Financial Situation

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
17/10/2008 14:32

looks like things may be settling down a little on the finacial front .All the world Stock Markets are in the up slowly.Fuel and food prices on the way down so they say.Perhaps things might look a little rosier by Xmas...

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
17/10/2008 14:51

Dire,



wyn

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
17/10/2008 14:59

Nothing is settling down, all the stockmarkets are all over the place. One day they rise significantly and then the next day all those gains are lost.



There maybe more bad news to come, I'm sure that we are not out of the woods yet.



However, I think that people who are invested at present should remain so and not panic and bail out. Now is really the best time to invest as prices are low but it really does take a brave man to do so. Over the long tern (say 5 years) there should be a significant recovery.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
17/10/2008 15:27

lovingcyprus,



Credit Action..The charity that tries to help people in financial difficulty, has accused the newly nationalised Northern Rock bank of being aggressive on their policy to repossess homes.



They state That Northern Wreck are reposessing 11 houses per week TWICE THAT OF OTHER FINANCIAL institutions. He says that they will not work with Credit Action, as others do, in trying to keep people in their homes. This has of course has been denied by the Chairman of Northern Rock salary of £1.2 million pa for a 3 day week (no bonus)



So now we know!



Billions borrowed on THE TAXPAYERS TAB to bail out the bankers........



and the working man?..................Shameful.



wyn.

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
17/10/2008 15:32

The lira up to 2.62 today.

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
17/10/2008 16:50

Wyn ..The chancellor did say this morning that part of the conditions was to help people in trouble with there mortgages, so ifsome inflated idiot of a chairman cannot understand that phrase then he should be removed PDQ. I would thought it was obviousto any one in the current climate that to reposess houses that you cannot sell is downright idiotic.Better to get something out of the owner than make them homeless then you end up footing the bill to rehouse them along with all the extras,Ifeel sure some one will be having aword in his ear shortly...

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
17/10/2008 17:23

Coachie,



The man pays lip service to ideals! Northern Rocks actions speak volumes.



wyn

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
17/10/2008 22:09

loving Cyprus ....thats 2 days on the trot the stock markets have been in the green.Keep your fingers crossed ye of little faith!!!!!

Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
17/10/2008 22:23

Only another 2000 points to gain to get back to 2007 levels ??

Get on yer knees and start praying coachie my friend

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
17/10/2008 22:31

Stellasstar1



"The lira up to 2.62 today."



I think you mean down... you need to keep in mind which currency is gaining ground....

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
17/10/2008 22:32

turtle..If it came off that quick whats to say it couldnt go backon in same time period.Who would have thought oil would drop as low as it has in such a short time,but it is starting to gain as the stock market gains.If OPEC cut production levels we will be right to our armpits in the brown stuff and that will have very adverse affects on any sort of recovery.So I think we had both better get down and do little bit of praying!!!

Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
17/10/2008 22:36

The reason oil dropped 45% so quickly is nobody is buying it cos they have no money ? And yes Opec will cut production as they have brought forward an emergency meeting to next friday, I fear the worst.

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
17/10/2008 22:42

Turtle...Last time they tried that it didnt last long cos they sold even less when the price started to climb.Like you said ,if there is no money now there is going to be alot less if they start there antics!!!

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
17/10/2008 23:26

Thw worlds stockmarkets (and in particular the FTSE100) will take quite a long time (I would guess we are talking of 2-3 years to get back up to 2007 levels

no1doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
17/10/2008 23:43

The government lend OUR money to the banks and WE borrow it off the banks and pay THEM interest. But it's OUR money!

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
18/10/2008 00:26

Too right No1Doyen. Bloody cheek! Bring back The Cat and nine tails!



wyn

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
18/10/2008 00:29

Bring back "two jags" he would sort it out,

Paul.

jock1



Joined: 06/01/2008
Posts: 3786

Message Posted:
18/10/2008 00:33

Keel haul em, ever last one of them............

stewy


Joined: 18/10/2008
Posts: 279

Message Posted:
18/10/2008 06:45

Sorry on a different subject... Mr Wynyardman.. Did you purchase that delish looking plate of baby back ribs here in the TRNC?? If so where?? I would die for such a gastronomic purge.. Could eat 2 racks....

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
18/10/2008 10:35

stewy,



The baby back ribs were delicious.



I beliece the restaurant was called The Farmhouse. If you go to The Riverside Hotel, and stand outside recepption,turn right. Follow the road round for about 500 metres and its on a dirt track on the left! Good Luck.



Seeing your profile. One of my favourites..".The Pearl Fishers" Jossi Beurling



very emotional!



wyn

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
18/10/2008 13:08

Turtle ..One of the richest men in the USA is starting to buy stock on WallSt. Warren Buffet didnt amass his billions by being stupid,andhe is putting his money where his mouth is.Good luck to him and I bet a few more big money people will shortly follow suit...

stewy


Joined: 18/10/2008
Posts: 279

Message Posted:
18/10/2008 15:32

Thanks Wynyardman sir. I owe you a beer if they are half as good as you say. Will be exploring this weekend.

Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
18/10/2008 18:41

Not sure what your telling me in your last post Coachie ??, if Buffet is buying at the moment then this is normal practice as you buy when prices are low this is business.

It will take 50 Buffets with billions to invest to make any impact at all.

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
18/10/2008 19:09

Turtle ..Iwas trying to sayits astart in the right direction. OK it may take alittle while to get back to normal but Rome wasnt built in a day....

Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
18/10/2008 19:35

Yes Coachie we know it will all come right in the end 1 year, 5 year, 20 years who knows?

But what we have to understand is that it could have been avoided and if we had better fiscal priorities then we would not be as deep in the brown stuff as we are.

