Doom & Gloom?
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Hi,
The Credit crunch may be an interesting subject to discuss in an objective fashion whilst you are still in employment. I think I may have joined in a few discussions here concerning this and related issues.
However, over the last few weeks I can only describe the atmosphere amongst my family and friends as doom and gloom to say the least.
A good few have been made redundant. Many of them are facing unemployment soon. Some are on a four day week and others have taken a pay cut to be kept employed.As an example, one night a week, I play five-a-side soccer with about 14 other guys. Nine of them are facing being made unemployed!
These are all decent family men with mortgages to pay.
They work in a wide variety of jobs. No single industry seems to be effected.
Everyone is being effected!I myself work for a large architectural company which is in the fortunate position of having some large contracts. Even so, some smaller offices have been closed down due to being "uneconomic" to maintain.
With family and a mortgage of my own it sends a shiver down the spine.Even guys who are contract staff can no longer feel smug.
They are used to being able to float from job to job being paid a generous hourly rate. Not any more. Their agents are telling them there is no work so try hanging on to what you have!This credit crunch is inflicting terrible damgage on many people. It makes my blood boil to see all these criminally negligent banks receiving trillions of dollars to be kept secure whilst their actions have put millions of people at risk. They should have been allowed to go bust. Then they should have been nationalised. Then the trillions of dollars wasted on these parasites could have been put to good use. Helping millions of honest, tax paying people secure their futures working in real wealth creating jobs.
Amazing how all other industries are told that if you aren't profitable you must be allowed to go to the wall, because that is how the "free" market works. But this "law" doesn't apply to the financial industries.
Criminal!!How are your lives being effected?
Regards
Mr S -
@mr s said:
It makes my blood boil to see all these criminally negligent banks receiving trillions of dollars to be kept secure whilst their actions have put millions of people at risk. They should have been allowed to go bust. Then they should have been nationalised. Then the trillions of dollars wasted on these parasites could have been put to good use. Helping millions of honest, tax paying people secure their futures working in real wealth creating jobs.
Amazing how all other industries are told that if you aren't profitable you must be allowed to go to the wall, because that is how the "free" market works. But this "law" doesn't apply to the financial industries.
Criminal!!Do you really think that the banks are being helped out for the sake of the banks? IMO the banks are being helped put because however bad the situation is now, if the governments hadn't bailed out the banks the situation would be a great deal worse right now.
And then you'd have been whining about how the governments didn't do anything to try and stop this mess.
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No,
The banks are being helped out to maintain the systems status quo.
Eveyone who is a part of the establishment has a vested interest in keeping things the same in order to protect their own interests.
They are not doing it to put things right for the millions whose lives have been blighted by these greedy criminals.
I think the Mafia had more honour than these bastards.If you had given me all of your money and I had made a complete mess of your life would you come back to me and ask me to ensure the future of your childrens future?
Do you really believe that Capitalism will remain the only viable economic model for the rest of time?
Capitalism in its current form has failed.
Nothing stays the same forever.
Change always comes about at some point.
And I mean real change, not the useless slogan mouthed by that stage performer Obama!Regards
Mr S (The Whining Specialist) -
@johnsenior1973 said:
Do you really think that the banks are being helped out for the sake of the banks? IMO the banks are being helped put because however bad the situation is now, if the governments hadn't bailed out the banks the situation would be a great deal worse right now.
do you really think the governments bailed out the banks? the government doesn't control the money/economy.. the banks do.. they control pretty much everything - including the government..
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I originally had accepted the reasoning on saving the banks, at least reforming them. It is clear that they are corrupt, that the whole system is a scheme. The best way to rob a bank is to own one.
After all banks are being "taken over" by the US gov. all the time. The smaller ones. Many failed in the 80's and protections were put in place. These protections and many from the Great Depression have been dismantled and ignored over the past 20 years. Some say that the administration currently (continuing past practices) breaks the law to keep banks in business.
As we feel the pain and worry, we should try to keep our tempers. Do any of us know the real solution, which apparently eludes highly learned economists? (Sure some of these gurus are working the system but they cannot all be on the take.) And who cares what we say anyway?
Instead of blood from a stone or trying to reform the terminally corrupt, why not have a JUBILEE and start over? I know it is extreme, but the reverse is being done now. Apparently we are pursuing the Japanese plan: try to hide the losses (e.g. deny mark-to-market), try to run the economy on the backs of the dwindling consumers left standing, and prolong the recession for another 10 years.
Just an idea. An "objective" discussion can also be a diversion from your own problems. Please don't attack me.
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The cause of this current collapse of our rather seedy model of greedy capitalism is the loss of middle-class jobs...jobs affording discretionary spending ("the foundation of our economy" say even the folks who let them be slashed).
The cure is job (re)creation...whatever that takes. The rest is smoke and mirrors (and paying the devil his due).
But don't get me wrong...I'm not for bailing out these crooks either. All this talk of regulation makes me laugh/cry: What regulates most of us...? Fear of prosecution and retribution...and jailtime! Bring that on...oh please, bring it on.
