Recession Etc

[OzzMosiz]

I went over to my dads yesterday to watch the Liverpool game. Anyway I was talking about the fact that I wouldn't be buying a house anytime soon (unless a real bargain comes along) due to house prices being way over the top. Anyway, he was saying that he can see a recession happening I think his exact words were 'we're coming into a recession'.

Interesting coming from my old man, as he doesn't follow any of this stuff whatsoever!!

Wonder how many others are thinking the same!!

Edited November 2, 2005 by OzzMosiz

[bungy]

and the older generation have seen recessions come and go a few times. so they tend to know what they are talking about.

many FTB have only ever known economic growth and high house prices, and so have no idea what the other side of the coin is like.

Edited November 2, 2005 by bungy

[Saving For a Space Ship]

Yeah, well my dad says the recessions going to be bigger than your dad says

Edited November 2, 2005 by Saving For a Space Ship

[The Masked Tulip]

A friend and I were commenting about this yesterday when talking about the 1980s. We commented how people just 4 or 5 years younger than us - we are both 39 - are oblivious to what happened as most were still in school and only know about it if their parents were out of work. Similarly, people just 4 or 5 years older than us also do not understand it unless they or a close relative were affected by it.

Henece, you have an awful lot of people who have no idea what is coming.

[Scooter]

I went over to my dads yesterday to watch the Liverpool game. Anyway I was talking about the fact that I wouldn't be buying a house anytime soon (unless a real bargain comes along) due to house prices being way over the top. Anyway, he was saying that he can see a recession happening I think his exact words were 'were coming into a recession'.

Interesting coming from my old man, as he doesn't follow any of this stuff whatsoever!!

Wonder how many others are thinking the same!!

Not mine unfortunately-he just offered and had accepted £480,000 on a 2 bed flat in St Johns Wood plus £50,000 for a car space against the strong advice of me and my brother. The flat was on at £525,000 allegedly since March, then dropped to £500,000 recently. I thnk the EAs saw him coming a mile off...

[right_freds_dead]

i can just see the nolkia generation in a recession.

...GT JB yet.?

NO. sed they try L8TR.

[Tentpeg]

A friend and I were commenting about this yesterday when talking about the 1980s. We commented how people just 4 or 5 years younger than us - we are both 39 - are oblivious to what happened as most were still in school and only know about it if their parents were out of work. Similarly, people just 4 or 5 years older than us also do not understand it unless they or a close relative were affected by it.

Henece, you have an awful lot of people who have no idea what is coming.

I'm 34, I knew about it then and see what is coming now. I remember the winter of discontent, I remember Maggie crushing the unions, I remember the last crash. I remember not being able to get the job I was trained for when I left college in 1993 in the middle of the last recession.

People 33 and younger obviously have no idea

[Fancypants]

I'm 34, I knew about it then and see what is coming now. I remember the winter of discontent, I remember Maggie crushing the unions, I remember the last crash. I remember not being able to get the job I was trained for when I left college in 1993 in the middle of the last recession.

People 33 and younger obviously have no idea

I'm 30 and don't remember it really - or at least not to the extent that I really understood what it meant at the time.

There again, this may have been because I grew up around Middlesbrough, which had been in more or less permanent recession right through the 80s. So there was nothing obviously unusual going on!

[Michael]

i can just see the nolkia generation in a recession.

...GT JB yet.?

NO. sed they try L8TR.

and the CV for the new job written similarly!

[karhu]

and the CV for the new job written similarly!

Actually we've seen that already. My friend who's a recruitment consultant showed me a CV written using these jargon abbreviations. Amazing.

[FreeFall]

I remember the last recession well - I was graduating from my first degree at the time.

Number of job offers per graduate in my field changed from average of 7 offers per person to one offer for every 10 graduates in a single year according to my old lecturers.

Scary times ahead.

[Michael]

I'm 30 and don't remember it really - or at least not to the extent that I really understood what it meant at the time.

