credit crunch

[nlash]

The strange thing is, i've never been so busy. I was expecting businesses to cut right back on PR and marketing and thus have less need for photography. The opposite has happened, (which i'm not complaining about) and businesses are wanting more and more corporate exposure (sorry, no pun intended)

The one thing that has dropped off though is conference work. I guess with things being so tight, businesses are postponing their annual conference as this is one seriously expensive area for many companies.

I know of plenty photographers that ARE struggling, but as with all things in business, spend time on marketing, remain competitive and always rise above the competition with service and quality. These things will help us to pull though.

On a cheerier note, i've started packing the car for Curborough. I intend to get totally hammered tonight and have a real good laugh with my mates. The government and the press will not stop this from happening

[moomin]

If I was in his position and I was sold an 110% mortgage that I now couldnt pay I would sue the building society for negligence! What the f*ck were they thinking of?   He should never have been put in that position to start with

Or maybe he should have had the common sense to think, "can I afford this if the rate goes back to 'normal' levels?". Lets face it, the 5-6% rates we have now are still cheap in comparison to recent(ish) times. Can we really blame the banks for taking advantage of it?

There is no single cause of this problem really. Again I agree with Blatters, the inter-bank lending meant we had it really good for a while, now they're heading back to 'normal', more rational behaviour - i.e. recent times, BoE base rate say 4%, banks mortgage rate say 4.5%, that's feck all margin compared historically where lending rates would be more like 1.5% above base, which is where are heading back to now.

I'd better not start on the obsession we seem to have with house ownership in this country, or over-population, or seemingly incompetent governments, or...

Sorry, rant over, I just hate the 'blame someone else' option.  Of course there are some things out of our own control, I wish fuel and housing was cheaper like the rest of us, but there are alot of things which are within our control, given just a little common sense.

Anyway, take a look at life in Zimbabwe... what people there would give to have problems like ours eh?

moomin

[Man On The Clapham Omnibus]

I was wrong...

Blimey! What's the chances of that? Look at the time of your post, Blatters, and then at the time of my edit!  

[Blatman]

I was wrong...

Blimey! What's the chances of that? Look at the time of your post, Blatters, and then at the time of my edit!  <!--emo&

Great minds think alike

[Norman Verona]

I wouldn't be surprised if we have oil under our (your) feet. With the amount of solid oil we have there should be the liquid tyoe as well (well - a pun - get it!)

[steve_m]

My view is that the govt and the banking industry have too much to loose to allow things to get too bad, they can't allow house prices to drop too much, society is structured on credit these days, everything from domestic appliances to cars and holidays always seems to be offered on tick and I know a lot of people who have scooped out huge portions of the equity in their house to pay for fancy cars and holidays.

I suspect there's going to be a bump for those who have been living beyond their means for a few years but for the rest of us, we will be payng higher mortgage rates for a while then it'll settle back down again . . . it has to settle down or the first time buyers who generate the new activity in the market won't be able to afford to buy.

I remember by Dad telling me how he got his first mortgage, he had to visit his Bank manager, provide written references from his employer and somebody else who knew him, a large deposit and the Bank had to approve him as a customer, not just his financial position but him personally.  The good old days !  

[Asterix]

Overseen today's Daily Mail headline, in direct reference to this "crisis" says, "Stop being so miserable!"

How ironic.

[Crazy Eddie]

I understand the argument that the media can't be blamed because it is every individual's responsibility to live within their means, but lets face it the general public are thick as s**t and the media know this!

A whole other topic really but have you ever looked around - I seem to see more dumber people every day.

Is it because the career minded budget and have a couple of kids and the spaz gang have nothing better to do than have more spaz kids therefore that gives this ridiculous situation where the world is just going to get thicker and thicker      

[moomin]

Is it because the career minded budget and have a couple of kids and the spaz gang have nothing better to do than have more spaz kids therefore that gives this ridiculous situation where the world is just going to get thicker and thicker      

But the "spaz gang" exist because the government pander to them - it is (seemingly) easy to do very well out of the benefits system, long term, which is wrong.

moomin

[Blatman]

Is it because the career minded budget and have a couple of kids and the spaz gang have nothing better to do than have more spaz kids therefore that gives this ridiculous situation where the world is just going to get thicker and thicker      

But the "spaz gang" exist because the government pander to them - it is (seemingly) easy to do very well out of the benefits system, long term, which is wrong.

moomin

I agree. There is seemingly no incentive to be "clever" because everything is done for you if you seem ignorant. Lots of bad things are said about "the Thatcher years" but one thing is for sure, she taught us baby boomers how to stand up and look after ourselves. Trouble is, the country is now run by people who couldn't, pandering to those who can't or don't want to, or who just can't be bovvered... whatever...

[Paul Hurdsfield - Joint Manchester AO]

I seem to see more dumber people every day.

Are those the same dumb people that keep you in work, because they want to learn to drive  

[Paul Hurdsfield - Joint Manchester AO]

Lots of bad things are said about "the Thatcher years" but one thing is for sure, she taught us baby boomers how to stand up and look after ourselves.

Your not old enough to be a 'proper' Baby Boomer  

Peeps like me, MOTCO, Norm, the PB twins etc, now we're 'proper' Baby Boomers  

[Norman Verona]

Reading between the lines and other indicators makes me believe that the banks are not lending to each other because they do not know who bought bundles of US sub prime mortgages and is, therefore, going to have to write them off and make huge losses.

In theory once all the banks have published the next set of accounts the "victims" will be identified and life will get back to normal.

Just remember that garages sell cars, Tesco sell groceries (and everything else) and banks sell money. They will not want to go too long with so doing.

[Carl]

Agreed Norm, however oil prices will never go down significantly due to too many vested interests

Saudi's - profteering before it runs out

USA - using it to prop up rubbish economy

Other governments - invreased tax take they can blame on terrorism

I suspect in 2010 we'll look back at 2008 and this about the good old days with low fuel prices.

[david.c]

or who just can't be bovvered... whatever...

Talk to the hand (etc etc)    

I am of a similar vintage to Blatman, and have also seen it before. It is crazy that some years my house has 'earned' more money than I have      it is not sustainable. Everyone wants their house to go up in value, but 5-10% is more like it, not 15-20%.

Too many people have been living off that 'value' and it comes home to roost in the end. People are just lucky that we still only have rates around 6%............I have been through double that, timed to coincide with starting a family and having my overtime cut:down:    It was tough, but we pulled our belts in, made do without carpet and nice decoration or fancy TV's etc

It will just mean people will have to wait till they can afford things..........a life skill I am trying to instill in my 2 young adults (not really kids anymore)

David