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Difficult to get figures one how many employed in financial services, but I know of dozens of brokers/packagers, many of who employ circa 200+ (most you'll never have heard of), who will have to make thousands redundant if this problem is not contained. Some have gone from nothing to 200 employees in 5 years, these will obviously be the most vulnerable. That's just the tip of the problem.

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Difficult to get figures one how many employed in financial services, but I know of dozens of brokers/packagers, many of who employ circa 200+ (most you'll never have heard of), who will have to make thousands redundant if this problem is not contained. Some have gone from nothing to 200 employees in 5 years, these will obviously be the most vulnerable. That's just the tip of the problem.

Job losses in the wider economy if business can't borrow.

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Difficult to get figures one how many employed in financial services, but I know of dozens of brokers/packagers, many of who employ circa 200+ (most you'll never have heard of), who will have to make thousands redundant if this problem is not contained. Some have gone from nothing to 200 employees in 5 years, these will obviously be the most vulnerable. That's just the tip of the problem.

According to David Smith of the Sunday Times 28% of empoyees in the South East work in financial services - yes 28% .I had to check that I had read it correctly twice. This is why when the ship goes down London and the South East is going to suffer the most - it will be catastropchic. For those who think London will be immune from a house price crash you are deluding yourselves. London has almost nothing but financial services and when that goes there is nothing to prop up the absurd property prices - not even a tanker load of Russian Oligarchs.

What sort of economy have we built where almost 1 in 3 people produce bugger all - they just spend their time gambling with other peoples money ?1

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Well, it's their own fault.

the cemap trained office folk who earn 25k a year? <_< I'd hazard a guess that the majority of the boys and girls that man the phones at some of the largest brokers/lenders are late twenties, have 'done their exams' and have only been earning a living wage for the past 3 years. Probably bought their first house during the same time. Plenty of middle management will have nowhere to go, BDMs etc. These are guys who thought they chose the right career.

There'll be a handful of UK based based directors of large packagers/brokers who have made millions selling of their proposition, however, the way the investment banks that buy them stucture the deals they'll have 'earn outs' which can take years to fulfill and must be looking very shaky atm.

Also know of two companies that have recently binned floatation plans, one can't even find a trade sale exit, this was one of the darlings of the industry 8 months ago, planning on minnow acquisitions further down the line :ph34r: It's stuck with 200 employees and nowhere to go except implosion IMHO,...now where's that heads of agreement and NDA, I need to find a shredder ;)

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Of course there will massive job losses. I still can't figure why contagion is such a surprise to 'the experts'.

The building industry accounts for 15% of Ireland's economy. In Ireland it's obvious, in other countries it might not look so obvious but it is; or will be, it's all just a matter of time. The knock-on effects will blast through everything.

The money is drying up. If we want to see where we're headed have a look at Japan; property is still half of its highs, the stock market is still in the doldrums after years. The BOJ has been giving money away for years and still the Japanese people will not spend. The markets used this anomaly to enjoy some free money in the carry trade. It was the carry trade that brought me back to the markets. How could a currency trade be 'famous'?

This cannot not affect the whole world. It is the most massive theft the world has ever seen. It will take some time to work through the system; just listen to people 'worried' about the property market. They should not be worried; they should be certain; it's all going down.

If anyone ever saw that old film of the bridge warping then snapping; that's the world economy right now.

The insiders are trying to get out as stealthily as they can but they're not doing such a great job; they're about to all get stuck in the swinging doors.

Poor bastards that bought property within maybe the last three to four years are going to get murdered. Council and government workers are the only ones who will be immune (they can sit on paper losses) but they'll put too much pressure on the rest of us.

Everything is about to change.

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Difficult to get figures one how many employed in financial services, but I know of dozens of brokers/packagers, many of who employ circa 200+ (most you'll never have heard of), who will have to make thousands redundant if this problem is not contained. Some have gone from nothing to 200 employees in 5 years, these will obviously be the most vulnerable. That's just the tip of the problem.

It all adds up to a lot of misery on the horizon for ordinary working people. Lets hope the situation can be contained.

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