36, RS4 Saloon,ML 420 CDI SPORT,M6, 335d, C55, C32, M3, M5, S3, ALL SOLD but fondly remembered |
Appreciate
0
|
02-02-2009, 03:11 PM | #72 |
The Tarmac Terrorist
949
Rep 29,345
Posts
Drives: 997.2 GT3
Join Date: Mar 2007
Location: ''Fandango Towers''
|
Right cool. Add yourself to the calender bud. Cant wait to see the EMM six.
Checked and confirmed hotel etc. Sha moan.
__________________
997.2 GT3
|
Appreciate
0
|
02-02-2009, 03:24 PM | #73 | |
Colonel
128
Rep 2,426
Posts
Drives: E93 335i M-sport
Join Date: May 2007
Location: Surrey - UK
|
Quote:
SJ |
|
Appreciate
0
|
02-02-2009, 05:02 PM | #74 |
Major General
275
Rep 9,218
Posts |
I agree with much of your post, but raise a few points of debate:
1. I think the decision to pass control of interest rates to the bank of england was a very sensible one. The reason we had rates of 16% in the 1980's was that the government used it as a political lever. Imagine where we would be with the current situation AND high interest rates. Not pretty. 2. Affordability (because of cheap credit) has played a part in the housing bubble, but that is not the whole story. Values soared because of supply and demand. The roots of this are in Thatchers council house sell and the 'illusion' that we could all become property owners. The concept that an Englishmans home was his castle. In the 1970's property ownership was not considered to be a measure of success and council housing was not a 'bad' thing. Historically, the vast majority of property was owned leasehold or rented. Property as an asset was backed against money not debt. It's value was held low, because, although demand was there, the concept that people would take on massive debts to own it was alien. 3. The 'bad debt' issue was primarily related to securitisation, the bundling up of loans for sale as a financial commodity. Securitised debt swirled around the banking industry until no-one was quite clear who was borrowing from who and what against. The whole mess collapsed in on itself primarily due to a loss of confidence. Some banks are broke, because of their actions on property. Many more are in financial stress because they lost vast reserves of cash on a falling market. At the moment, no-one knows which banks are safe, so they will not lend to each other. That's frozen the financial system, which in turn has frozen the world economy. 4. As a finite resource, where demand outstrips supply, property and land in the UK will always appreciate in value. It's over appreciated recently and we are in the grips of a major price correction. A 30% drop in values from the peak will put us back to 2002-4 prices - not back to the 1920's. This is the true impact of the labour, 'no more boom and bust' philosophy. They smoothed out the financial cycle stretching out the boom into a long run of steady growth. You can't fight the cycle though and the longer the crash is held off the harder the correction. That's where we are right now. 5. The bigger problem for the UK is a lack of products. We make nothing of any significance and we import much more than we export. The main thing we have been able to offer the rest of the world in recent years was North Sea Oil (which we are running out of) and financial services (which don't work any more). Coupled with our low interest rates, that is why Sterling is so under-valued. |
Appreciate
0
|
02-02-2009, 06:27 PM | #76 |
Lons
10
Rep 383
Posts |
All very good and valid points. I'm in the construction industry but in a small way and I'm not suffering too much as work is still there if you have a good reputation. Have noticed a lot of competitors heavily undercutting. not always wise as customers wonder how long they will be in business! My family have been affected but I'm lucky that my mortgage is paid up, however what about the other side of the coin where poor b******* like me with savings now not not safe and attracting interest at much less than the rate of inflation? As an aside to RockIt - We're going to NZ and Australia in November. If your sisters' guest house is anywhere near Christchurch, we've booked flights but not yet accommodation so could be interested
__________________
|
Appreciate
0
|
02-03-2009, 01:39 AM | #77 | |
Captain
171
Rep 981
Posts |
Quote:
|
|
Appreciate
0
|
02-03-2009, 01:44 AM | #78 | |
Captain
171
Rep 981
Posts |
Quote:
But nobody predicted this crisis as a whole. And nobody knows when, or even how, it will end, because for one thing, we have never been here before. |
|
Appreciate
0
|
02-03-2009, 02:33 AM | #79 | |
Major General
192
Rep 6,110
Posts
Drives: Don't know yet!
