As the Economic Crisis deepens, what will the repurcussions be?

ninebeanrows

Today may be remembered as Black Monday.

Stock markets across the world have crashed.

The British FTSE crashed 8%
Cac (French) 9%
Dax (German) 8%

And we faired with a 10% crash.

What will you do to keep things ticking over as the credit market freezes up?

Dragan

I will sit pretty happily knowing that unlike some people i have not fooled myself into a standard of living that i cannot afford by availing of loans and credit cards.

cornbb

Yeah ditto. I'm pretty happy not to have a mortgage/debt/stocks/pension right now (not to mention no money :rolleyes:) so as long as I have my job I guess I'll be ok. It sucks though, hard to know how the country will be hit now compared to how it fared in the 80s.

jaycen

Dragan wrote: »

I will sit pretty happily knowing that unlike some people i have not fooled myself into a standard of living that i cannot afford by availing of loans and credit cards.

Pretty much same as, a lot of dillusionals will feel the pain though, if you kept your head over the past couple of years and resisted big debts then you should be fine.

Guess muy pension took a bit of a hit but seeing as I won't be needing it for another thirty years or so it should be opk then.

antodeco

jaycen wrote: »

Guess muy pension took a bit of a hit but seeing as I won't be needing it for another thirty years or so it should be opk then.

Yup, same as me. Lost 10% on the value of my pension. But who knows what it will be like in 40 years time!

The only loan I have is my car. Its at a fixed rate and I could just pay it off as I have enough savings (saving for a house). I know the standard should be to pay off exisiting loans with finances, but in this climate, I would rather hang onto my savings then spend some of it clearing a debt that I can easily afford.

Worst case scenario, I will have to turn to prostitution. Ive no issues with that that at all. I have a strict ROAR though. Between 18 - 30. No fat chicks. That should do

Turd Ferguson

I'm gonna stay drunk till the economy gets back on track...anyone want to join me?

KnifeWRENCH

I'll sit in my rented and paid-off student accomodation, waiting patiently for my scholarship and grant money to come.

Oh how all of you with mortgages and loans must hate me... :pac:

suspectdevice

i'm just going to cope the same as any other generation that has seen this type of thing. its nothing new, its cyclical.

your lives must be so boring just sitting smug on your sofa watching coronation street whilst the years pass you by.

aint no pockets in the shroud, aint no debt collectors in the graveyard

Dragan

square_igloo wrote: »

I'll sit in my rented and paid-off student accomodation, waiting patiently for my scholarship and grant money to come.

Oh how all of you with mortgages and loans must hate me... :pac:

They are not hating you, just waiting for you to start contributing tax to help with this governmental backing of the banks.

It never ceases to amaze me that they were the top of the food chain and still ****ed it up.

jaycen

suspectdevice wrote: »

i'm just going to cope the same as any other generation that has seen this type of thing. its nothing new, its cyclical.

your lives must be so boring just sitting smug on your sofa watching coronation street whilst the years pass you by.

aint no pockets in the shroud, aint no debt collectors in the graveyard

TBH it's very new, the whole world seems to be caught up in the crisis, last time (80s, I was there - justabout) there was somewhere you could go (US, Aus , etc) to avoid the recession/downturn/depression here.

brianthebard

What a time for me to get into debt for the first time. Its only an overdraft, but still, not much chance of getting a job or grinds atm I think, and still haven't heard from the county council on the grant.

ejmaztec

Unfortunately, even financially sensible people are going to get screwed as a result of this situation.

andrew

Sit back and watch how the world copes with it's need to invent a new monetary system not based and growth. Watch how the US govt. realises that it has millions of newly unemployed young people, and decides to send them to war. General worldwide upheavel and 'interesting times.' Should be....er, interesting.

Also, considering this is affecting the whole world, I'd have thought that everyone will be affected in some way. so not having any debt won't matter I'd have thought.

I thought the technical definition of a crash was a fall of over 10% or something, which hasn't happened in a Day yet (as of this post). Black October perhaps?

Archeron

I've decided to get through by printing my own money.
My €50 note features a picture of Kelly Brook with no clothes on, and my €20 note has a cute picture of a puppy in a basket.
I am willing to sell these notes to you all at face value.

ejmaztec

I think that the US attacking Syria and Iran at the same time should do the trick.