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They are crashing the economies if preparation for an eventual one world monetary system, whats happening now is just the 'problem creation' stage.
http://www.youtube.com/watch?v=EMljWDEWABM&feature=related
By the time this all plays out, our children won't have any choice but to accept the seemingly 'obvious' solution the NWO will then impose.
"He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead so that no one could buy or sell unless he had the mark"
( and No, I'm not a religious nutter!)
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@mr s said:
How are your lives being effected?
Our office started cutting back on expenses, then asked for voluntary pay reductions then eventually cut the hours to a 32 hour week. Our President and VP have been working without pay for months and we have lost a few people as a result of the time reduction. A co-worker and I are being farmed out to a larger firm for drafting help so that is a plus for our situation and alleviates them having to hire temp work.
That said, I am not buying into the doom and gloom. This is just another cycle. If you look back at any 10 year period in the stock market, there has always been an increase. The upshot is that investments can be had at rock bottom prices!
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We are seeing the ongoing effect here in Aussieland.
The government had previously called for tenders to build a high speed internet/data fiber to the node system throughout the country.
It was announced today that the Government will build it in partnership with private enterprise. The government will own 51% of the company plus it will be fiber to the house.
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Personally, I think Sir David Tang summed it up best: "What we all need to do is to sit down and calm down and go back to basics. And most important of all, shed our sense of pessimism."
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"What we all need to do is to sit down and calm down and go back to basics. And most important of all, shed our sense of pessimism."
Great advise for those that are not effected by lay offs or looming retrenchment, a moot point for those that really have been effected by this calamity however.
Pretty hard to go back to basics when you find yourself unemployed or even under employed is it? unless he means going back to subsistance farming by 'basics'. -
@unknownuser said:
Great advise for those that are not effected by lay offs or looming retrenchment, a moot point for those that really have been effected by this calamity however.
Pretty hard to go back to basics when you find yourself unemployed or even under employed is it? unless he means going back to subsistance farming by 'basics'.No, actually I think it's good advice for everyone. And I doubt he means "subsistence farming"...
Really, how long does anyone think the economic "bubble" can expand before it bursts? You don't get "unlimited growth" without shrinkage somewhere along the line. The "shrinkage" in this case was exacerbated in part by the sub-prime mortgage fiasco and over speculative lending practices among other things...
The upside of this is that the whole "system" has come under scrutiny, and the taxpayers and common everyday citizens are now more aware of just how deeply banks are intertwined in all aspects of commerce and the global economy. Hopefully, we'll learn something from this and improve upon it...
Sure, the "Great Recession" totally sucks, and I do feel badly for those who are now unemployed or facing unemployment or other cutbacks. But the system couldn't have continued to function for much longer anyway...
It wasn't a matter of if there was going to be a meltdown, it was when IMO...
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In 1929 before the stock market colapse nobody could have dreamed that this 'get rich quick' system of buying and selling stocks could ever collapse as it was based on actual companies, real industries of manufacture, real stocks, shares in companies like RCA, General motors, etc. The problem then was a consortium of bankers that banded together and artificially raised stock prices by initial buying and spreading prosparity rumors in the press then getting private investors to take the bait and go all in using the 10% down stock lending option at which point these greedy bastards would sell their original very cheap stocks at a fortune, this was the bubble and yes the greed caused the collapse.
After that depression there were new standards imposed which outlawed such blatant market manipulation stategies, but as time went on new schemes from greedy bankers caused future declines causing even more regulations like insider trading laws. So here we are at a new low with even more regulation taking place and a recovery needed just so that in some future we will again have another calamity which will require even more regulation.
The difference is back then the bankers and dirty bastard investers that caused the bust were wiped out!, like William Durant (founder of General motors and a huge investor stock manipulator) who at the time was the richest man in the world, lost everything, everything he died with a total value of $250.00...fair justice IMO.
Today the friggin banker swines and corrupt lobbyist friendly politicians have prospered through this collapse, they are still getting bonuses and untouched by the angry mobs, what makes this even worse is this collapse is based on ficticious money and bought debt not real industries and manufacturing companies that can be sold off or taken over.As always the innocents get screwed, the guy who goes to work, earns an honest buck. The person who bought a home using correct methods and honest practices (not 100% finances based on a 'Stated' income with interest only payments)who now find themselves upside down and unable to pay their variable rate loans for a home that is not worth half the price due to falling home prices based on market values. or the guy that cannot pay his staff for an honest weeks work because banks are too scared to honor his unfaultered line of credit, or even the guy who works for the company that cannot get the funds to buy raw materials to honor new orders which results in his job loss.
It's hard not to be pessimistic in their shoes, and what is basics for them?(rant over)
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Just to throw some facts out there: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5110621/City-bankers-made-to-pay-for-financial-crisis.html
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My heart bleeds for the poor little lambs....having a bonus slashed from £900,000 to a mere £500,000 on top of a paltry £100,000 basic package.