Join Date: Jul 2007
Location: UK
|
Quote:
Good comments to date Fielding, and you are putting up a valiant defence of Messrs Brown and Darling, however a couple of points: With the exception of Roofer, little mention has been made of the FSA. When did what was the SIB evolve (no not get remapped!) into the FSA? Perhaps if the Authority had been paying more attention to what the Banks were doing, and to what they were getting involved with, maybe the British banks would not have got themselves into such a mess, especially with their exposure to the American sub-prime markets. Even today after the Govt have poured millions of tax payers money into their depleted coffers, the Banks still refuse to fully explain the situation,nor the level of continuing exposure that is undoubtedly still to be fully revealed, and just how deep their ankles are continuing to sink in the rapidly rising pile of shite. I'll agree with a lot of your comments, it is a complex situation and, in the voice of any Labour MP "Is a global crisis", (but the UK is going to be hit harder than most developed countries) however, as when Nero played with his Todger whilst Rome burnt, the buck has to stop somewhere, and unfortunately that buck is in Brown's pocket.
__________________
=================================
Never argue with an idiot on the internet. He will drag you down to his level and beat you with experience. |
|
Appreciate
0
|
02-03-2009, 02:48 AM | #80 | |
Captain
171
Rep 981
Posts |
Quote:
AS for teh FSA, teh same sort of people who now criticise it (and by extension Blair/Brown) for not 'doing its job', are the very same people who would have cried loudest had Brown (or any PM) tried to give the FSA real teeth. Before this crisis hit the public consciousness, anybody siginificant in public life who'd suggested tougher regulation of banks and markets would have been shot down by the overwhelmingly right-wing press, the same press who now blame Labour. It gets very tiresome having to hear this sort of thing all the time, but more than that it's frightening - the old adage about those not learning from history being doomed to repeat it holds ever truer here - a radical rethink is required, the free market ideology has to be recognised as defunct, and lessons have to be learned. BUt a lot of people on the rigt seem to want to pass of the current (and still emerging) crisis as just some sort of 'blip' or 'flaw', blame it all on Labour, elect another right-wing government - maybe under the utterly clueless leadership of David Cameron - and then carry on as before. Not smart. Another argument I hear a lot is, "oh well, we didn't know the banks would be so greedy and stupid and reckless, and get into all this obviously toxic sub-prime debt etc...". Which is a bit like leaving half a dozen pigs in a room full of turnips and then coming back a week later and expressing shock that the turnips had been eaten! Right, off to look at some pictures of snow. No snow in Cheadle or Knutsford or points in between today. Just ice in the door sills of my acr, making a crackling sound all the way to work.... |
|
Appreciate
0
|
02-03-2009, 02:58 AM | #81 |
Brigadier General
96
Rep 3,465
Posts |
Q. If the credit crisis is about the banks not lending. And banks needing billions of tax payers money to stay afloat. which i see a usless as the banks still arent lending. Then Why dont the governments (all around the worlds) nationalise the banks and start lending again, If they are prepared to gurantee loans?
im not talking about all banks, only the ones that need money to stay in business.
__________________
C350 cdi sport estate facelift 457lbft
130i M SportMercedes C350 CDI Sport Estate AutoMini Cooper Auto.Mercedes E250 CGI,Lexus IS-F,R36, RS4 Saloon,ML 420 CDI SPORT,M6, 335d, C55, C32, M3, M5, S3, ALL SOLD but fondly remembered |
Appreciate
0
|
02-03-2009, 03:16 AM | #82 | |
Major General
192
Rep 6,110
Posts
Drives: Don't know yet!
