Will the situation get worse.......

  spuds 08:55 12 Oct 2008
Locked

before it gets better!!

On a daily basis, we are being told that the global finance market is on melt-down, and everyone as to expect the worse. Some governments are trying to save the situation, and it would appear that some governments have already gone bust or on the verge of doing so.

The USA, UK and other governments are having to take major control over some of the banking institutions and financial procedures. Yet we are still being told that these measure are not or anywhere near enough.

Whats your opinion!.

  laurie53 09:00 12 Oct 2008

Will the situation get worse?

Yes, tho' it depends a bit on your situation.

If you're employed it will get worse, if you're on a government pension, probably only a little - petrol down, food up.

  JanetO 09:00 12 Oct 2008

I've been expecting a recession for months. All the signs were there that it was inevitable.

When I had a company in the 80's and 90's firms were collapsing all around me as banks pulled the rug from under them. It was more like a depression than a recession.

Usually I'm an optimist but in this case I believe it's going to be worse this time round.

  newman35 09:11 12 Oct 2008

Mainly agree, but I believe wheat prices have dropped dramatically, so food may even come down a bit (mind you, possibly not tomato ketchup!!(:-)

  newman35 09:12 12 Oct 2008

!

  newman35 09:13 12 Oct 2008

Should have been mmmmm..Marmite.

  spuds 09:13 12 Oct 2008

Apparently, some small business's have had their overdraft rates increased substantially over the past week, making it even more difficult to trade. They are also finding it hard to get payments for jobs or supplies already provided.

One small company that I was reading about, as now had a 30 day payment clause, increased to 60 days, by one of their larger buyer outlets. But as the company states, it was never 30 days anyway. Trying to get payments previously was at times a nightmare. On that basis, it looks like insolvencies will definitely be on the increase.

  lofty29 09:31 12 Oct 2008

Of course it will, as one person put it, all logic has gone from the situation, blind panic has taken over and the herd has stampeded. Though no doubt some people with very large cash reserves will pick up businesses very cheaply, probably the very people who caused the problem in the first place. One of the ironies I noticed was that people rushing to sell their shares are then buying gilts( government bonds) the money which is then being feed back into the bank bail out.

  GANDALF <|:-)> 09:32 12 Oct 2008

Why has there not been a single banker on any of the television progs to explain how they got into this situation. As they have been given £500 billion of OUR money, I feel that they should be held to account.

As they have been given our money why does HM Govt not have at least one seat on the boards of each bank?

As they have been allowed a half% interest rate reduction why have 3 banks (who have benefited from OUR money) stopped offering the mortgages that would benefit from this?

Why doo the banks keep bleating that it is not their fault?

G

  spuds 10:34 12 Oct 2008

GANDALF, perhaps the answer might have something to do with yesterdays highlighted media reports, about City bankers and politician's at last weeks 'extravagant' credit crisis conference in Italy!.

newman35, I think that you will find, food prices are on the increase, in perhaps an hidden form. Checking certain essential items, you may well find that the contents have been reduced, and the price as remained the same, or gone up slightly.

Major adverts in newspapers and on the television, about 'lower' prices due to competition and competitiveness, are in the main very short lived. Its just a crowd drawer, because the supermarkets are well aware, that once you are in the door, then !!.

  24/7 10:43 12 Oct 2008

This morning on the BBC's news i noticed Robert Pestons comments "The goverment has "FOUND" £500 BILLION of tax payers money to inject into the banking system but it will have to be paid back inot the coffers & that means prices with almost EVERYTHING in t he uk WILL go up dramaticly...

Also ive noticed its just been announced that there could very well be the possability that some goverment services & workers will NOT be getting paid this month...what a horrible christmas we are looking to have...

thought this might be of some use...

click here

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