The recession hits home

I don't see how the present government were to blame for this, how would Tory policies have made things any better? It's not like overborrowing started just in the UK. Who's been the President overseeing this mess in the US?
It's greedy banks, MD's overinflated bonuses, and greedy shareholders that are to blame IMO.

And I'm not a labour voter either BTW.

regards,
mat

The current Brown/Darling Labour administration and its continuation from the time of Blair/Brown, certainly presided over a credit bubble and resultant housing price bubble, which fed a false feeling of security beyond the end of a real boom phase of the current economic cycle. Brown is uniquely responsible for this period of loose financial control as firstly Chancellor, and subsequently Prime Minister.

The result is that when financial crises hit the USA, the UK, in common with the rest of the World's economies faced a crisis of confidence that will be far worse in the debt ridden UK for the policies adopted by the Labour administrations, which Brown played such a big role in shaping.

It is hypothetical to argue what might have happened had we had a Tory or Liberal Democratic administration instead.

The Labour administration cannot be blamed for the ripple of crisis that started in the USA, but they are certainly responsible for a period of government that has left us peculiarly more liable to a very long period of debt crisis relative to our European neighbours.

To that extent they share the responsibility for the current seriousness of the current crisis, in common with with the US administration of GWB.

Once agin it is hpothetical to speculate what might have happen in the USA had they had a Democratic Party administration.

The US electorate have made a decision for change, which no doubt will be mirriored in the UK when a General Election is called here.

I do not necessarily have much more hope that the Tories or Liberal Democrates can do any better or worse than what Labour might do after the election, however, as the room for manoeuvre is much reduce following such a long period of overspending relative to actual earnings on personal and apparently governmental levels.

ATB from George

We build you up! and then kick you back down again! is a slogan i often use.

Steve

quote:

Originally posted by George: It may become necessary for me to emigrate ...I would leave if I lost my job here, and could find gainful employment overseas.The ultimate "Tebbit" man hoping onto his ferry to find a job ...If that happened, I would consider that there could be no possible loss in leaving the UK for me.
ATB from George

quote:

Originally posted by Mick Parry:
George...You need to remember that the UK still has one of the lowest unemployment rates in Europe. Europe is a place to retire after you have made your pile.
Regards Mick (now resting/retired)

George and others maybe interested in this, EU Economic Data. It brings up a clickable map of the EU which allows you to view a brief summary of how crap the economic situation is in each country. It is also worth scrolling down to summary info and full document links lower on the page if you want to get even gloomier.

Actually where I am in the Netherlands it is not too bad considering.

regards
Geoff

Great link, Geoff.

Thanks.

quote:

Originally posted by GFFJ:
= please delete. [For the attention of Adam].

quote:

Originally posted by BigH47:
OK I expect I missed that information.
Thanks George.

I doubt it - as it is in the Rules.

I changed "*" to "PD" as you cannot search for "*" - being a wild card.

As I said before do you really expect us to re-read the rules every time we log on? I don't think so.

Maybe there's a way to email members with details of rule changes?

Dear Howard,

You're no older than me, so regular reading of the rules to refresh the memory should not be necessary yet for either of us!

But, you can tell when a new eddition is produced with updates, because it is at the top on the main menu under the FAQs header.

I spotted it and read through to see what new stuff was about, including PD.

ATB from George

PS: In the New Year, I hope we can fix a trip down to Worcester for you to visit me!

I remember my father saying years ago that his father in the great depression helped as manager of an insurance company on east coast. He was given the task to fire 7 employees. Then the called him in and said he would have to cut his hours in half, but they'd keep him on. He went home and increased the size of his vegetable garden, he had 5 children to feed.
glenn

Just been laid off again! (6th time this year)

Oh well, more time to listen to the system.
Will have to change my schedule for gunning the new Nait XS and CD5X.

Being in the building trade, we are used to this sort of thing, so, no surprise here...

More change methinks...

Steve

Hi Steve,

Really sorry to hear that,
Good luck with finding a new position

Barrie

Steve

I, too, am sorry to hear your news - really hope the trade picks-up soon. Good luck finding work.

ATB Rotf

Hey guys, thanks.

My christmas bonus this year - sorting out the mains supply, re-siting the speakers, cleaning connections, new stylus, more music!

Who cares

P.S, Been promised more work in the new year but... we will see...he who is trying to look on the bright side and it seems to be working

Back to the music!

Being on the Architectural side of things Steve, it's suddenly got busy again as the usual large developers can't get the money from the banks to buy the properties they need, the estate agents who usually get brown envelopes are offering opportunities to the small private guys instead who have been trying to get started for years.
The clients are new, and green, but the work is starting up again to the degree that we are really busy again.
I figure you'll get the result of this within 2 months - so don't worry. It's beginning to happen.
Good luck

That's good to hear Ewan.

Yes indeed, i hope Ewan is right and that is music to my ears if this turns out right, god knows in this climate.

Heres to another new year and wish the best for everyone for the near future and of course - Happy christmas!

Regards, Steve

Good news if it is right Ewan although it could just be an isolated pocket of activity.

I am in tool hire and as we are, like your profession, closely linked to construction we are usually amongst the first to go in and the first to come out of a downturn.

Mark

Another interesting thing happening right now is that international seaborne freight rates are climbing. These are usually a very good barometer for international trade and may indicate a bit of a recovery in activity. Last week $2,700/day, this week $8,300/day, 1-year forward rates at $17,500/day for Capesize vessels. Bear in mind that these are well off the historic high of $234,000/day and are not yet high enough to cover actual costs.

Having said that, there is a maybe a bit of a secondary market in these rates (third-parties trading forward rates and other derivatives) and we may just be seeing the effect of derivative traders and arbs at work. Who knows? But at least some people are betting on a recovery in rates (possibly betting on more ships being mothballed - if you are pessimistic).