Financial woes?

[Bill Henry]

There has been very little on the news over here other than the Wall Street “bailout” or “rescue” depending on your political orientation. Both Republicans and Democrats are blaming each other for the failed bill before congress. Personally, I am disappointed that partisan politics appears to be playing a more significant roll in these proceedings than I would have thought. But, it's an election year, so I suppose I shouldn't be surprised.

I tried to access the BBC news this morning to see how you guys are doing, but I couldn’t spend the time to research it thoroughly enough to satisfy my curiosity.

Are your investment banks in trouble? Are there rumors of a catastrophic credit crunch and collapse of the economy? If anyone here has investments, have you checked your portfolios? How are they doing? Mine are in the toilet swirling in a counter-clockwise direction.

Any news would be welcome.

[Roboframer]

Well, here's a link to a daily chat show on BBC radio 2 earlier today, where things are discussed - but mostly things in America! But the show starts with the news at least!

http://www.bbc.co.uk/iplayer/console/b00dp7lk

[fineedge]

I watch/listen to Skynews and Euronews in the day and CNN Int. at night and the reports are the same all over the place - that's why my portfolio is in a little bag under the mattress (not affected by any sort of crunch other than body weight)

[John]

Is the BBC I-Player now accessible from outside the UK?

[absolute framing]

Dont Think it works outside the UK John,

I remember trying to watch an episode of BBC's Apprentice last year and getting very, very upset

[JFeig]

These feeds work for me

http://news.bbc.co.uk/2/hi/video_and_audio/default.stm

[Bill Henry]

Jerome’s link worked while John’s did not.

I guess my question is … are any of you guys affected or impacted about what is happening in our side of the globe?

[foxyframer]

Yes, Bill.

America sneezes and we all catch a cold, or in this case chronic influenza !

I sold my last stock in Lyondell Chem. last year Bill. The portfolio is empty for present. Who knows when it's best to bottom fish for undervalued stock, when all you might do is catch a 'falling knife' . Even a flight to cash is not entirely safe.

Folk our side of 'the pond' are not happy bunnies, and no one knows how this one is going to play out.

All this really started in earnest when interest rates with the institutions were at very low levels and every man and his dog borrowed for whatever, like it was going out of fashion.
Everyone is to blame; joe public for being gullible and the banks for their crass greed and stupidity.

Last year my daughter was offered 5x's earnings for a mortgage on a property. She hasn't bought, but if she had......she still lives with us,and that's best for now. She would be really struggling with repayments on an interest only loan on a depreciating asset. As it is she is travelling in California,Utah and Nevada at the moment; and that just wouldn't have happened.

Foxy

[Bill Henry]

Foxy,

On behalf of the “rich, fat cat, blood sucking pond scum, Wall Street capitalists” on our side of the Atlantic, … sorry!

All this really started in earnest when interest rates with the institutions were at very low levels and every man and his dog borrowed for whatever, like it was going out of fashion.
Everyone is to blame; joe public for being gullible and the banks for their crass greed and stupidity.
Foxy

The low interest, no principal (for a while) predatory mortgage lenders and the home buyers looking to get something for nothing seem to have started the ball rolling over here, too.

In principle, I oppose the “bailout/rescue”. A free market isn’t free when the gum’mint sticks its toes into the soup. When it tries to mess with capital markets, to me, it becomes socialism. And, in my experience, everything the government touches turns to pig swill, so I don’t trust them to manage this mess.

However, some retirees have already seen their pensions lose value, it’s nearly impossible for anyone to get either a car loan or mortgage I have heard, and some businesses that were in the middle of expansion have put a freeze on hiring and are talking of going under.

I have trouble comprehending numbers approaching seven digits, but when they start talking about Billions, let alone Trillions of dollars, those numbers seem so mythical that I can’t wrap my head around them.

It’s scary, and maybe I sound too much like Chicken Little, but I have the terrible feeling that if something isn’t done, some of us won’t be in business next year.

[ross]

It sounds like most countries are suffering in much the same way, and as you say Bill, when the numbers get big enough, they tend to lose significance unless one is personally involved

I find it difficult to assess the future for retail sales, and more specifically picture framing. Government statistics are all over the place at the present time and one can either be on a high or in the depths of depression in the matter of days. Listening to the radio yesterday, there was commentary about what was "making headlines" in the newspapers,and with it being grand final time here for the major football codes, football outpolled all other issues by a wide margin. So that says something about our priorities!!

Our federal government has been at pains to keep advising us all that the Australian banks are really safe with minimal exposure to what has happened in the US. That said, can there really be any action taken in the US until after the January inauguaration of your new President, in which case one can see the spiking share-market continuing to play games through the intervening days

Ross

[Mary Case GCF]

As I've just mentioned in a post in General Discussion, my husband is an employee of the Bank of Scotland and as bonuses he has in the past accepted shares. These are now almost worthless, and in addition his job is in jeopardy. It's people's livelihoods that are being affected, not just shareholders. My sister too doesn't know how long she will have a job in one of the Bank's branches. I just hope if Pete does lose his job, he doesn't decide to come and work with Grahame and I. I couldn't bear working with him. He'd want to do everything his way

[Bill Henry]

I just hope if Pete does lose his job, he doesn't decide to come and work with Grahame and I. I couldn't bear working with him. He'd want to do everything his way

I hear you, Mary. If my wife,Carolyn, decided to work with me in the shop, within a week there would one of us on the eleven o’clock news being hauled off in handcuffs shouting, “It was justifiable homicide, honest!”