Is the next financial crisis upon us?

Fed up talking videogames? Why?
User avatar
Peter Crisp
Member
Joined in 2008

PostRe: Is the next financial crisis upon us?
by Peter Crisp » Tue Mar 10, 2020 10:14 pm

Preezy wrote:How else would the Martians learn about HS2 and Luton Town?


I think you're forgetting about Crossrail as that's also vital information.

jiggles wrote:Nobody with a VR headset is going to be using it regularly this time next year, let alone in 4 years time.


Posted 16th March 2016. Let's see.
User avatar
Knoyleo
Member
Joined in 2008

PostRe: Is the next financial crisis upon us?
by Knoyleo » Wed Mar 11, 2020 9:14 am

Interest rates cut to 0.25%

Getting a fixed rate mortgage 2 years ago continues to prove to be a poor decision.

User avatar
Meep
Member
Joined in 2010
Location: Belfast

PostRe: Is the next financial crisis upon us?
by Meep » Wed Mar 11, 2020 11:15 am

Hopefully it is the start of one. With everything else it's pretty clear that some kind of major recession/depression is 'backed in' at this point what with eye watering levels of personal debt and interest cut to nothing. The thing is, the longer we go without it dropping means the worse it will be and the longer it will take to fix things afterwards. IMO, better for it happen now than later.

Dual wrote:The unregulated financial sector that caused the 2008 crash are still running riot so another crash soon appears likely.

Hold onto your cash folks. No big purchases anytime soon.


Depends on inflation. I wouldn't run out and get a mortgage or anything that might count as an investment, but if you're talking about general purchases you might be better of doing that now rather than later.

Last edited by Meep on Wed Mar 11, 2020 11:24 am, edited 1 time in total.
User avatar
Tomous
I Pissed My Pants
Joined in 2010
AKA: Vampbuster

PostRe: Is the next financial crisis upon us?
by Tomous » Wed Mar 11, 2020 11:16 am

Meep wrote:Hopefully it is the start of one. With everything else it's pretty clear that some kind of major recession/depression is 'backed in' at this point what with eye watering levels of personal debt and interest cut to nothing. The thing, the longer we go without it dropping means the worse it will be and the longer it will take to fix things afterwards. IMO, better for it happen now than later.


While culling the elderly dependents from the economy so we can bounce back stronger :toot:

Image
User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Is the next financial crisis upon us?
by Moggy » Wed Mar 11, 2020 11:30 am

Meep wrote:Hopefully it is the start of one. With everything else it's pretty clear that some kind of major recession/depression is 'backed in' at this point what with eye watering levels of personal debt and interest cut to nothing. The thing is, the longer we go without it dropping means the worse it will be and the longer it will take to fix things afterwards. IMO, better for it happen now than later.

Dual wrote:The unregulated financial sector that caused the 2008 crash are still running riot so another crash soon appears likely.

Hold onto your cash folks. No big purchases anytime soon.


Depends on inflation. I wouldn't run out and get a mortgage or anything that might count as an investment, but if you're talking about general purchases you might be better of doing that now rather than later.


We never really recovered from the 2008 crash. Another one is not going to be good news for anybody except disaster capitalists. It’ll lead to deaths, poverty, homelessness and general misery.

It’s not something I would ever hope for and I work in an industry that would probably do well out of it.

Image
User avatar
Jenuall
Member
Joined in 2008
AKA: Jenuall
Location: 40 light-years outside of the Exeter nebula

PostRe: Is the next financial crisis upon us?
by Jenuall » Wed Mar 11, 2020 11:35 am

Moggy wrote:
Meep wrote:Hopefully it is the start of one. With everything else it's pretty clear that some kind of major recession/depression is 'backed in' at this point what with eye watering levels of personal debt and interest cut to nothing. The thing is, the longer we go without it dropping means the worse it will be and the longer it will take to fix things afterwards. IMO, better for it happen now than later.

Dual wrote:The unregulated financial sector that caused the 2008 crash are still running riot so another crash soon appears likely.