There again, this may have been because I grew up around Middlesbrough, which had been in more or less permanent recession right through the 80s. So there was nothing obviously unusual going on!

the recession in 1981 was far worse for industrial parts of the Uk like Middlesbrough and Merseyside than the one in 1990 which seemed to clobber the South East......Huge numbers of people were laid off in the North and their jobs never returned.....I believe in the early 80s Teesside (Middlesbrough area) due to big layoffs at ICI and British Steel went from having the lowest unemployment in the uk (for an industrial area) to the highest in the space of 2 or 3 years..........so as you say the 1990 slump was less obvious in Middlesbrough than London.......and house prices which fell 27% in the London area fell about 10% in the North and Wales and Scotland.....

Edited November 2, 2005 by Michael

[Saving For a Space Ship]

I'm only 31 but remember the 90's recession well even though I was only around 15, what I noticed was businesses tightening their belt and were prepared to take bigger risks, ie I was producing DOS software for companies with million pound turnovers becuase they couldnt afford the costs of the adult IT people. I havent looked back since but learnt some valuable lessons.

People will always want to buy so if they perceive a better bargain then they will go for it. Companies that traditionally charge less are penalised in normal times becuase potential customers see them as cheap however in times of recession based on my experience they will do more business and gain more customers in this period compared to those that companies that traditionally charge more unless they lower their charges, but then they risk losing a bigger slice of their existing income.

Just my two cents.

"People will always want to buy so if they perceive a better bargain then they will go for it. Companies that traditionally charge less are penalised in normal times becuase potential customers see them as cheap however in times of recession based on my experience they will do more business and gain more customers in this period compared to those that companies that traditionally charge more unless they lower their charges, but then they risk losing a bigger slice of their existing income."

Do you think that companies like ebay will prosper in a recession for reasons you mention above or is this a different kettle of fish?

[BearLite]

When I was younger, at about 1990-1993 I remember the news showing all the for sale signs, the word recession was banded about often and there were probably job losses as well. Reading my local job paper when I was this age was a short, sorry affair. There was nothing. (no career prospect jobs anyway) By 1995 the mood was more upbeat. I left in 1997 but returned in 2000. There were far more jobs. Far more prospects for young people who didn't go to university.

[Panda]

I am 37, i bought my first flat for £30,000 in 1990, i was 22 at the time. I had no idea about property values and the peaks and troughs. Bought at the wrong time, thought i was getting a bargain, it was a repossession, bought from a buiding society.

The market value was £36,000. I met a young lady, we decided to buy a house in 1995, i just managed to sell the flat for £25,000, that was to a friend, and i had to give her £1500.00 as a deposit, so i only recieved £23,500. A very hard pill to swollow.

But that is life, and there are youngsters out there doing what i did, but they will survive, i did, but much wiser now.

Still i would rather be 22 again and making the same mistake, you cannot buy back time, the most valuable commodity.

[Time to raise the rents.]

I remember the last recession too.

I was a junior accountant & the company I worked for went into receivership.

The more senior accountants were thrown out, I was promoted & reported to the receiver directly. I was given several decent pay rises through the recession & went travelling when the recession was almost over.

Not bad really.

[KerPlunk]

I'm 34, I knew about it then and see what is coming now. I remember the winter of discontent, I remember Maggie crushing the unions, I remember the last crash. I remember not being able to get the job I was trained for when I left college in 1993 in the middle of the last recession.

People 33 and younger obviously have no idea

At 34 I think you probably missed the worst of it. You would have been 6 or 7 during the Winter of Discontent which was the tail end of the 70's resession.

Leaving college in 1993 as the 90's Recession was coming to an end you avoided most of the missery (unemployment, reposessions) that followed from the HPC and SM crashes of the late 80's.

Don't want to sound to much like "my recessions bigger than yours",

"but it was"

Hope we all fare better this time round!

[a j]

I remember the last recession well - I was graduating from my first degree at the time.

Number of job offers per graduate in my field changed from average of 7 offers per person to one offer for every 10 graduates in a single year according to my old lecturers.

Scary times ahead.

I graduated in 1992 - there were very few jobs available. I remember reading that 50% of graduates were unemployed six months after leaving university. Many companies cut recruitment completely for a couple of years, others reduced the intake by significant percentages.

