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43

i vaguely remember the difficulties in the 70s, but family grew veg and fruit in the garden and expectations were less elevated: we economized by putting an extra sweater on and having homemade soup instead of the trad fish and chips on a Saturday lunch time. I was far more aware of the early 90s - I had my own home by then, and saw friends falling into negative equity and losing their homes. One had a flat which fell in value from 45k to 19k - he bought it as a bachelor pad but ended up living in it for 10 years with newly acquired wife and increasing number of kids. I was lucky enough to feel broke, but not be seriously or directly hit by it.

The power and ubiquity of the media means that people are far more awake to what is going on now (I suspect). Also, last time around it was a fairly standard, mono-level recession: this time it seems there are no safe havens for cash, no area will remain un-hit, and the little people will end up losing much to subsideze the reckless greed of those who have created this mess.

The only good news is that governments don't tend to survive a recession, to this wanton fool who is here with no mandate should be gone soon. Sad that it will take such a cataclysm to un-horse him!

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I have already covered this black swan event. I have a single toothpick attached to a fine gossamer cord as used widely by all magicians.

Upon throwing down the toothpicks and challenging instant counting, all that remains is to quickly wind in the cord and attached toothpick using a left leg gyration which, whilst it could be mistaken for a partial seizure, with the accompaniment of the song 'Surfing Bird' played through a portable cassette recorder, will be disguised as a dance.

Ajudication by third party will show my adversary to be wrong, and due to the length of this distraction, my getaway driver will have moved my stocks of juice to a safe distance.

A beautiful image.

Surfing bird? An inspired choice, the tempo of which is perfectly suited to disguise the jutting leg movements.

One flaw.

The downs idiot-savante is also deaf, thus he does not hear the music. Being of a caring nature, despite his vitamin C kleptomania, he assumes that the jerking leg movements are indeed the result of some severe cerebral embolism of the ischaemic variety and rushes to find a phone, only to discover your cohorts tangerine deceptions, sending him into a wild rage. 10 minutes later he calls the ambuilance and leaves. With two cartons of Tropicana, and a thin smile on his face.

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76

Joined the Civil Service as a Scientific Officer in 1954 so never exposed to any recessions.

Whatever happens - can't be worse than being a boy in London throughout the war

(unless we have another one of course :unsure: )

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Guest DissipatedYouthIsValuable
A beautiful image.

Surfing bird? An inspired choice, the tempo of which is perfectly suited to disguise the jutting leg movements.

One flaw.

The downs idiot-savante is also deaf, thus he does not hear the music. Being of a caring nature, despite his vitamin C kleptomania, he assumes that the jerking leg movements are indeed the result of some severe cerebral embolism of the ischaemic variety and rushes to find a phone, only to discover your cohorts tangerine deceptions, sending him into a wild rage. 10 minutes later he calls the ambuilance and leaves. With two cartons of Tropicana, and a thin smile on his face.

But he is unaware of the high vitamin C content of the Indian gooseberry, cunningly disguised as Chyawanprash and that of the Hibiscus flower, and so whilst I mantain a good constant flow of vitamin C through my gastrostomy tube in intensive care to aid the healing of my connective tissue, he is sated by some vile canned concoction which rots his teeth, while I emerge some 8 weeks later with a beautiful smile showing off my perfect gums.

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I'm 24. My memory of the early 90's recession was of my parents losing their house (they had a little business too, when that went, so did the house). We ended up in a council house and that's where I grew up. We didn't stay in the first place they put us though. I remember, this place was a real shit hole. Felt like it was falling down, with a toilet like the one in trainspotting. My mum was trying to fix the place up, crying her eyes out. My dad went down the council and made an almighty ******ing scene, they got us into a better house the same day. And my dad's no snob, when he was a little kid, he lived in a house with an outside toilet!

My parents were young and naive and didn't really have any guidance from their elders (who aren't the brightest sparks). Looking back though, I really admire how they brought up me and my brother (bad English I know) because, even though they never had a penny, we never felt poor or like we were missing out. Another weird thing is that even though I was only 6 or 7 years old, I remember being acutely aware that my parents didn't have much money. So when it came to birthdays etc, I would never ask for all that much and I'd tell my little brother off if he did. "Aww" lol.

Apologies for this badly written ramble, I'm a bit hungover.

