Impending Market Implosion?

[gregers]

well im ok,i aint got sod all to lose............

[seatkid]

No mortgage?

No savings?

No job?

No current account?

 

 

Some good news for 150,000 british savers....the Icelandic government promised to guarantee 100% of all savers deposits in their banks (Icesave/Landsbanki, Kaupthing etc etc.)

 

Some bad news though.....Icelandic banks debts are some 9 times total GDP of all of Iceland!!!

Edited October 6, 2008 by seatkid

[gregers]

No mortgage?...................NO

No savings?......................WTF ARE THEY?

No job?............................YEP I HAVE A JOB

No current account?..........YEP SEE NO SAVINGS.

Edited October 6, 2008 by gregers

[seatkid]

I hope you have a recession proof job, Gregers!

 

OFFICIAL *****Icesave (Landbanksi) is now TitsUP! Bang goes my

[Smilge]

Oh doom and gloom! What makes me laugh is that it's all "invisible" money so ......... let's all get together and start from scratch ...easy! :16:

[seatkid]

Oh doom and gloom! What makes me laugh is that it's all "invisible" money so ......... let's all get together and start from scratch ...easy! ph34r.gif

 

Not so invisible for the 200,000 UK savers with ICESAVE accounts. A lot are OAPs who live on savings interest.

 

What would you say if RBS or Barclays or Lloyds or HBOS suddenly suspended withdrawals?

 

Its nearer than you think

Edited October 7, 2008 by seatkid

[Smilge]

You're probably right Sk ... whatever happens we'll end up paying for it in one way or another!

[mumof4]

if HBOS suspended withdrawls, id be up the crapper, the only account i have is a savings account which i usefor my cb, ctc and maintenance.

 

to me, it aint invisable money, its what feeds my kids and pays my rent.

 

everything is going tits up now. Its gonna get worse before it gets better :ph34r: Never a good sign when banks collapse!

[bj2004]

i think some banks should be nationalised the majority of people dont need a bank to make money other than what is used to pay staff a decent wage why should we pay huge charges to finance the bonuses of people who take huge risks with our money for the bennefit of shareholders ?

[gregers]

i went through the last recession in the 90s and that was tough being a self employed carpenter.everywhere we went work had stopped,ended up working about 60 miles away from home for

[jkspoff]

Its all very scary stuff, lets just hope that interest rates stay the same, so we can still pay the mortgages ! Edited October 7, 2008 by jkspoff

[seatkid]

In the turmoil, one trade in RBS went through for a penny a share, before rebounding to 90p.

 

I believe Natwest hit 1p/share before bouncing back as well.......

 

 

This is.......crazy....And today is LETSNATIONALISEALLTHEBANKS day!!!

 

In other news.....Iceland was bought by Russia today for a handful of roubles.......

 

Can someone confirm that the LHC did actually work and produce a rip in the space/time continuum and we have in fact been catapulated into a parallel universe where things look the same but are actually much wierder!! :ph34r:

Edited October 7, 2008 by seatkid

[fosterman]

Batman, Superman, The Incredible Hulk, Robin Hood et al ain't gonna pull us out of this s*it.

 

I still got my mortgage with Northern Rock, but fixed at 4.99 approx 3 yrs ago, thing is I fixed for 10 yrs at this rate, and I do pay every month ( because I worry about my credit report !!??!! )

 

I agree these times are very worrying, and stressful, however, I put a lot of the blame on media hype. I believe the media whip their audience into so much of a frenzy and then sit back and report on the panic.

 

What angers me the most, however, is the cost of essentials - not luxuries - gas prices up, electricity prices up, food prices up, surely the government SHOULD step in, but what chance when they cream off the top anyway.

 

PS, if its any consolation to anybody, I saw my old gal (Y381 JAE) the other day, looked ok, but who can tell anymore.

[seatkid]

Things continue to go from bad to worse....quickly

 

This weekends financial commentary is dire and paints a much worse picture than even I dare imagine.

 

To call the problem an abyss seems about right. The problem is no longer just about toxic debt, its about a catastophic domino effect. There appears to be silent runs going on at many banks. These runs are where cash (liquidity) is being drawn/transfered not only by individuals via the internet but also by major institutions among them insurance and those who gambled on insurance trying to desperately service claims on defaulting companies (the dreaded CDS).

Forced selling is what is bringing the stockmarket down.

 

What does this mean to you and me? It means many banks could become insolvent in a matter of weeks if not sooner. That will lead to shortage of cash at the ATMs and companies not being able to pay wages. Already the talk is that some councils cannot afford to pay full wages because of the Iceland fiasco. A number of countries are lining up to default on their soveriegn debt. Which in turn leads to many western firms with exposure to CDS (insurance) having to unexpectandly having to pay out billions. That is the legacy of the "smart" banker.

 

I am at a bit of loss to know what is the best way to react to this crisis (of capitalism). Obviously drawing all your savings out in cash is not very practical and would only accelerate the downward spiral.

 

I just hope that I'm wrong and that our members are not hit too badly.

