We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
Contact Forum Editor

Send an email to our Forum Editor:


PLEASE NOTE: Your name is used only to let the Forum Editor know who sent the message. Both your name and email address will not be used for any other purpose.

Speakers Corner


It's free to register, to post a question or to start / join a discussion


 

Highest Unemployment for 18 years


buteman
Resolved

Likes # 0

Heard on the News today that unemployment is at its highest level for 18 years.

If I remember right the Tory's were in government at the time just wondered if this is History repeating itself again.

Now what really gets me is it is only the tip of the iceberg and we can expect another One or Two Million to join the Dole queue's in the not to distant future.

I always try to look on the bright side but all I can see is doom and gloom at the moment.

For those of us that have seen this happening before I am sure we don't want to see it again.

Industry has deserted us at an alarming rate no longer can we go into clothes sops shoe shops electrical shops and all of the rest of the shops and find one the best signs on everything. Made in the UK.

We Exported most of our goods then but now we Import more than we make.

And just think of all the jobs that have been lost because of it.

It is a long time and will be an even longer time since the then Prime Minister said We have never had it So good. [Harold MacMillan]

I wonder if any other prime minister will ever be able to say the same thing.

Like this post
Aitchbee

Likes # 0

buteman, you said "If you buy anything it does not matter what it is if it breaks down you can either have it replaced or repaired" Toss it in the bin! is what I say....unless it is under guarantee...but be careful what bin you chuck it into.Bin sherriff possies are on the prowl,now, in your local neighbourhood.

Like this post
Admiral Allstar

Likes # 0

“The trouble is that normal families will have struggle a bit to keep their heads above the water but the Bankers that have caused all the problems will not have to do the same.”

I think the staff of Lehman Brothers may disagree with that. As will the staff who lost their jobs at Lloyds, RBS etc.

“So what will happen when eventually the banks pay the government back for baling them out. Does the Government get that money or as we will all have to pay for it.Should it be shared out between everyone.Should we all get a share back.”

You answered your own question – the Government get it and will either spend it, invest it or pay off the debt it has. Why would we get a share?

“If you were a young couple desperately wanting a home and successive governments had said home ownership is the way to go, and then a 'respectable' bank tells you they will lend you more than you actually need (and don't worry about having to provide proof of income) so that your dream home becomes a reality - then you would need to be a saint to be able to refuse that offer.”

Whenever I have applied for a mortgage I have had to provide proof. What you imply is fraud and is illegal. Borrowing a large sum of money is a big decision and should not be taken lightly. Just because you are offered more cash than you need doesn’t mean you should take it. I personally was offered vastly more than I needed and could have taken the money but didn’t want to get into a lot of debt.

“However, you also seem to be under the impression that the recession is caused by 'everyday people' taking out mortgages and credit loans. That is what the government WANTS you to believe - nothing is further from the truth.”

I am not under the illusion that the recession was caused by everyday people I am simply stating that to blame just the banks, Government etc without attaching any blame to those who borrrowed simply because it was borrowed doesn’t add up for me.

“We should not 'whine' (it seems) about who is to blame - but they can blame US repeatedly, and we accept it. Sheep spring to mind. Why should you not ‘whine’ I just feel that to pick the easiest target doesn’t do justice to the intricate nature of the problem.

“ps My saying that the statement "We all caused it" was a lie is factually correct and in no way a personal slight, or inflammatory”

I did not take this personally, but read your statement on the understanding you did. Otherwise why say it? When I say ‘we all caused it’ I mean everyone who went along, banks, Governments, borrowers etc.

As I said before no-one was blaming the banks when they could borrow the money.

Like this post
Forum Editor

Likes # 0

userious?

"What a pompus attitude."

If you're going to accuse me of being pompous you might at least learn how to spell the word, and to learn its true meaning.

There's nothing pompous about stating a fact - a bank can't lend money unless people want to borrow, I would have thought that was blindingly obvious. Profligate lending on the part of the banks was matched by equally profligate borrowing, and the rot set in when people began to default on their mortgages in huge numbers. They had borrowed beyond their means to repay.

I made it perfectly plain that I regard the banks' lending policies as less than sensible in all respects, but to blame them totally for the economic downturn is just plain silly - like saying that the fire is to blame when you stick your hand in it and get burnt.

Like this post
badgery

Likes # 0

Admiral Allstar "Whenever I have applied for a mortgage I have had to provide proof"

In the 'boom years' when banks were desperate to get their cash out earning money (and salesmen's bonuses!) there was far less stringency over earnings/income ratios.

