I ask The question from a Irish point of view.
Here the government has already put a 1% levy on everyone's wages.
They have upped VAT which was already high.
Now they want everybody to take wage cuts.
All this whilst billions is been pumped into the banks.
Why does the ordinary guy always end up suffering.
How are things in your neck of the woods is it bad or really bad?
Another few years of it, I reckon. The housing market's already starting to recover in the UK. Thankfully I work in an industry that shouldn't get through it relatively unscathed, so I'm hoping it's just a case of keeping my head down.
I reckon things will start to look up later this year and all will be back to normal within two or three years. First there will be a few more job cuts, though.
I hope you guys are right. I have my doubts and think it will get worse before it gets better. :)
I think this year will continue to be bad, yep, but I actually think we're being hit less hard than the US. It's really, really bad there. I was shocked at how obviously it's hit them when I was there at LucasArts last year. Central San Francisco looked like a homeless shelter. And if you want a bargain, look at US house prices.
I think they're taking the brunt of it.
Yeah I expect it to get worse over the next 6, maybe 12 months, but then be on its way back up after about 18 months. Will probably be atleast 3 years before things are good again.
they say when the USA sneezes others get a cold.
If its that bad over there we could get malaria lol.
Fucking hope not. It's horrible. You can buy houses in Detroit for $5,000. Seriously, Google it.
Not in this case, I think. The US have a big influence of course but at least within the EU there is a completely different approach to the economic down turn. Will be interesting to see how it all turns out.
Wow you wouldn't get 2 weeks in Lanzarote for that maybe I,ll cancel the hols and invest in USA property.
It's bonkers how cheap property is there at the moment. Have a look in the south, in Texas, etc, and all over the Mid-West. The arse really has fallen out of it. Even property in places like San Francisco is relatively affordable now.
It think you could buy a house in Detroit for $5,000 before the collapse, it's not exactly a good place to live.
That could possibly be true :)
I cant see it getting any better until we vote Labour out!
My opinion is that we are entering a Depression. In the US and UK this will last around 8 to 10 years. Rest of the world it will last between 2 to 5 years.
'Official' opinion is also that we are entering a depression:
http://news.bbc.co.uk/1/hi/business/davos/7859179.stm
http://www.indiadaily.com/editorial/18989.asp
Things are going to get a lot worse than people are expecting.
Intersting info if you are into this sort of thing:
http://www.newsweek.com/id/180051/page/1
Interesting articlesjnms and kinda scary.
The last thing we need is negative media. Once we start reading that we are in a depression, people will really stop spending money and save as much as they can, which is the last thing anyone would want. As it is now many will be more or less unaware or don't believe it will last long (Which I think is true, but that's just my opinion) and spend at least the little that they have.
Problem is it isn't just media talk.
My sister in law works in social welfare and she says it is scary the amount of people signing on.
Not only that but the occupations they are coming from.
Solicitors engineers auctioneers etc.
True, but it still wouldn't be good to hear it/read it everywhere that thousands of people are made redundant.
It's going to get much, much worse.
I'm staying positive.
*stays positive*
"It's going to get much, much worse."
OMG negative media strikes again!
:P
UK interest rates will drop again today, from the look of it. My mortgage will be cheaper. Things are therefore completely fine.
*head/sand interface*
There's a piece on the cover of the Independent this morning. It's not the cheeriest interview in the world. Apparently this is the worst recession for 100 years and it's going to last for 15 years.
\o/
Here it is:
Despite the fact this wont effect me for a while yet as I just signed onto the dole because I just turned 18 (no income yet), I am gonna just keep my head down and hope whatever bad comes out of this from me so far doesnt turn worse.
Thats all I am gonna say.
And un-fucking-believable, $5,000?
Wow...
If all the games developers go bust at least I've got a nice history of stuff I've never played that I could pick up cheap.
Maybe I should start buying up old stock now before demand for games drives old prices up ;)
Problem with articles like that is government and employers jump on them to cut back regardless.
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