Hold onto your cash folks. No big purchases anytime soon.


Depends on inflation. I wouldn't run out and get a mortgage or anything that might count as an investment, but if you're talking about general purchases you might be better of doing that now rather than later.


We never really recovered from the 2008 crash. Another one is not going to be good news for anybody except disaster capitalists. It’ll lead to deaths, poverty, homelessness and general misery.

It’s not something I would ever hope for and I work in an industry that would probably do well out of it.

Hooray, more money for the poor Rees-Mogg family!
Image

:dread:

Image
User avatar
Meep
Member
Joined in 2010
Location: Belfast

PostRe: Is the next financial crisis upon us?
by Meep » Wed Mar 11, 2020 11:47 am

Moggy wrote:
We never really recovered from the 2008 crash. Another one is not going to be good news for anybody except disaster capitalists. It’ll lead to deaths, poverty, homelessness and general misery.

It’s not something I would ever hope for and I work in an industry that would probably do well out of it.


I understand where you are coming from. I remember being in university when the last recession hit and thinking this was it, this was the moment we had been waiting for, that the recession and gross immorality of the capitalist class would trigger and topping of the status quo and that a new deal would soon be on its way. Instead the people who caused the thing continued in power and the electorate empowered and emboldened them to move in further in the wrong direction of hoarding wealth and pillaging the planet.

So yeah, I am not an accelerationist. However, what I have seen since 2008 is a lot of consciousness raising. If and when something like that happens again then I expect agents of change to hit the ground running fill the streets. Maybe that will make a difference.

User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Is the next financial crisis upon us?
by Moggy » Wed Mar 11, 2020 11:54 am

Meep wrote:
Moggy wrote:
We never really recovered from the 2008 crash. Another one is not going to be good news for anybody except disaster capitalists. It’ll lead to deaths, poverty, homelessness and general misery.

It’s not something I would ever hope for and I work in an industry that would probably do well out of it.


I understand where you are coming from. I remember being in university when the last recession hit and thinking this was it, this was the moment we had been waiting for, that the recession and gross immorality of the capitalist class would trigger and topping of the status quo and that a new deal would soon be on its way. Instead the people who caused the thing continued in power and the electorate empowered and emboldened them to move in further in the wrong direction of hoarding wealth and pillaging the planet.

So yeah, I am not an accelerationist. However, what I have seen since 2008 is a lot of consciousness raising. If and when something like that happens again then I expect agents of change to hit the ground running fill the streets. Maybe that will make a difference.


Consciousness raising? Agents of change?

All that is going to be irrelevant in any crisis. The money, the power and the military are on the side of the government, they might let you have a few “Occupy Wall Street” style protests, but nothing will change.

Any short sharp shock will just result in the poor getting poorer and the rich grabbing even more stuff.

The system is rigged and it is not going to change.

Image
User avatar
Preezy
Skeletor
Joined in 2009

PostRe: Is the next financial crisis upon us?
by Preezy » Wed Mar 11, 2020 12:04 pm

H-H-H-H-HYPERNORMALISATION-N-N-N-N-N

Image
User avatar
BID0
Member
Joined in 2008
Location: Essex

PostRe: Is the next financial crisis upon us?
by BID0 » Wed Mar 11, 2020 12:22 pm

It's pretty crazy to think around the time of the last crash we also had:

  • International phone hacking scandal which showed how dodgy the news media was and it also implicated politicians and our justice systems
  • MP expenses scandal just in case you hadn't realised how dodgy most of our politicians were

And yet the banks, news, justice systems and politicians have survived any changes :slol:

User avatar
Peter Crisp
Member
Joined in 2008

PostRe: Is the next financial crisis upon us?
by Peter Crisp » Wed Mar 11, 2020 2:03 pm

To be fair UK political expenses scandals were particularly British in that they weren't embezzling millions in offshore banking or selling votes for big fat stacks of cash it was stuff like taking first class rail travel (A US politician wouldn't be seen dead on a train) or spending money on a strawberry floating moat!
Stuff that wouldn't even garner even a whiff of scandal in the US gets politicians here fired :slol: .

jiggles wrote:Nobody with a VR headset is going to be using it regularly this time next year, let alone in 4 years time.


