Taxi Driver Online

If it feels different, it's because it is different.

This is a bank driven screw up of monumental proportions.

We haven't seen anything yet.......

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

Don't know about that, since unemployment usually arises because of the recession. As for interest rates, one of the reasons for the asset price bubble and indiscriminate and imprudent lending has been low interest rates.

No one can know how it will all turn out, could be a fairly quick V-shaped recession, but when the Japanese asset-price bubble burst a few years ago the economy stagnated for years, even with 0% interest rates and huge public spending to reflate the economy.

In the end a lot depends on public/business sentiment; for example, if we all believe Skull's forecasts of economic armageddon then we all stop spending and the recession becomes a self-fulfilling prophecy.

Low interest rates defo helps, but I'm wondering how many retail outlets, and jobs, will go once Xmas has been and gone.

One so-called expert said the banks are keeping away from them cos they have shops full of stock. Once that's gone the banks will come calling.

But I'm not going to end on a negative. I think as our punters pay us (normally) in cash, and the average fair is under a tenner, then I think we should fare an awful lot better than others.

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IDFIMH

The recession as such is not here yet! but I do see unemployment rising, as to how far then I think that it will be down to how fast they can get the housing market back on track. The low interest rates in themselves are not a reason or part of it - the cause was the ridiculous irresponsible lending by the banks who were just looking after their bonuses and then hiding behind legislation to bankrupt or take peoples homes off of them.

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if you cannot be yourself, then who can you be.

What is this so called "irresponsible lending"? Do you mean to business or individuals?

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Grandad,

125% mortgages, self certification for a mortgage, credit cards dropping through the doors of people who cannot afford them, blank cheques sent through the post - write your own figures. Is that not irresponsible lending

I also have had dealings with "Barclays" that left a lot to be desired, the bottom line is that they will/would lend practically any amount to you - but in the event of it going tits up - they will then hide behind clause blah blah blah to take everything off of you to get their money back.

My argument is that the clauses only apply if they have shown "A Duty of Care" in the original transaction, other than that they are negligent as people who are supposed to know all about money and the financial world. They have a "Duty of Care" to guide people who are easily lead, but they have been very cavalier to say the least.

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if you cannot be yourself, then who can you be.

Is there something wrong with PH

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Note to self: Just because it pops into my head does NOT mean it should come out of my mouth!!

Lending to individuals then.

When a lender gives out a mortgage of say 125% of the value of the property, don't they normally get the borrower to get additional security in the form of an insurance policy so that the lenders money is covered? I know they used to do this in the 70 - 80s when I last took out a mortgage? The additional security was for any mortgage over 70% of the value.

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Grandad,

its only a recession if you have/need credit or trade in shares or money itself (an alien concept to most)

if youve got money then you may suffer some small decline in the interest you get so long as HMG keep bailing out the banks

lets put it this way, win the lottery jackpot and suddenley all your worries wil fade away

Both.

If someone isn't in a good position to repay back a loan, then they shouldn't have been given one.

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IDFIMH

No.

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IDFIMH

Don't forget giving people mortgages of 5 or 6 times their annual salary. HTF did they suppose these people were going to make the payments if interest rates rose?

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

All the spending in the last 10 years, has been on the never, never. The banks have no credit (at least none to throw at bad debtors) left. People, don't have a pot to pis* in. The housing bubble has burst. Bankruptcies are up to 301 a day, that's, every day. The national debt is increasing by £80,000 a minute, and the government want to borrow more money to throw at the situation, just to keep people spending.

Old Mother Hubbard
Went to the cupboard
To get her poor doggie a bone,
When she got there
The cupboard was bare
So the poor little doggie had none.


This is way out of control, to such a point, no one knows what the feck is going to happen.

The Government is attempting to deflate the bubble slowly, so that people can adjust ....

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All animals are equal but some animals are more equal than others.
George Orwell, "Animal Farm"

This is a, anything can happen situation . . . .

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All animals are equal but some animals are more equal than others.
George Orwell, "Animal Farm"

Can somebody remind me again why we have to bail the banks out. I don't remember them bailing me out when I went overdrawn and they charged me £30.00. Me thinks the government is making a rod for the tax payers back. The banks will carry on as they do and not have to worry so much if they get it wrong cos the government will bail them out. If anything the government should have just took over the bank fully not just thrown a load of money at them. How can they protect the tax payers money when they can't protect the shareholders money and I don't suppose anybody in the elite banking jobs has been made to resign yet or give back their bonus's that they so obviously do not deserve. Anyway it's out of my depth all I know is I am no poorer or richer than I was before it all happened it just means that I will have to wait forever to sell my house but hey no worries I've still got a roof over my head that is in no danger of being repossessed so I shall count my blessings.

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Note to self: Just because it pops into my head does NOT mean it should come out of my mouth!!