I simply can not understand that you support a govenment that has spent billions on achieving nothing and has a miserable record over the last 11 years and you yes you are paying piles more tax to support this.

Ask yourself are you happy with your local council, police force, what about your local hospital, how many empty shops are there on your high street, look around your local area is the grass cut i bet not often enough, your bins are now emptied every 2 weeks intsead of every week, speed cameras on every road Coachie i could go on but is there any point.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
18/10/2008 19:44

Warren Buffet and all the other Wall Street and London "jackals" will be cherry picking their way to further riches...



This is because up or down the filthy rich have the available funds to make mugs out of the rest of us....



It's not a matter of him putting his money where his mouth is but more, sticking the knife in when rest of society can go f*ck themselves!



If you think he's being magnanimous, you miss the point of the position being filthy rich by manipulating the markets affords it's players...



They don't do this to make sure you don't lose out, they do this to make sure they get richer.....



At the end of the day, he will be richer and the poor will be even poorer...

Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
18/10/2008 19:54

Business people are in business to make money, nothing wrong with that.

If there was no rich business people then there would be no jobs for people like us to earn a living, why do we slag off people who have the guts and determination to drag themselves up to a level where they can afford a better living.

There is always the situation that we could do the same but alas i fear we will always have the view that its poor old me and slag the rich man.

Don't forget............ he was poor once upon a time !

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
18/10/2008 20:07

Turtle .. I think some of your statements regardiong our fiscal situation go back beyond Brown and co. I believe a certain Mr Lamont de regulated the bank of england and allowed the banks a free hand at self regulation, and we know how well that does not work.The Banks have been at it for over 30 years and I doubt it will stop because some one in the financial sector willfind away round the "no bonus" clause .Icab remember the previous Boom And Bust in the 70,s I bought ahouse for 4000 and wiyhin 9months I sold it for 10000 and brown and co were not in charge then so you see they are both as bad as one another. as for my local authority,pretty good,bins emtied every week,polie schools etc excellant and the hospitals first class.I pay the sme income tax now as I did 3 years ago in fact had a nice little rebate about 9months ago.trouble is with some people they think things are going to change overnight and they aint. Might as well sit back and stop worrying and enjoy what time I have le

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
18/10/2008 20:36

a lot of business people are in business to make more than money, they actually make things that other people want..... this is good business...



People who make their money out of dealing in shares and other nefarious methods of wealth creation without production do not do this, they make their money by taking a cut.... they make nothing more than money and they take it from the poorest in the world in the process. If you don't understand this then you understand very little of how high finance works... which is a shame.



People who manipulate markets to their own advantage are often acting outside the law.... proving it is incredibly difficult and they mostly get away with it....



Sarbanes Oxley rules were introduced to prevent companies from falsely declaring their profits by creative accounting practices that were rife and even encouraged in the 80's. (Enron, WorldCom - amongst others)



Warren Buffet makes nothing but money. Remember that

Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
18/10/2008 21:10

But Groucho what does Buffet do with this money, stick it under the bed?

No he reinvests it creating more wealth and work for people to manage it , if its wrong to do this then perhaps we should turn into a communist state.



I know exactly how finance works and for your information if you produce somthing then sell it guess what..................you have taken a cut as you put it.

fredred


Joined: 09/12/2007
Posts: 89

Message Posted:
18/10/2008 21:30

The present economic situation was brought on by the greedy bankers, and they were allowed to do this because governments through out the world sat back and give them a free hand, as coachie has already explained it started in this country when Thatchers government deregulated the British banks, and the labour government also must take their share of the blame for they seem to encourage these bad practices through Blair.

As for the future the measures Brown & his government put in place which was supported by the Tories & the Lib Dems and also the other major economic governments of the world, it would seem to be starting to work, but people will have to be patient it will take time. The most worrying aspect to me is the possible major recession and the loss of jobs which has been brought on by the present economic problem.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
18/10/2008 22:10

Sorry Turtle you don't....



Warren Buffet uses other peoples money!



His money all comes from other people in return for nothing...



Watch Zeitgeist Addendum and you'll see where the likes of Warren Buffet comes in... or maybe not... he's a lovely kind generous man after all...

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
19/10/2008 18:47

fred red ...One thing we dont want at the moment is forOPEC to cut production and force prices up again.If they do that and our prices for foodetc.. go up all the countries in the world should quadruple the prices they have to pay to import there necessities, but that is obviously wishful thinking on my part....

fredred


Joined: 09/12/2007
Posts: 89

Message Posted:
19/10/2008 21:20

COACHIE....The oil producers have already reacted to the plummeting oil prices by convening a meeting in Vienna this Thursday to consider a cut in production,to push up the price oil.

I think we all know what their decision will be

Aussie


Joined: 17/06/2007
Posts: 657

Message Posted:
19/10/2008 22:10

You need to remember that a significant part of the oil price rise was simple the depreciation/ fall in the US dollar and part of the recent oil price drop reflects the relative rise in the US dollar. You really need to look at the oil price against a basket of currencies such as a trade waited index. Whilst I don't have a specific set of figures to quote you would see a much smaller spike and drop in the oil price if you exclude the changes in the US dollar.



For this reason I don't think you will see the big drops in petrol and electricity costs here soon as the Lira has been dropping against the US dollar offsetting a lot of the Oil price drop.



Aussie

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
20/10/2008 15:48

Aussie..Was watching Bloomberg this morning thatoil could drop as low as $50 a barrel before the proposed production cuts take effect. Also there is a slight chance we might get a cut in energy prices as well,be nice if happened,but not getting to excited about that yet.Pound has gained for the 7th day against the euro and rhe dollar is gaining as well.Most of the "experts" reckon we have hit bottom and are now waiting to see what the overall damage is .Britain along with several other global economies are now in recession and not expected to improve alot before 2010