Your Thoughts on the Economy?
- Thread starter katharina
- Start date
Sadly yes. The problem is the banks' unwillingness to lend. In the UK the interest rates would normally mean that people would be snapping up houses but no one can get a mortgage. I really don't think anything that the various governments do will make too much of a difference, it's all up to the banks. I think it shows that it is really the banks that are running the country!
I think the economy is about to be reshaped. There's been a problem with the way we run our economy. We don't look to the future, we just think about short-term profits. That's a problem. We are seeing that with our cancer rates, health problems, and environmental problems. We have to create something more sustainable, or it's not going to work.
woodpecker
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I don't think we will be having serious money problems in future. There is lots of money around; why else would be banks literally beg me to take a loan when I don't need one? One the other hand, with the scarcity of jobs around, I wonder if it is possible to make both ends meet as easily as we once used to. I think the only solution to the problem is to live as simply as possible.
- Thread starter
- #5
Very good points here... if you're not a member of the cabinet, maybe
someone should nominate you.
I agree, and pulling up by the bootstrapsonly to turn around and make the same mistakes again would be pretty
foolish indeed!
I'd say because you're a good risk to them. It sounds like you have your finances in order.
But there seems to be lots of people in the US and other countries who are facing foreclosure and bankruptcy who don't have access to the money you mention.
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- #7
Interesting... are you from the US, Woodpecker? Oh... I may have read you wrong here... does your "we" refer to your country or to your personal family finances?
SageMother
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This depends on the region of the US. IN Colorado, things are a little better than they are in other places.
Which banks are trying to loan you money?
Are these banks or those high interest lenders that are swooping in on everyone?
These fellows are actually looking to rack up pepple paying for loans at a higher interest rate, anticipating that the government will put a cap on how much interest can be charged in 2010.
I keep getting offers too, but it looks like someone is trying to lock as much in to preserve profits later on!
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- #9
Yep, that's what they do... making the whole problem even worse because even more people get in over their heads with loans carrying high interest that they can't possibly pay off.
The problem here in the Pacific Northwest (Oregon) is that property values rose so quickly that a lot of folks took out loans to do home improvements that were not truly prudent long term enhancements, and now a lot of them are upside down on their loans with little real equity left because of the loans they took out.
