PALOOKAVILLE FINANCIAL
capitulation day
+106...
...........hello?????..........
...hummmmmm!....no one here...
...peterthepainter, shot in the head with a sawn off .45
...sits down on a stool in the breakfast nook...
...his head is wrapped with vinega and brown paper...
...to hold it together...
...even with a hole in the head...he notices the way this crunch is going...
MUDDLING THROUGH INNA MIDDLE
they been so busy...buyin private education...
...or payin more fo they house to be near good schools...
they been payin fo private healthcare, opticians, dentists, university fees...
...even though they payin more in taxes...
...they kids need cash to live to get through uni anyway...
many have to fund parents in care and/or buy exra drugs for they sick...
an then they havin ta save towards they pensions...
oh yeah...an second/third homes...an bully cars...
oh yeah... an cars an houses fo they kids...
...sucker...
THIS ONE'S FOR YOU
...here in palookaville we have always been middle class...
...so it is sobering to see who is now to feel the pain of this credit sh*t hole...
...apart from woollies...which we of course never visited...
...the names onna news...wotz bein crunched...are mostly...
...middle class joints...
...MARKS AN SPARKS...
...Iconic retailer Marks & Spencer yesterday became another casualty of the economic gloom which is spreading throughout the UK High Street after revealing it is set to axe more than 1,000 jobs...
The retail giant said 1,230 jobs across UK stores — including 37 in Northern Ireland — will go after it unveiled its worst sales figures for almost a decade.
Of the stores to close, 25 are under-performing Simply Food outlets, and two are small main chain stores selling both food and clothes.
A list of the 27 branches set to be axed was released yesterday.
...WHITTARD OF CHELSEA...
...suppliers of fine teas and coffee...
- 165 shops - 950 staff
...coates VIYELLA...
...Formed in 1784, Viyella is one of this country's longest-established clothing manufacturers. With those years have come experience, quality and an understanding of women's fashion needs....
...WATERFORD crystal...WEDGEWOOD tableware an gifts...
...A British manufacturer synonymous with fine china has become the latest victim of the global credit crunch.
Pottery giant Waterford Wedgewood, which also owns Royal Doulton, has called in the receivers.
...JOHN LEWIS...LIBERY...
...Sales at the John Lewis online operation have declined for the first time since the business was set up in 2001.
The internet operation of the department store group saw sales dip 8.8% last week compared with the same week last year. Overall sales at the group, regarded as a bellwether for the high street, were down by a startling 14% - the ninth consecutive weekly decline....
...John Lewis said sales of clothing and electrical goods, up 4% and 10% respectively, had helped offset declines in its home department, where sales fell 6%. However, Street said shoppers' 11th-hour spree had not been enough to make up ground from earlier in the year - its profits were down by more than 30% in the first six months. Profit margins were also hit over Christmas as John Lewis's "never knowingly undersold" pledge meant it lowered prices in line with rivals.
The London department store Liberty also beat sales expectations as consumers treated themselves to luxury scarves and exclusive beauty products. However, the Regent Street store was not immune from the downturn and ordered cheaper designer bags ranging from £250 to £400, rather than £400 to £500 as before.
MORE RETAILERS CRUNCHED
Zavvi - 125 shops - 3400 staff
The Officers Club - 150 shops - 1000 staff
Fads - 32 shops - 350 staff
The Pier - 48 shops - 400 staff
Woolworths - 815 shops - 30,000 staff
MFI - 111 shops - 1200 staff
Hardy Amies - 6 shops
Rosebys - 280 shops - 2000 staff
ScS Upholstery - 96 shops - 1300 staff
FINANCIAL SECTOR
BANK WORKERS
INSURANCE SECTOR
MORTGAGE ADVISERS
ESTATE AGENTS
London data centres hit by credit crunch
MIDDLE CLASS SAVERS HAMMERED
HOUSE VALUES FALL BIG TIME
PRIVATE PENSIONS LOSE VALUE BIG TIME
jus wait til yo gets yo statement dude!
HOLIDAY COSTS RISE
Huge price hikes on package holidays
Tour operators have increased the price of summer holidays by up to 40 per cent this year, raising the cost of an average family break to the Mediterranean by as much as £500, according to research for The Independent.
petey : this is not ta say that poorer folks aint sufferin...they are...
are ya still glad ya voted fo that nice lookin tony blair?
so what exactly was new about new labour then?
oh!...an please can we have a real opposition soon???
Definitive proof that the Bank of England saw the financial crisis coming
edmond conway : ..."As we wrote in our City Comment that day: "One statistic in particular shows precisely how exposed the City is to the bursting of the household debt bubble. At the beginning of 2001, our banks were not lending customers any more than the total amount of deposits they held. By the end of 2005, banks were lending customers £500bn in cash which simply wasn't in the vaults. Should customers default on their loans, these banks could be in trouble, having to resort to borrowing chunks of money at penal interbank rates."
Not only did the Bank's report, which can be found here (page 28 is the one on the funding gap - p30 on the pdf version), lay out the City's increased reliance on wholesale funding - it also warned that this leaves banks extremely vulnerable in the event of a slowdown. Now, the Bank was not the first to diagnose the seeds of the crisis: there were one or two hedge funds which were already trading on the likelihood of a UK banking breakdown caused by this reliance on securitisation. There were plenty of commentators warning on the excessive build-up of debt. But as far as I can tell this was about the earliest warning on the problems inherent to the UK mortgage market.
The report completely debunks the notion that the financial crisis came as a surprise to the City, or indeed the Bank. The Government had been warned explicitly not by some crackpot economist but by its own employees in Threadneedle Street about precisely how the crisis could erupt. Not only this, but the report also revealed that its "war games" plotting out scenarios including a credit crunch revealed that a debt-fuelled crisis could cause a severe UK recession, a 25pc fall in house prices and a wiping out of a third of banks' tier one capital - around £40bn at the time. It is difficult to think how it could have made more noise about the possible risks the debt build-up entailed...."
...Of course, the eventual crisis has been far greater than even this worst-case scenario, but remember that this was a warning delivered more than a year before the securitisation markets broke down in August 2007. Had it been heeded in Government, Northern Rock - not to mention the rest of the banking system - could very possibly have been saved from complete collapse. The UK could have been let off with a mild rather than severe recession. House prices could have been brought back under control, rather than booming again for another breakneck year of growth." Telegraph
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