Triumphrat

iceman · 12-21-2008, 04:14 AM

Over some drinks last night with some friends - we found we are all affected to some degree with the upheavals in the world financial markets.

In NZ the housing market is heading south, share market is in tatters, interest rates dropping, and forecasts for unemployment next year make sobering reading.Business confidence is also at an all time low

I am affected as our house is on the market - about 6 weeks now and no real interest.Our next step is dependent on selling so our plans are on hold meanwhile.
Also sold my business earlier this year and looking to get back into some form of part time work next year - if the house doesnt sell - but options for this seem to be drying up fast.

My mother lost a substantial part of her retirement savings in a Finance Company collapse earlier this year.

Are you affected?

Grant

Tbirdnz · 12-21-2008, 06:11 AM

I'm just my usual destitute self, don't plan to be any different next year !

I've lots of sympathy for your mother with these fast turning belly-up finance companies. Lots of senior citizens have lost money in them, halve the directors should be jailed, many of them still accepting deposits when they were already in deep trouble and stopping pay-outs.

I've read about some people 'divesting' their retirement savings into various finance companies with all of them crashing.

Lower interest rates are good for those with mortgages but not for those retired people who rely on living on the interest of their savings.

Overall I think NZ and OZ will come out OK but I believe it will not be before 2010.

As long as we don't get another round of high oil prices I'll be happy.

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Ride on !

ruscook · 12-21-2008, 07:29 AM

Yes it is a hard time for some folk. We're not too badly off yet. I and my business partner both have other jobs besides our shop. However with the Oz dollar dropping 30% and steel prices rising the push bike shop has been hit very hard - not a merry xmas at all! So we have an investment property up for sale to help out with that - but it's not a good time to sell either.... So we'll have to muddle along until things work out..

I'd hate to be one of the poor sods either out of work or unable to pay their mortgage (or both

!!).

So we'll not think of that, but just have a few ales, and rides over the next month or 2 eh?

Russ

doodledog · 12-21-2008, 07:41 AM

Wife and daughter both made redundant in the last three weeks, house has lost about 20% of value, still hanging in there though, lots worse off than us, who knows how bad it will get next year, rich will still be rich poor will still be poor though thats a given.

Lee · 12-21-2008, 10:34 AM

After being in NJ for a little over a year I had to return to Maine because my house did not sell. The one good thing is that jobs are very abundant in the Medical field. On the other hand my 403B has been down graded to a 201.5B.

TRIIICK · 12-21-2008, 11:28 AM

BIG TIME..! My phones stopped ringing two months ago. I have two rental properties,i sold one to pay off the other one which i'm renting to a couple who couldn't get a mortgage.

tccox · 12-21-2008, 11:38 AM

Well, my 401k has of course dropped a bunch. My company announced this week a salary freeze for 2009 but thats OK with me. Better than being laid off.I'm paying $1.60 a gallon for gas now, two months ago I was paying $4.20 so financially I'm OK. A lot of folks we know work for NASCAR race teams and their teams are shutting down and laying folks off big time. Not sure if NASCAR will survive this mess.

davidc · 12-21-2008, 11:48 AM

No, not at all.

Skull Crusher · 12-21-2008, 12:32 PM

Only by the stupidity of it all! Why we as tax payers have to be delegated to financial responsibility for the poor business practices of a few irresponsible, financial institutions is assanine. This is what these so call geniuses do for a living! Now, the same thing is happening with the automotive industry. When are we going to learn. Of course when Ford saw what they had to do to get the bail out money, they saw the light and bailed. I'm sorry, not everyone is able to afford a home and the practice of giving money to people who can't is ludicris. Those businesses involved knew what poor risks these people were but still engaged in business transactions with them. It's tantamount to fraud on a grand scale. It's nothing but greed!!!!! The funny thing is, I don't see any of those people going to jail! Those of us who pay their debts and taxes on-time should not be collared with their calculated fraudulant and personal stupidity. I understand the ramifications of the situation but we didn't put them there.

:

Cheers
Jeff

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IrlMike · 12-21-2008, 12:58 PM

Irish economy is tanking. Education budget (among others) being cut when it badly needed an increase. Unemployment rising to 10-12% next year (from ~5%), property down ~30%.
Dell Computers, one of the biggest employers around Limerick, now reported to be shedding ~ 2,000 workers next year - moving production to cheap labour Poland. Dell have until now vehemently denied any impending major shift in operations

.

Q. How do you know the Banksters, Corporates, Political Leaders & Mass Media pundits are lying ?

A. Their lips are moving.

I lost my job last year. Precious little chance of finding one now for a while - maybe never, as I'm getting older. Fortunately don't owe too much on my house & plenty of time to ride & tinker with the Thunderlegend

.

Seriously tho', the young have been royally stiffed by the crooked greedheads & I'm-alright-jacks of mine & my parents generation. Apparently, little reported as ever

, the youth of Greece are mainly rioting over job prospects. Max for new graduates is €600/month, god help those not so well educated...