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I feel thick asking this but............

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muddyjames:
what is going to happen in this ressesion? Everyone keeps going on about it going to last 2 years but I can't work out why it is going to be a bad thing?

If people have no money then surely the price of houses, fuel, food, life in general is going to come down in price because of it so there for a good thing?

Can someone explain please.

I feel very nieve for asking this as I feel I should know but I dont.  :oops: :oops: :oops:

Boggert:

--- Quote from: muddyjames on October 21, 2008, 17:01:20 ---what is going to happen in this ressesion? Everyone keeps going on about it going to last 2 years but I can't work out why it is going to be a bad thing?

If people have no money then surely the price of houses, fuel, food, life in general is going to come down in price because of it so there for a good thing?

Can someone explain please.

I feel very nieve for asking this as I feel I should know but I dont.  :oops: :oops: :oops:

--- End quote ---

As the economy slows down, businesses go bust and people loose their jobs. Houses get reposessed.

I think there are 1.8 M unemployed now in the 80't there was nearly 4 M... its not a good out look.

muddyjames:
so looking for a new job isnt the best thing to be doing right now as I am in a fairl "secure" job now. (with my council on the bins)

MudRat:

--- Quote from: muddyjames on October 21, 2008, 17:36:52 ---so looking for a new job isnt the best thing to be doing right now as I am in a fairl "secure" job now. (with my council on the bins)

--- End quote ---

stick with it, essentially with houses many people who bought with a large mortgage in the last year (85-100% mortgage) will find themselves in negative equity, where their mortgage is worth more than their homes. Anyone without a fixed rate mortgage will get a crap deal on their new mortgage and pay more out a month, everyone will be trying to recoop money so general bills will go up also blue collar workers will put prices up. So pretty sh*tty for everyone, unless you are in a job that will always be required, eg rubbish, or school or police, or fire or ambulance etc

Colin 009:
I've been trying to sell a 2 bedroom flat for 8 months now, the first buyer screwed us about for 7 months with paperwork, I think they had insider knowledge of what was to come, soon they were asking for 15,000 off the price, :evil:  after that the next buyer cant get a mortgage now, so I'm [!Expletive Deleted!]. now have people offering 50,000 less than asking price.

My job is on the line as the pub trade has bombed as well, with people buying cheap booze in the supermarkets.

It's gonna get worse as well.

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