 

Tomorrow the Government is taking over RBS with a MAJORITY stake. Remember that RBS is one of the worlds largest banks.

 

Shorters have moved in on Sandtander - another world large bank. Its getting scary, very scary.

[Bigjeeze]

I think perhaps that you may need to change the title of this series of posts from the Impending, to the Arrived at last!

[gregers]

either that or WERE ALL FOOKED.

[seatkid]

As I expected, the dead cat bounced on Monday - doesn't take a genius to have seen that one coming.

 

Gordon Brown was basking in the glory of the bounce on Monday - now we're back to square one on Wednesday. That must be something of a record boom/bust even for GB.

 

My position hasn't changed - things are looking grave - the foolish actions by Governments around the world to throw good money after bad is going to make things much, much worse.

 

As when taking an aircraft flight, look around you and plan your quickest exit route. Know where your nearest ATM is, and the next one if that one dries up.

 

The good news is - Diesel will soon be under

Edited October 15, 2008 by seatkid

[Bigjeeze]

Whatever else though you don't have to worry about your MP - They will be safe - index linked job for life perks etc - all safe.

[seatkid]

Hold onto your hats! Things are about to get a lot hairier!

 

Iceland?? How about Ireland, Switzerland or the UK? (other candidates also available). All sailing far too close to the edge......rumours abound about Ireland.....(you thought the Post Office was safe???)

 

Lots of banking convenants being broken....which means a black hole may be opening....

 

Bad news looming about Northern Rock (re granite trust

[Scorpiorefugee]

Just found this topic and one thing stands out - were all a lot wiser, but sadly, worse off 'cos the wisdom came from watching ourselves get poorer. And the sad bit, the ones that got rich are the ones that caused it.

 

It all went wrong when those imbeciles currently doing fecklessly incompetent government impressions sere elected on promises which were mathematically impossible. We all have to accept some responsibility. We get the government we deserve. Mind, I wonder if the others could have done better but at least we did have a health service and education system we could afford. It was imperfect and there were a lot of problems but, hands up anyone who would like to go back to Ken Clark as Chancellor.

 

The old rules stand. If it sounds to good to be true, then it is!

 

Somone advised not to put your money in a bank. Probably good advice. A building society is a good idea. Nationwide is one of the few establishments which doesn't have a crisis and that is one of the few that has a board which didn't have a get rich quick plan.

 

Sorry! Not preaching. I'm just as angry as everyone else. Just to relate to one of Greger's posts (among others)

 

Morgage - Nothing to speak of - thank heavens!

 

Job - Not really these days thanks to Gordon.

 

Savings - A few bob, mainly with Nationwide - Gut feelings over the years.

 

Pension - Not any more - thanks to the imbeciles above. In 1998 I had a useful fund from my own hard earned contributions over 35 years Now virtually worthless thanks to useless regulators, Law Lords and other assorted beneficiaries of safe index liked pensions funded by - you and me.

 

Sorry for myself - Yes, but a lot more sorry for those younger folks with families who were sucked into the pyramid financial fiasco perpetrated by the selfish and incompetent.

 

Worried - Damned right. Especially because, of all the rubbish spouted by the pundits etc, no-one has yet addressed the simple fact that, if we ain't making anything worth selling, we can't keep borrowing to buy the nice things in life - including food, and once you've sold the crown jewels, and your house, and - your body, it's all over.

[seatkid]

once you've sold your body, it's all over.

 

Out of interest, how much did you get? ^_^

 

From what I've been told, its quite possible, if you do it right, to keep re-selling it regularly, usually on a nightly basis! (thats if there are any buyers) :(

[Scorpiorefugee]

I found the advertising outweighed income so I am applying for goverment funding. Isn't there an enterprise fund somewhere?

 

I also thought about a bit of PC. It's not my fault I've got the wrong bits and pieces in the wrong places and age shouldn't be a factor. Maybe I could get a grant for some clever plastic surgery.

 

Thanks SK. You've given me fresh hope. :(

 

 

Just got to keep a positive outlook. ^_^

[seatkid]

I haven't posted on this subject for quite a while because the situation depresses me so much.

 

Just a refresher...

 

Chrysler and GM may go bankrupt within days after Senate rejects bailout .....oops!

 

The former chairman of the Nasdaq stock market arrested and charged with securities fraud, in what may be one of the biggest fraud cases yet. ($50 billion)....oops!

 

Woolworths and hundreds more....oops!

 

UK unemployment set to rise to over 3.5million while US loses jobs at rate of 1 million per month....oops!

 

Savings rate dive to zero.....WHAT????

 

Annuities to dive to zero......EH?????

 

Many personal pension plans now worth bugger all. :wacko:

 

Gordon Brown saves the world!.......YEY! Whoopee!...Its all right then.... ^_^

[big_kev]

I haven't posted on this subject for quite a while .....

 

Yeh, well don't !

 

because we now think it was all your fault :unsure:

[Bigjeeze]

I just wish you were as on the ball with share prices!!!