I really feel for anyone who leaves university now with hugh debts and greater numbers to compete against if we move to recession.

[Marina]

I am 37, i bought my first flat for £30,000 in 1990, i was 22 at the time. I had no idea about property values and the peaks and troughs. Bought at the wrong time, thought i was getting a bargain, it was a repossession, bought from a buiding society.

The market value was £36,000. I met a young lady, we decided to buy a house in 1995, i just managed to sell the flat for £25,000, that was to a friend, and i had to give her £1500.00 as a deposit, so i only recieved £23,500. A very hard pill to swollow.

But that is life, and there are youngsters out there doing what i did, but they will survive, i did, but much wiser now.

Still i would rather be 22 again and making the same mistake, you cannot buy back time, the most valuable commodity.

Wow, you're a sad bugger. 37 and already regretting the passage of time! Lot's of people these days are only just having their first child at your age.

[Johnny]

If it happens this time, its going to be a lot worse than the 80's and 90's recessions.

We no longer have a stable manufacturing industry, the majority of its gone, everyones employed in the public sector, retail and services sector. Once these start shedding jobs and services start moving offshore, things in my opinion are going to be far worse with un-employment numbers being un-comparable to last time.

Lets hope it doesn't get that bad for everyones sake.

[Panda]

Lot's of people these days are only just having their first child at your age.

What the f*ck has having the first child got to do with age. Does having a child stipulate in the "having a child rule book" state "if you are having your first child you are still young".

I am not really to bothered about "lots of people" and what they do, i would rather be 22 than 37, but maybe you are 87 and would like to be 37. Or maybe you do not like the fact that house prices did drop and will drop again.

Edited November 2, 2005 by Panda

[erranta]

If it happens this time, its going to be a lot worse than the 80's and 90's recessions.

We no longer have a stable manufacturing industry, the majority of its gone, everyones employed in the public sector, retail and services sector. Once these start shedding jobs and services start moving offshore, things in my opinion are going to be far worse with un-employment numbers being un-comparable to last time.

Lets hope it doesn't get that bad for everyones sake.

UK became a NET IMPORTER of oil and Gas this year! That's the real shocker!

Reducing revenues to cushion the blow, this recession is going to hammer the UK for a decade!

[classixuk]

i can just see the nolkia generation in a recession.

...GT JB yet.?

NO. sed they try L8TR.

Hi RFD. jst got ur msg. had 2 wate 4 parnts 2 by credit 4 fone to rply. soz.

in cort 2morrow 4 liftin frm HMV. will txt u if i get of + we can sine on 2gether.

c u l8er.

[non-FTBer]

Yeah I remember the last recession in the early 90's under the conservatives. The Tories shafted everyone hard, interest rates 15%, repossessions 10 times current levels, unemployment double current levels. people forget how bad it was.

I think Gordon Brown is an idiot even though the economy has grown continously under Labour for 8 years.

But if Brown is a donkey what does that make the Tories who buggered it up 10 times worse than Labour ????

But did the tories do worse than labour??

Most of the strength of the inevitable downturn we now face has been generated by nu labour's free and easy attitude to encouraging debt.

I firmly believe that we will always have recessions, growth cannot be infinite.

What matters is how the party in power handle the recession as it approaches, and while in recession.

The tories did not try and put off a recession by creating thousands of public sector 'non-jobs' and encouraging record levels of personal debt.

Recessions are not the fault of a particular party or government, they just are.

How the recession is handled is a different kettle of fish.

This nu labour outfit have made the inevitable far worse by their actions over the last few years. Now, when the recession comes (that should have hit us 3-4 years ago) it will be far worse than it ever should have been. Not that I expect any of nu labour to give a stuff.... except Gordon who will then have no chance of ever being PM.

Edited November 2, 2005 by non-FTBer

[Badger]

I'm 35, I bought my studio flat in 1994 for 25k - it was worth 80k in the boom. I sold for 100k in 2001, its prob worth around 140-150k now. (ps turned it into a 1 bedroom flat in my time with it). I remember a bloke at work crying with head in hands because of negative equity during the last recession..