Join Date: Jul 2007
Location: UK
|
Quote:
Happy daze
__________________
=================================
Never argue with an idiot on the internet. He will drag you down to his level and beat you with experience. |
|
Appreciate
0
|
02-03-2009, 03:35 AM | #83 | |
Captain
171
Rep 981
Posts |
Quote:
When I said the economic policies which caused tis crisis were Tory ones, I was careful to make clear (I hoped) that these policies had been continued by New Labour. In order to get into power in 1997, Labour ditched a lot of what made them Labour, they ditched a lot more than they needed to, because by that stage the electorate were sick to the bacl teeth of the Tories. If you honestly think I sound like I am defending Brown or Darling, them let me be unambiguous: I have hated New Labour since ling before they were elected, I 'knew' or at least suspected, that they were not going to be the party that all of us who had suffered so much through the Tory years had hoped for, not by a long chalk. But there was a long period, under New Labour, of prosperity. There were no multiple recessions, as under the Tories. There was no deliberate mass unemployment, no concerted attempt to destroy the fabric of society, etc. So I'm not pro-Labour. I'm just anti-Tory. |
|
Appreciate
0
|
02-03-2009, 03:53 AM | #84 | |||
Major General
192
Rep 6,110
Posts
Drives: Don't know yet!
Join Date: Jul 2007
Location: UK
|
Quote:
I'll agree, the two main parties traditionally went in opposing ways,but as you have highlighted,both Tories and Labour are hell bent on meeting head on with the resultant mess that we now find ourselves in. Oh by the way,I'm not a Labour fan by any stretch, nor do any current Tory policies seem to offer any real hope, hence my earlier comment re: The Scouts! However, please enlighten me: Quote:
Quote:
If so, how? And...........I would level the same charge at New labour now, but I'll let you explain first
__________________
=================================
Never argue with an idiot on the internet. He will drag you down to his level and beat you with experience. |
|||
Appreciate
0
|
02-03-2009, 03:59 AM | #85 |
Captain
171
Rep 981
Posts |
Well Mrs Thatcher famously declared that there is no such thing as society, and that statement was much more than a provocative soundbite - it reflected the social policies of that generation of Tory politician.
Mass unemployment was a deliberate element of Moneterism... |
Appreciate
0
|
02-03-2009, 04:02 AM | #87 | |
Major General
275
Rep 9,218
Posts |
Quote:
In contrast the UK Government became a major stakeholder in most banks. The Tories are talking a load of arse in respect of the debt this will pass on to our children. Because the Govt has in effect 'part nationalised' the banking system, when it starts working properly again, the taxpayer will see an upside on their investment. It's also unlikely that the maximum investment that has been discussed will actually be pumped into the system. In reality, what you are suggesting has already happened. It's just that the Govt has stopped short of full ownership of individual banks. I think that's right because further nationalisation will only make the real problem worse. The issue now is that some of our banks are technically insolvent. But we don't know the depth of the problem because the Govt cash is still washing around the system making everything look OK. For this reason other economies are not going to go any further than us. This is as good as it's going to get in terms of measures to improve liquidity. I think we will now see situations where the Govt act as funds themselves (ie as banks) for major infrastructure projects (road, rail, schools etc.). This is what Obama is proposing in the US and because it will get money into the system directly without involving the banks I think it will become quite important in the next few months. |
|
Appreciate
0
|
02-03-2009, 04:04 AM | #88 | |
Captain
171
Rep 981
Posts |
Quote:
It does seem mad though to throw public money at failed banks and 'hope' they act reponsibly and sensibly from here on in, without a proper level of conditionality, if any. It does seem more logical to use that public money to create public banks.... But if the govt let banks go to the wall, there would be huge impacts which we/they would still have to deal with. It's not as though the problems these banks have caused can be confided to those banks. |
|
Appreciate
0
|
Bookmarks |
|
|