The truth about credit crunch

[redrob]

What is the truth about the credit crunch I know the truth but do you?

Can you answer these questions about the credit crunch right:-

(1) How did the credit crunch start?

(2) Where did the credit crunch start?

(3) Who caused the credit crunch?

(4) How has it become global?

(5) How is it affecting your personal life?

(6) How is it affecting your business?

(7) When will the credit crunch end?

(8) How will it end?

 

[Dominic Taylor]

1) I bought fish and chips for £1.50, only to find I'd actually been sold a derivative product which was actually resold from another chip and fish provider. The entire end product was this only worth 25p, but I ate it anyway leaving me £0; better than being £1.25 down and having no food at all I thought.

2) This was at my local chippie in Camden

3) The various resellers of fish and chips have flooded the marketplace making it very confusing for us all

4) Well, once you find something fishy there's always more beneath the surface

5) I can no longer afford chips and fish

6) Fortunately we are not involved in this industry directly, but unfortuantely many of our clients regularly purchase fish and chips and have found that after the price increases they are having to cut back on other luxuries

7) God only knows, soon, perhaps when the seas are empty and all the chippies have gone offshore

8) See 7

 

[directmarketingadvice]

What is the truth about the credit crunch I know the truth but do you?

Then why don't you give us your answers to these questions... and then I'll tell you why you're wrong.

Steve

 

[vvaannmmaann]

You got fish and chips for £1.50?

 

[Dominic Taylor]

You got fish and chips for £1.50?

And that was the start of the problem - it looked cheap in the short-term, but the long term consequences were drastic.

 

[adamb]

That's an awful lot of questions to answer.

I must admit, I came looking for answers, not questions.

 

[vvaannmmaann]

Let Google be your friend!

http://www.spiked-online.com/index.php?/site/article/4244

http://www.lovemoney.com/news/manage-your-finances/the-truth-about-the-credit-crunch-2317.aspx

http://www.talkingretail.com/blogs/10981-the-truth-about-the-credit-crunch.html

etc.etc.etc..............

 

[redrob]

This is only my opinion everyone is entitled to their own opinion.

(1) How did the credit crunch start.
Before Gordon Brown came into power the bank of England had lots of gold bars so for the past 10 years Gordon Brown sold our gold putting house prices through the roof.

(2) Where did the credit crunch start.
United Kingdom.

(3) Who caused the credit crunch.
Gordon Brown.

(4) How has it become global.
Prices rising and people are spending less.

(5) How is it affecting your personal life.
With bills increasing and less money coming in it's making life much harder.

(6) How is it affecting your business.
By not being able to afford things I used to be able to afford.

(7) When will the credit crunch end.
:| Nobody knows?.

(8) How will it end.
May be and this is a big maybe world War III!!!?.

 

[adventurelife]

This is only my opinion everyone is entitled to their own opinion.

(1) How did the credit crunch start.
Before Gordon Brown came into power the bank of England had lots of gold bars so for the past 10 years Gordon Brown sold our gold putting house prices through the roof.

(2) Where did the credit crunch start.
United Kingdom.

(3) Who caused the credit crunch.
Gordon Brown.

(4) How has it become global.
Prices rising and people are spending less.

(5) How is it affecting your personal life.
With bills increasing and less money coming in it's making life much harder.

(6) How is it affecting your business.
By not being able to afford things I used to be able to afford.

(7) When will the credit crunch end.
:| Nobody knows?.

(8) How will it end.
May be and this is a big maybe world War III!!!?.

Best stick to your day job and not go into economics based on the above

 

[spigwell]

This is only my opinion everyone is entitled to their own opinion.

(1) How did the credit crunch start.
Before Gordon Brown came into power the bank of England had lots of gold bars so for the past 10 years Gordon Brown sold our gold putting house prices through the roof.

(2) Where did the credit crunch start.
United Kingdom.

(3) Who caused the credit crunch.
Gordon Brown.

(4) How has it become global.
Prices rising and people are spending less.

(5) How is it affecting your personal life.
With bills increasing and less money coming in it's making life much harder.

(6) How is it affecting your business.
By not being able to afford things I used to be able to afford.

(7) When will the credit crunch end.
:| Nobody knows?.

(8) How will it end.
May be and this is a big maybe world War III!!!?.

Oh Dear, Oh deary deary me.

 

[directmarketingadvice]

This is only my opinion everyone is entitled to their own opinion.

(1) How did the credit crunch start.
Before Gordon Brown came into power the bank of England had lots of gold bars so for the past 10 years Gordon Brown sold our gold putting house prices through the roof.

That's not what caused house prices to double.

Steve

 

[davco]

This is only my opinion everyone is entitled to their own opinion.

(1) How did the credit crunch start.
Before Gordon Brown came into power the bank of England had lots of gold bars so for the past 10 years Gordon Brown sold our gold putting house prices through the roof.

(2) Where did the credit crunch start.
United Kingdom.

(3) Who caused the credit crunch.
Gordon Brown.

(4) How has it become global.
Prices rising and people are spending less.

(5) How is it affecting your personal life.
With bills increasing and less money coming in it's making life much harder.

(6) How is it affecting your business.
By not being able to afford things I used to be able to afford.

(7) When will the credit crunch end.
:| Nobody knows?.

(8) How will it end.
May be and this is a big maybe world War III!!!?.

Razor blades, noose, paracetemol anyone?

 

[Tom McClelland]

That's not what caused house prices to double.

Steve

Indeed:

1. More buyers than sellers in the market
2. Plenty of credit available for buyers

Everyone except people who couldn't get on the bottom rung was very happy with this situation. The government had lots of stamp duty income and lots of income from taxes on bank profits and lots of income from death duties, owners felt rich, banks making lots of profits on all the mortgages they were selling.

No-one in a position of responsibility predicted the crash, because they never do (in my experience). It is all very well the government and regulators blaming the banks, but it isn't as if the government or regulators did anything to help or mitigate it before it happened. Blaming it on US subprime mortgages is to miss the point... the crash always comes, it is part of the economic cycle, and only an arrogant fool (or Gordon Brown ) claims to have abolished that.