It's way past time that these bozos re-entered earth's orbit. I have no problem with entrepreneurs earning that type of money, but no salaried position should carry that kind of reward. Simply dealing with vast amounts of other people's money does not entitle you to a percentage of it. If that was the case, people would be queueing up to become security van drivers.
I do not buy into the "loss of talent" argument. Talent (to the banking fraternity) is measured by how much money you are capable of making. This is the fundamental flaw in the argument...bankers don't make money, they just move it around and facilitate other people making it...people that actually make real stuff that sells for real money. Everything else is just smoke and mirrors...and that's what caused the problem in the first place. -
Hi Pete,
@unknownuser said:
As always the innocents get screwed, the guy who goes to work, earns an honest buck. The person who bought a home using correct methods and honest practices (not 100% finances based on a 'Stated' income with interest only payments)who now find themselves upside down and unable to pay their variable rate loans for a home that is not worth half the price due to falling home prices based on market values. or the guy that cannot pay his staff for an honest weeks work because banks are too scared to honor his unfaultered line of credit, or even the guy who works for the company that cannot get the funds to buy raw materials to honor new orders which results in his job loss.
It's hard not to be pessimistic in their shoes, and what is basics for them?Its interesting that you as a "liberal" and me a "right wing nut" are in 100% complete agreement on this. I don't know quite what that means, but it is interesting.
People justify talk of living through the pain of these economic "bust and boom" cycles as if it is a natural part of mother nature. There is nothing natural about it. It is a system devised by man.
This system doesn't need supporting, it needs overhauling from top to bottom. Scrapped, if need be. If we can put a man on the moon I'm sure mankind can find a much better alternative to this corrupt financial scam.Nearly all the criminals who caused this are walking away unscathed with most of their ill-gotten gains intact. Why should millions of innocent people who lead honest, hard working lives be forced to pay the price for the mess created by these bastards?
There is nothing "natural" about this process.If the whole system is propped up by the Obamas and Browns of this world then this legacy is being passed on to your children, your grandchildren and their children. The Obamas and Browns don't have the trillions to spend.
They are just racking up more debt and misery for future generations.
But they won't be around to worry about that. And being part of the establishment keeps them pretty much insulated from their actions.Another sad aspect to all this is that these second rate vaudeville performers spout soundbites about "saving the world" and millions run out to vote for them because "they look good on TV and the wife wears pretty dresses".
Regards
Mr S -
@alan fraser said:
...bankers don't make money, they just move it around and facilitate other people making it...
Money is just a convenient way of exchanging services. Banks provide a service in the form of lending money and they get paid for it in the form of interest. No smoke and mirrors in sight.
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Mr.S wrote:
@unknownuser said:
Its interesting that you as a "liberal" and me a "right wing nut" are in 100% complete agreement on this. I don't know quite what that means, but it is interesting.
It's true I am a bleeding heart liberal, but that is a social thing. Whats happening now is an injustice to the innocents and I am a champion to any underdog's cause, especially when I am one too as in this case.
I am not going to point a finger as to which side is more responsible for causing this mess as I feel both the left and the right are guilty as sin, even though I'd like to pin some blame on GWB as I dislike him with passion.
My concern here is a solution, do we let things sort themselves out without interference and hope for a rosy outcome or do we jump in and spend trillions to try fix this? I dunno, I cringe at the costs so far, actually I have become desensitized by the constant use of the word 'Billion', it's just a number now as I cannot imagine that sum of money not to mention the talking heads use it as they did the word 'terrorist' a few years ago until it lost it's impact.I'm not a liberal nor a conservative on this pressing issue...I'm concerned
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@unknownuser said:
Money is just a convenient way of exchanging services. Banks provide a service in the form of lending money and they get paid for it in the form of interest. No smoke and mirrors in sight.
That is what banks should be.
Alan has pointed out that this is not how modern day banking makes its obsence profits. They do indeed employ smoke and mirrors to mask their activities. They try to convince us that their jobs are far too complicated for us peasants to understand. So we must not trouble our little minds about what they do. We should simply trust them to do whats best for us.
Yeah, right.===================================================
Hi Pete,
The liberal and right wing labels we each have are obviously very superficial and don't go anywhere near explaining the whole of our world outlooks.
Actually, I live with the "right wing nut" label just because I enjoy seeing politically correct liberals foam at the mouth. Its just a hobby of mine
Actually, I think I am more of a libertarian.
But there seems to be a "left-wing" and a "right-wing" strand to this political philosphy. Sometimes I find myself agreeing with the left-wing view, other times I agree with the right-wing view.I just know I hate the Neo-Cons vision of the world.
And I hate communist tyranny.
Go, figure.Regards
Mr S -
@mr s said:
They try to convince us that their jobs are far too complicated for us peasants to understand. So we must not trouble our little minds about what they do. We should simply trust them to do whats best for us.
Yeah, right.For the large part their jobs are pretty complicated, as essentially theyre trying to understand and manipulate the economy. Given the fact no one really understands how the economy works they've got quite a hard job on their hands.
Thats not to say we should just let them do what ever they want, banks need to be regulated as does pretty much any other industry.
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