Scary Times

[beagle]

Wish I shared your optimism. In a year we've gone from "Will a small problem in financial services become a big one" to "Will a problem in financial services spread to the real economy" to "How bad will the recession be".
Currently we're somewhere between "Will it become a global depression" and "Will the Depression last a decade and lead to war".

Seems pretty much a self-fullfilling prophecy now. Consumer spending has collapsed everywhere and we're nowhere near the bottom of the cycle of layoffs and contraction. For some reason it seems much scarier than the 70s and 80s recessions. Maybe because it's global.

[Griffin NoName]

Mero, stelli, I am so sorry.

Should I say something consoling like this could be an opportunity?  Probbably not.

I am getting rather horse. (I think I spelt that rong?). Everyone everywhere - well on TV - is trying to get people spending again to prevent things getting even worse and I keep shouting at the TV NO NO NO DON'T, it's spending that got us into this mess....... I imagine I will be able to stop soon as the lay offs get more and more as no one except bankers will have any money at all and there will be no broadcasting so no TV to shout at.


warning: Beagle Spoiler. Do not read.

There was an evil suit on the BBC QuestionTime last night who harrangued the rest of the audience and panel about the indecency of HSBC (which used to be a perfectly respectable building society until it decided to become a bank) being scooped up by tax payers because his shares were suffering..... along the lines of I don't want my bank bought up, it's my bank and I want my profits. I think he might have been a plant. Or a Tory.

I don't think the 70s and 80s were anything like this, not only because of the global stuff, but because we hadn't reached the heights of gluttony, greed, and stupidity - now we have maxed out on them.

My Dad always told me never buy anything on HP (hire purchase) and I never have. A simple plan but it has kept me level. When I don't have any money I don't spend it. If that means starving and freezing, it's ok, cos we had been taught how to do that. In those old days, people knew HP was the road to hell and poor people were happy with their black and white TVs. 




Pachy, I'm not sure everyone wants to consort with badgers like what you do !


Back on topic, I can't really believe it has happened to you two. I need a reality check.

[beagle]

warning: Beagle Spoiler. Do not read.

Too late, I read it.

There was an evil suit on the BBC QuestionTime last night who harrangued the rest of the audience and panel about the indecency of HSBC (which used to be a perfectly respectable building society until it decided to become a bank) being scooped up by tax payers because his shares were suffering.....

HSBC was never a building society. It was the Hong Kong and Shanghai Banking Corporation before it diversified abroad before the return of Hong Kong in 1997 (and mopped up the old Midland Bank).They or you are thinking of someone else.
It's also one of the world's most conservative.

Banks were the highest dividend payers for private pensioners, and there is real anger that their zero dividend policy is now dictated by government while public sector workers pensions are guaranteed by the tax payer. Especially sound banks like Lloyds that were drafted in by the government to save other institutions.  Almost every pension fund owned Lloyds shares.
Suspect the government may end up owning ever more of financial services, because no one else will want to.