Darragh29

Don't tell me that $700,000,000,000,000,000,000,000,000,000,000,000 we were all debating on here last week has been blown already!?!?!

Alessandra

I have a student loan, crap job and 100 CVs (at least) sent off. Too poor to leave the country to find my fortunes!!!!

Sam Vimes

Alessandra wrote: »

I have a student loan, crap job and 100 CVs (at least) sent off. Too poor to leave the country to find my fortunes!!!!

you have assets you may never have thought of. sure who needs two kidneys anyway!?

Darragh29

Is Dalkey Island inhabited??? I was thinking of taking a tent over there and a few months supplies, to get some respite from this stuff!

ejmaztec

Darragh29 wrote: »

Don't tell me that $700,000,000,000,000,000,000,000,000,000,000,000 we were all debating on here last week has been blown already!?!?!

Surprisingly enough, they gave it to the people who pissed it away in the first place.

KnifeWRENCH

Dragan wrote: »

They are not hating you, just waiting for you to start contributing tax to help with this governmental backing of the banks.

Well, I have to pay DIRT. Does that help? (My knowledge of tax is very limited)

Overheal

Stateside, college students everywhere are watching their student loan plans dry up. The end result will eventually be a disaster. Unemployment is already getting crazy - think about how much more it could be going up when the pool of graduates runs out as well. Some industries are already at a loss. I'd be violating an NDA to tell you which, but there are some major companies out there which simply can't find the right people for critical positions.

Watch how the US govt. realises that it has millions of newly unemployed young people, and decides to send them to war.

Watch where you place the blame though there. I'm already giving strong thought to enlisting. Its about the only thing that will still be hiring in a years time.

Alessandra

Sam Vimes wrote: »

you have assets you may never have thought of. sure who needs two kidneys anyway!?

Great thinking.. $$$$$$$$$ How much would a good kidney make me?

dsmythy

I guess we can look forward to dodgy governments coming to power around the world and 10 years of war as a result. Coming up to the 100th anniversary of WW1 and all.

Turd Ferguson

Darragh29 wrote: »

Is Dalkey Island inhabited??? I was thinking of taking a tent over there and a few months supplies, to get some respite from this stuff!

You'll need to bring your laptop, otherwise we'll miss you

dr.bollocko

The reactionary nature of world markets was always going to see some sort of horrible fall like this. I find it best to think of those with the money to spend as small children.
Buy Buy Buy! Ah Its down! Sell Sell Sell!

It's issues such as negative equity that worry me if I want to continue living in Ireland. (Thank God I dont own a house). Also the prospect of Dell leaving Limerick. That'll **** things up a lot.
We just really really need infrastructure spending now.

Balcony Bum

Turd Ferguson wrote: »

I'm gonna stay drunk till the economy gets back on track...anyone want to join me?

Yup. I've been drunk all through the boom, so I'll stay drunk for the recession. Glug glug glug

Darragh29

Sky news are nwo calling today "Meltdown Monday"


Cue The bangles...!!!

It's just another Meltdown Monday,
Wish it was Sunday,
That's my funday...!!!

Lads it's grand, everyone stop panicking, Peter Mandelson is back to sort it all out!

Overheal

Meltdown Monday!

Topple Tuesday!

Windup Wednesday!

Thermonuclear Thursday!

TGIF...

andrew

Balcony Bum wrote: »

Yup. I've been drunk all through the boom, so I'll stay drunk for the recession. Glug glug glug

Ah, a banker are we?

tipp86

Just dont pay off the loans which in turn will bust the banks hence no debt

Although mightnt appeal to those with no money in the bank

This recessions great - my part time job the factory has shut down - there judging redundancys on last year when i made a fortune - so a nice €20000 could be coming my way.

Not bad for a college student who was going to be leaving the part time job in may

Nice brag i must say

latenia

tipp86 wrote: »

Just dont pay off the loans which in turn will bust the banks hence no debt

The bank's debts will be sold off as assets to people who may not be as patient as your local friendly bank manager in getting their money back.

Volvoboy

latenia wrote: »

The bank's debts will be sold off as assets to people who may not be as patient as your local friendly bank manager in getting their money back.

