Sunday, July 6, 2008

A really bad week of ecomonic pointers!

Sir Stuart Rose is right: the sky may be falling in on us

A round-up of all the bad economic news fom last week

Posted by wdbeast @ 10:09 PM (667 views)
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2 thoughts on “A really bad week of ecomonic pointers!

  • Sir Stuart Rose is in a particularly difficult position. Marks & Spencer – especially the food department – is a discretionary luxury. If you need to cut £30 from your weekly food shopping bill then simply swap M&S for Asda or Aldi. The article also mentions Pendragon (car dealers – who would buy a new car when they’re already up to their eyeballs in debt, worried about losing their jobs, and no longer qualify for credit?); Trinity Mirror (newspaper publishers – advertising is their main source of income and it always falls in a recession); and Taylor Wimpey (house builders – ’nuff said). It’s pretty obvious which companies will suffer most from the belt-tightening.

    Last paragraph on Heathrow’s proposed 3rd runway tells us a lot about this new era:
    Much of the evidence wheeled out by the pro-runway lobby dates back to an era when oil was less than half the price it is today. Now airlines are cutting capacity to survive.

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  • Not looking good is it?
    As the spectre of failure of businesses to raise debt to see them through this period raises it’s head. Cost cutting in the form of lay-offs and investment (and you can forget wage rises). Not to mention the shareholders dividends and share depreciation.All these are only going to add to the woes of the housing market.
    This is truly a Viscious Circle of destruction growing daily. Banks consider these now to be risky businesses as they rely so heavily on an expanding housing market and the banks have had enough of risky business.
    All of which certainly means continuing lower property prices.

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