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Im 35 I remember a bit about the 80's I remember being worried by the 1981 Riots even though it was miles away from where I lived

I remember being at 6th Form during early 90's and was going to get a job after that but the careers adviser told me that there were none and I should go to Uni instead which I did which was one of the best choices I have made, never had much money as a kid as dad only had a non skilled job working for a council so money stayed quiet constant as I remember

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I lost a house and a business in GC1.

I also lost friends to suicide in GC1.

I saw banks act despicably in GC1.

GC1 was nothing to what is about to proceed.

Pay down debt. Cut overheads, work harder. Trust no men in suits.

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Age 45

I remember the recessions of the 70's, 80's and 90's.

However the memory that was my most abiding economic schock predates all of these.

As a small boy I remember decimalisation, and how a mars bar went from 3 old pence to 3 new pence seemingly overnight. If you think 20% food inflation is bad now try instant 100% inflation.

Of course my parents managed to convert the currency more accurately so my pocket money stayed the same in real terms -- B**stards

47

They did the same to crisps -2 1/2 D to 2.5p It scared me for life that did..

Remember the 3 day week. I remember them turning the lights off 3 times as a warning that they were about to go out for the night. I don't think it affected us too much as dad was a sainsbury lorry driver and he still had work. I started at AWRE g.ment in '78 so was well protected but left in '82 to retrain.

Started own business in '87 and we were in recession then let alone the early '90's. Struggled through and enjoyed better times.

This time will be harder -or is that just old age catching up?- Won't say I'm better prepared even though I have been of the opinion this was going to happen since 2000 Life meant I simply couldn't prepare sufficiently. I can retrench some of my workers and get along on the same wage with less hassles

However worst case is that I have 18 months money in savings which should see me through..Who knows.

Cheers

Richard

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I'm 33.

My father worked as a building society assistant manager, for the Abbey, when I was old enough to remember anything.

My early memories of school days involved being taken through to his office and sitting there while he processed mortgages. The papers were in orange folders tied up with green string. Those were the days.

In those times, and as I never tire of saying on here, there was a mortgage waiting list! You had to be nice to my dad, get in line, and make sure you said and did the right things.

In the early nineties I remember my dad coming home from work and telling me about going round houses in very rough areas to check who was living there because there were arrears, and discovering all-day parties going on stinking of weed and rum.

I remember him having to apply for his own job three times, and his friends and colleagues being laid off and their legal businesses going under etc..

Of course, last year he was telling me I should be buying a flat rather than renting.

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I remember all these recessions.

70's - strikes and bosses saying 'there's no money in [fill in area of activity] any more'. Farmers were raking in cash but still complained!.

80's - unemployment - rapid decline of heavy industry

90's - falling house prices - got caught on that one - we moved to a 'property coldspot' where prices fell much more than surrounding area!

2008 - it's all very strange, too big to take in.

Edited by blankster
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I bought my first house in 1972 with a 30% deposit on a house costing approx £6,000. Inflation actually worked in our favour as very rapidly the mortgage repayments became more and more manageable as wages increased. By 1982 I could easily afford a five-bed detached house for £30,000.

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I`m 48

I remember currency decimilisation, and the price rises it allowed.

The strikes, short time working and the power cuts of the seventies. Looking back they were tough times. My dad was a miner and he was probably a lot more worried than he let on.

I remember free school meals during the miners strike, along with the "everyone on free school meals in this queue" at lunch time.

There was no central heating in the house. I remember waking in the morning to ice on the inside of the windows and rushing downstairs to get dressed in front of the coal fire.

Happy days.

The main difference is that people were used to living within their means and so just got on with it.

Lots of people rented, new cars were rare. I remember my dads old Ford Popular ( or Prefect ) pharting around the countryside with a top speed of about 60 and 3 gears ( I think, but I could be wrong )

The late seventies were tough with high unemployment just as I left school. It took about 8 months to find an apprenticeship with a small local firm. My early drinking days followed. For the grand total of a quid I could get the bus to the pub, watch a local band, get pissed ( 3 pints :lol: ) and the bus home.

This is getting too depressing. So to cut to the chase.

The problems we have now are far more severe.

Fossil fuels running out

Climate change

More wars than you can shake a stick at

A profligate financial system on the brink of collapse

An obvious and sinister pushing of the surveillence society etc etc.