+1

dr.bollocko

I was thinking of going out for Hallowe'en as negative equity.
Now that'll frighten the fanny mae right out of you.

Heroditas

Well I have no debt bar the mortgage which is fixed until 2010. No other loans and no overdrafts or credit card debt etc..... saving like mad for the last while for the wedding next year so kinda used to living frugally anyway!

God only knows what the mortgage interest will be like in 2010 though. :eek:

andrew

dr.bollocko wrote: »

I was thinking of going out for Hallowe'en as negative equity.
Now that'll frighten the fanny mae right out of you.

And I'll go as Fannie Mae, and everytime I shout 'BAILOUT!' someone has to throw me a can of beer. Preferably someone dressed as 'The Fed.' Oh wow...so many possibilities!

ninebeanrows

The DOW is Down 747.17 (7.24%)

Astonishing figures

Overheal

-723.60

its fluctuating a bit.

shenanigans1982

Weathercheck wrote: »

The DOW is Down 747.17 (7.24%)

Astonishing figures

C'mon you gotta be more sensationalist than that....something along the lines of "The Catastrophic fall of the Dow on Black Monday has resulted in the Apocalypse....THE APOCALYPSE IS COMING!!!!!!!!!!"

ninebeanrows

shenanigans1982 wrote: »

C'mon you gotta be more sensationalist than that....something along the lines of "The Catastrophic fall of the Dow on Black Monday has resulted in the Apocalypse....THE APOCALYPSE IS COMING!!!!!!!!!!"

I will do that when if it were to hit -1000, because then it would be truly
unreal and scary.

Kernel

All this talk of stocks and shares etc. What I want to know is, how much is a T-Bone steak in Shanahans 'on the green' now?

Daithi McGee

shenanigans1982 wrote: »

C'mon you gotta be more sensationalist than that....something along the lines of "The Catastrophic fall of the Dow on Black Monday has resulted in the Apocalypse....THE APOCALYPSE IS COMING!!!!!!!!!!"

The apocalypse started a while back. See sig.

I will embrace the new changes. Society and human kind in general has lost it way. I have a gun so bring it on

antodeco

Same prick as a kilo of crack. Hahaha, bone and crack. Giggidy

minxie

Daithi McGee wrote: »

The apocalypse started a while back. See sig.

I will embrace the new changes. Society and human kind in general has lost it way. I have a gun so bring it on

are you looking for any recruits??? :pac:

OPENROAD

On the plus side Oil continues to fall, lowest since Feb.

Overheal

Gawker Media Group wrote:

Jim Cramer, host of CNBC's "Mad Money" and dedicated yelling enthusiast is apparently no longer content to behave strangely on his own television program, so he's taking the crazy to the Today Show.

In our latest episode, Cramer tearfully informs Ann Curry that the time has come for some of you who are dabbling in the stock market to make a hasty retreat. If you're going to need access to your money in less than 5 years... sell! No matter what.

What Jim is trying to say, through the tears, is that if you're planning on needing your money within 5 years — you shouldn't be investing in individual stocks.

“I don’t care where stocks have been, I care where they’re going, and I don’t want people to get hurt in the market,” Cramer told Curry. “I’m worried about unemployment, I’m worried about purchases that you may need. I can’t have you at risk in the stock market.”

RUN FOR YOUR LIVES!!!

minxie

OPENROAD wrote: »

On the plus side Oil continues to fall, lowest since Feb.

true,, but they arent passing that drop on to
us mere mortals..:mad:

Daithi McGee

minxie1 wrote: »

are you looking for any recruits??? :pac:

lol no. I meant the greek bit about Armageddon has begun!

Did you not get the memo? It has been circulating for quite sometime...

dr.bollocko

antodeco wrote:

Same prick as a kilo of crack. Hahaha, bone and crack. Giggidy

:eek::D

Agamemnon

Darragh29 wrote: »

Don't tell me that $700,000,000,000,000,000,000,000,000,000,000,000 we were all debating on here last week has been blown already!?!?!

Sorry 'bout that. I thought that lap dancer genuinely liked me. Manipulative bitch! :mad::mad::mad::mad:

towel401

lap dancers don't genuinely like anyone