Posted 16th March 2016. Let's see.
User avatar
Hulohot
Member
Joined in 2008
AKA: dan_e1990
Location: Hampshire
Contact:

PostRe: Is the next financial crisis upon us?
by Hulohot » Thu Mar 12, 2020 1:13 pm

These are really scary times. It's an absolute bloodbath!

User avatar
Peter Crisp
Member
Joined in 2008

PostRe: Is the next financial crisis upon us?
by Peter Crisp » Thu Mar 12, 2020 1:18 pm

It's certainly a real shitty time to be a saver :( .

jiggles wrote:Nobody with a VR headset is going to be using it regularly this time next year, let alone in 4 years time.


Posted 16th March 2016. Let's see.
User avatar
Memento Mori
Member
Joined in 2008
AKA: Emperor Mori

PostRe: Is the next financial crisis upon us?
by Memento Mori » Thu Mar 12, 2020 1:45 pm

I've lost about 30K from my pension in the last few days. Not retiring for years though so it'll trend back up.

User avatar
Jenuall
Member
Joined in 2008
AKA: Jenuall
Location: 40 light-years outside of the Exeter nebula

PostRe: Is the next financial crisis upon us?
by Jenuall » Thu Mar 12, 2020 3:12 pm

Memento Mori wrote:I've lost about 30K from my pension in the last few days. Not retiring for years though so it'll trend back up.

Same, losses now don't really matter to me as it will bounce back. Couple of guys at work are retiring at the end of the month and have been royally strawberry floated though, one guy says he might as well have been working for free for the last 2 years. :dread:

Image
User avatar
Lex-Man
Member
Joined in 2008
Contact:

PostRe: Is the next financial crisis upon us?
by Lex-Man » Thu Mar 12, 2020 3:20 pm

It's alright I'm in a massive amount of debt.

Amusement under late capitalism is the prolongation of work.
User avatar
False
COOL DUDE
Joined in 2008

PostRe: Is the next financial crisis upon us?
by False » Thu Mar 12, 2020 3:26 pm

Ive just spent my entire day up to now speaking to debt agencies and lenders and advice and all that gooseberry fool and I can confirm that they are very definitely still taking money off us until the bitter end

Image
User avatar
Knoyleo
Member
Joined in 2008

PostRe: Is the next financial crisis upon us?
by Knoyleo » Thu Mar 12, 2020 3:41 pm

Memento Mori wrote:I've lost about 30K from my pension in the last few days. Not retiring for years though so it'll trend back up.

Wish I had that much in a pension to lose, tbh.

User avatar
Rocsteady
Member
Joined in 2008

PostRe: Is the next financial crisis upon us?
by Rocsteady » Thu Mar 12, 2020 3:45 pm

Knoyleo wrote:
Memento Mori wrote:I've lost about 30K from my pension in the last few days. Not retiring for years though so it'll trend back up.

Wish I had that much in a pension to lose, tbh.

Yeah jesus your pension pot must be fat as strawberry float for your age to drop 30k.

Image
User avatar
Memento Mori
Member
Joined in 2008
AKA: Emperor Mori

PostRe: Is the next financial crisis upon us?
by Memento Mori » Thu Mar 12, 2020 3:48 pm

It's a combination of my dad's pension which I inherited when he died and life insurance.

Jenuall wrote:
Memento Mori wrote:I've lost about 30K from my pension in the last few days. Not retiring for years though so it'll trend back up.

Same, losses now don't really matter to me as it will bounce back. Couple of guys at work are retiring at the end of the month and have been royally strawberry floated though, one guy says he might as well have been working for free for the last 2 years. :dread:

Yeah I feel for the people who thought they were retiring. You should aim that the closer you are to retirement the less of your savings should be in equity.


Return to “Stuff”

Who is online

Users browsing this forum: aayl1, Cuttooth, Snowcannon, Zilnad and 51 guests