We need a revolution, I honestly believe that keeping your head down and living within your means for a bit will not do it this time!

If we don`t end up with radical systemic change then our combined future will be blacker than a big bag of black things.

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I was a kid in the seventies but was aware of inflation, as in retail price inflation. Before barcoding it was when they had little stickers on supermarket items, and I remember they were often stuck 3 or 4 on top of one another with a new higher price each time.

Lol! I'm 37 & whilst I don't remember the 70's recession I recall me & my mates trying to peel off price stickers on sweets to make our pocket money go further! The old price was always less than the new price.

Early 80's I remember my folks' business doing ok & though money was tight we weren't left wanting for much. Late 80's were good. Business was booming by now & they borrowed hard & expanded fast.

Early 90's it all started going pear shaped. They pretty much lost everything including their home in 97. Everything they'd grafted 30 years for. That was my lesson in how debt & the banks (& some may say greed) can totally destroy people.

So now my motto is cash is king. I've been lucky & sensible during the noughties and have a reasonable stash to buy a decent home for my family once sanity returns. I don't know if this recession is going to be any worse than the ones in the past. It's definitely going to leave a lot of people fooked for a long time.

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I mentioned farmers in my post above. In the 70's malaise, farmers were seen a bit like bonus boys of the city now. They had tax breaks, subsidies from our government and the Common Market, butter mountains etc. While everone else was tightening their belts, farmers were out buying Range Rovers to offset against their tax. How things have changed now.

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This is getting too depressing. So to cut to the chase.

The problems we have now are far more severe.

Fossil fuels running out

That's the big one. That's the rusting disused supertanker in the beautiful lagoon that nobody talks about. Even the environmentalists are so hung up on global warming that they don't say much about the fuel running out. Even quite a few bearish HPCers have their heads in the sand about the inevitable energy gap that's looming. Edited by blankster
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Guest DissipatedYouthIsValuable
I mentioned farmers in my post above. In the 70's malaise, farmers were seen a bit like bonus boys of the city now. They had tax breaks, subsidies from our government and the Common Market, butter mountains etc. While everone else was tightening their belts, farmers were out buying Range Rovers to offset against their tax. How things have changed now.

Yep. Now things are so bad even the farmers are moaning about it.

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30..... so just about remember what was happening but the personal effects of the recession were delayed until about 4 years later in 1995 when the full truth of what was going on emerged in our household. The debts and its avoidance through extended debts and an "unsobered" environment conspired to destroy my life until I left home with my mother 2 years later with nothing but our suitcases. Since 1997 we have had to rebuild our life from scratch while seeing a massive boom happening of which we could not benefit. However I have worked solidly for the last 8 years building a base that will bring us much reward and now the future is our only concern. Its been one hell of journey from the gutter ;)

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I'm 29, the 90's recession pretty much passed me by. We lived in the South East and my parents both worked in education.

Looking back there were signs of it going on, my uncle had to move with his job several times as they got shunted around and another friends dad was forced to live apart from his family 5 days a week so he could keep his job.

This time round I'm glad my wife has a "recession proof" job as I am a private contractor, and although I have a new contract for the next year, there doesn't seem as much work around as normal.

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Age 55.

Remember 1970’s 3 day week - apprentice Toolmaker decided to get out of engineering.

1974 joined fire service, sailed through every other recession, no problem, your right local / government service protected from it all.

Saddest moment? 1976, sold a 1969 Triumph Bonneville when petrol reached 50p gallon, could not afford the fuel, I walked.

But if you are looking for some similarities between then and now forget it, nothing as ever moved this quickly before.

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53 last week.

Can't really remember personally suffering in any recession in the UK. Always been in work, even during summer breaks at uni. Bought houses when I needed to move jobs and, by luck, I have always bought low.

Budding share portfolio wiped out in 1987 and again in 2000. Was still only just regaining lost ground and now wiped out again.

Only really noticed recession in early 90s in the USA.

Goods and services were really cheap and my GF and I could stay and eat in posh hotels for less than cost of a b&b in UK.

For people with jobs and cash recessions can have its upside.

Effect on investments more worrying at my age as more to lose and less time to make it up.

If I were 21 now I would max out on debt, have a good time and declare myself bankrupt.

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