Do you remember the days of 5 or 6 times salaries, 120% mortgages, and 'generous' valuations? These schemes were not dreamed up by the punters - but by the banks in order that the customers felt safe making their purchase. As all people are not necessarily au fait with finance, they need to be able to trust someone - and who better than your bank/building society??

Hopefully not from now on.

But I still say the problems we have are not 'mortgage-lending' based.

Like this post
badgery

Likes # 0

oops, meant to say earnings/lending ratio!

Like this post
Forum Editor

Likes # 0

"But I still say the problems we have are not 'mortgage-lending' based."

Whether you're right or not depends on what you mean by 'mortgage lending based'.

There's no question that the current global economic downturn was triggered by the collapse of the sub-prime mortgage market in America. It wasn't the only cause, but it was the trigger. In general terms our problems are all associated with debt - both personal and national. In short, we've borrowed far too much for too long, and now the day of reckoning has come.

It's not a bit of good people saying 'it wasn't me, I always pay my debts on time, it was those big, bad banks - they enticed people into borrowing huge amounts'. The fact is, banks are businesses, and like all businesses they need to sell to survive. There's nothing that says I have to succumb if a bank entices me with offers of cheap credit, or invites me to borrow beyond my means to repay - as an adult I should be capable of using some common-sense when it comes to finance.

The banks haven't come through this with reputations untarnished - the fiercely competitive credit and loans market led to some irresponsible lending policies - but it's unreasonable and irrational to lay all the blame at their doors. People - whether individually or in the conduct of businesses - borrow money, and unfortunately it seems that in many cases we need protecting from ourselves.

Like this post
badgery

Likes # 0

FE *"The fact is, banks are businesses, and like all businesses they need to sell to survive" "..in many cases we need protecting from ourselves"*

Historically your 'banker' was the one person, along with your doctor and vicar, who could be relied on for good honest advice (and protection?) - then banks became sales orientated and gave staff targets to meet. Previous 'ethical' behaviour went out of the window in the drive for bonuses, and now we are where we are!

"..our problems are all associated with debt - both personal and national."

We certainly agree on that, and my original point was that the 'national' part of that debt is completely out of the control of us 'little people'. Government policy dictates those levels of borrowing - not me or you.

The personal part of the debt has it's roots in all governments advocating home ownership, as something everyone can aspire to, then allowing 'snake-oil' salesmen to enter the fray. So, to my mind goverment and banks are inextricably linked to both national and personal debt levels - and as such I believe I can safely say "It wasn't me, guv!".

Like this post
userious?

Likes # 0

Told off for a typo....lol.

Like this post
morddwyd

Likes # 0

"There's no question that the current global economic downturn was triggered by the collapse of the sub-prime mortgage market in America."

But it was made worse in the UK by the total obsession with house ownership and mortgage rates.

Lone before any sign of a crisis it was a standard item on any news broadcast, and as common as the weather as a topic of conversation.

I can remember when I was living in the senior ranks mess in Germany in the eighties, going in to breakfast one morning and as I sat down the other sole occupant of the table said "At least with you I won't be subjected to interminable discussion of the mortgage rate"

I put this down to a touch of "early morning isolationism" but within minutes two other guys had sat down and the first words spoken were "Do you think the rate will go up today?"

We both moved!

When I was younger very few people owned their own houses, and those that did were considered fairly grand.

Now, anyone who pays rent is looked on as some sort of second class citizen.

Like this post
buteman

Likes # 0

Yes FE has been on a mission since he came back from Holiday.

Looks like he is cleaning up the PCA forum to the way it should be. It will work out better for us in the long run but it looks like he has had to take a pay cut or something like that this week.

So tread gently I know he hates threads like this so do not be surprised if this one gets locked as well.

Maybe he will let us know his secret why he has been around all of the threads so much this week.I know it is his job but he does seem ever so busy since coming back from holiday.

Maybe the Bank would not give him a loan you never know.

Like this post

Reply to this topic

This thread has been locked.



IDG UK Sites

Google Fit vs Apple Health Kit: What's the difference?

IDG UK Sites

How to join Apple's OS X Beta Seed Program: Get OS X Yosemite on your Mac before public release

IDG UK Sites

Introducing generation tech

IDG UK Sites

This animated film reveals the importance of designing for everyone