Fiscal Meltdown

[Matabele]

If things keep going the way they are, we'll all be living like Zimbabweans.  Do you fellows want any survival tips? 

A lot of the Zimbo's turned off their pool filters (there wasn't power to run them anyway), seeded various weeds and now use their swimming pools as aqua culture facilities.

 

[Dan]

it's ok I know how to make wine from water and fish from bread!

 

[Matabele]

Well the former happens every year.  I don't know where you would get the idea for the second. 

 

[Dan]

god knows it's all BS when it comes to those Miracle stories, anyway

 

[Matabele]

I am so going to enjoy watching Generation Y and their maxed out credit cards survive the coming recession.  Suck ....... you ungrounded optimists. 

 

[Matabele]

god knows it's all BS when it comes to those Miracle stories, anyway

  I don't see you willing to endure torture and death for Dawkins' unproven hypothesis. 

 

[Dan]

I don't see the dark ages upon us anymore.

I see a time of greater enlightenment, knowledge and social accepted norms. Given the choice of being slung up on a cross and killed or babbling whatever the **** my oppresses wanted to stop me being killed would be fine by me, but then I wasn't born in a time when mental illness was seen as some kind of religious and god like reward.

 

[Nutzcraw]

I am so going to enjoy watching Generation Y and their maxed out credit cards survive the coming recession.  Suck ....... you ungrounded optimists. 

Speaking of such.

I just paid off my credit card a week ago and a year ago I paid off my car so I am now debt free!!


(I have not yet purchased a house)


and.... I'm 24 putting me in your Genetration Y category??

 

[Matabele]

You've done very well Nutz.  You could make a fortune now by starting a life coaching business to your peers. 

 

[Dan]

I am well and truly in debt it's great!

all up about 350k I think but that is including Leanne's debt. She has a hell of a lot of credit card debt, when I have $0, I basically am just in debt for my house and the new car that we bought.

 

[Matabele]

Just thank your lucky stars you're not employed in a frivilous service industry.  That's where the winds of despair will blow hardest. 

 

[Dan]

Just thank your lucky stars you're not employed in a frivilous service industry.  That's where the winds of despair will blow hardest. 

A corporate that sells to the education sector I am safe for a while. even looking at the jobs available I should be able to pick some work up for only a slight pay hit up here, I just really like the company I work for, and they are not the sort of company who get rid of high performing staff. I am a little worried about Leanne but as long as she doesn't fall pregnant or lose her job we will make ends meet. I can always grab a second job at Bunnings or something too

 

[Matabele]

[quote author=Matabele link=topic=178793.msg201200#msg201200 date=1223934206]
Just thank your lucky stars you're not employed in a frivilous service industry.  That's where the winds of despair will blow hardest. 

A corporate that sells to the education sector I am safe for a while. even looking at the jobs available I should be able to pick some work up for only a slight pay hit up here, I just really like the company I work for, and they are not the sort of company who get rid of high performing staff. I am a little worried about Leanne but as long as she doesn't fall pregnant or lose her job we will make ends meet. I can always grab a second job at Bunnings or something too
[/quote]  As I said, your connection to the education sector will probably see you through.

Mind you, I'm already seeing some of the larger multi-nationals shedding the staff that they have in their development and expansion areas.  Which means a lot of the big guys are going to batten down hatches and spend the next few years consolidating. 

Back in 1990 when I was doing my Economics degree we looked at the Bell Curve - the relationship between inflation and unemployment.  In early '91 they briefed us extensively on inflationary issues.  When we hit the workforce (those of us lucky enough to get a job anyway) the issue was unemployment.  The pendulum tipped very heavily in the space of 6 months and unemployment was a ngithmare for the next 4 years - peaking at 12% around 1994.

The problem with the current scenario is we're not just looking at a slowdown and job losses.  We're also facing big problems with commodity scarcity.  Stagflation could be the result.

I don;t subscribe to the imminent collpase theory, but I don't go along with the cyclic economists who are still rather sanguine. They're only sanguine because they have job security.

I think there are some very hard times ahead for the next 5 years that will test the resilience of the human condition. 

 

[Dan]

I think we have learned enough from the past to see us through, I don't see a great depression coming along, just the recession that will make it hard to live, with prices of the basics set to increase.

My company are already committed to a plan that will see us increase profit because of edu, that doesn't mean we won't shed dead weight, just means I need to work harder and make sure I stay on top of my stats and the team, and they won't shed me, even though being a remote employee makes me vulnerable. The company has been through it before and they stuck by people, in fact they have an outstanding track record when it comes to staff retention on their behalf.

When all is said and done, it is just a matter of tightening the belt a little, and i am already looking at ways to down our current costs, the tough part is teaching Leanne who was never taught the proper management of her money, I let her do the budgets at the moment, and make her stick to them, as well as at the same time, cutting a few corners and putting a secret "hard-times" fund away

 

[Matabele]

Neither do I see a return to the 1930s.  Which is just as well because I think in the West there is less resiliance across the broader population (that's not a stab at Gen Y, that's a comment on *all*) and similar conditions to the 1930s would be likely to end in anarchy.

 

[Canteen Worker]

There is less resilience as well!!

 

[Matabele]

Nice of Rudda Claus to reach down so deep into his sack to give away presents left right and centre.  $1000 per dependant child!  How's that for a grab for the Gen X vote???

 

[ManlyBacker]

This is bad, but it is a slow Wednesday....

JAPANESE BANKING CRISIS

Following the problems in the sub-prime lending market in America and the run on Northern Rock in the UK, the collapse of the Iceland banks and the bankruptcy of investment banks the news today is that uncertainty has now hit Japan.

In the last 7 days Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches.

Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived.

While Samurai Bank fell on its sword, Ninja Bank is reported to have taken a hit, but they remain in the black.

Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.

 

[DVS Matt]

Gah - i'm looking at buying my first place around June next year. Problem is with the increase of the First Home Owners grant - i'll see a spike in property prices for places between 250-350k. Which nulify's the grant!!

 

[clontaago]

Plus you will be competing with all the other first home buyers Matt, which is an even bigger problem.