What Credit Crunch?

[81caprice]

i agree about 98% of people will be affected in some way

Exactly we have had to let some brilliant people go .The whole landscape is changing

[minux]

tosser comment.

Not as bad as this comment^^^

At least I say why, you just talk shit.

Exactly we have had to let some brilliant people go .The whole landscape is changing

If they were that "brilliant" you must have a pretty good workforce to let them go.

[81caprice]

Not as bad as this comment^^^

At least I say why, you just talk shit.



If they were that "brilliant" you must have a pretty good workforce to let them go.

Hmm when their ojbs slow down what do you do??Oh thats right I will get our ceo to pm and ask you opinion wanker

[minux]

Hmm when their ojbs slow down what do you do??Oh thats right I will get our ceo to pm and ask you opinion wanker

Judging by your poor typing skills, I highly doubt you would actually know who the CEO of your company is.

Oh and save the name calling for other places, it will not be tolerated here.

[81caprice]

Judging by your poor typing skills, I highly doubt you would actually know who the CEO of your company is.

Oh and save the name calling for other places, it will not be tolerated here.

OHH a spelling mistake .hmm you'd know whom i know?ha ha thats funny,I never called you a name that didn't fit?what about.**** YOU:?thumbsup:Is that better

[81caprice]

as much fun as this is out of here for the weekend.and to the mods thanks for the infractionsi would hate to get banned wankers

[fuzzy2308]

ohh a spelling mistake .hmm you'd know whom i know?ha ha thats funny,i never called you a name that didn't fit?what about.**** you:?thumbsup:is that better

you should be more careful with your choice of words there son, your mother might smack your bottom or send you the naughty chair for using that kind of language.

[vlv8vic]

you should be more careful with your choice of words there son, your mother might smack your bottom or send you the naughty chair for that kind of language.

With issues like his mate i dare say his mother might have already had her way with him.
Hope he love the naughty chair long time.

[Calaber]

Just to get this post back on track, my daughter and son in law received mail today from Citybank, offering 25k "pre-approved" credit.

They have a substantial (though average by today's standards) mortgage and the usual debts for cars and bankcard etc. Last thing they need is more debt.

They are sensible enought to consign it to the dustbin, but what about those who are not? In some cases, applications would fail to gain approval but not all. This is that stupid and wanton situation I alluded to at the commencement of this thread.

[minux]

Just to get this post back on track, my daughter and son in law received mail today from Citybank, offering 25k "pre-approved" credit.

They have a substantial (though average by today's standards) mortgage and the usual debts for cars and bankcard etc. Last thing they need is more debt.

They are sensible enought to consign it to the dustbin, but what about those who are not? In some cases, applications would fail to gain approval but not all. This is that stupid and wanton situation I alluded to at the commencement of this thread.

This is why the government need to pass laws that only allow X amount of credit for working income. This kills two birds with one stone. It can only be based on taxable income, which means proceeds of crime cannot be used to pay off mortgages etc, which means expensive cars etc would be bought with cash and instantly followed up. Secondly, it keeps the population especially those of us who can't say no in check with credit which should mean debt is minimised massively. Would also keep a true price on houses. With some well thought out and executed plans I truly think my idea could work.

[tommo82]

Avoid those credit card applications, indeed - avoid that product altogether.

The safe option is the debit card Visa or Mastercard, where purchase can only bae made against money in the bank.

Heh. That's only for people who are out of control.

For people with a well run budget and who understand that they should not spend beyond their means, credit cards are great. I'm happy to use someone else's money for 55 days.

[Johnsy]

Heh. That's only for people who are out of control.

For people with a well run budget and who understand that they should not spend beyond their means, credit cards are great. I'm happy to use someone else's money for 55 days.

I agree, use your card for everything, pay it off fully before it's due, and reap the rewards of the bonus points you collect.

[Shounak]

Maybe for people who have no savings, have insecure jobs and large mortgages. Anyone with half a brain will walk through this crisis unscarred.

Rubbish. My aunt who was a Senior Recruitment consultant with a multinational was making big bucks, well into 6 figures and suddenly lost her job. Showed up to work one day and was told there was no work.

My neighbour who's a truck driver who made about $80k a year with O/T has suddenly seen a wage drop to $45k and is expecting to be made redundant anytime soon.

I personally had a graduate job offer paying about $55k rescinded by a very large multinational company due to the credit crunch.

My aunt's lucky my uncle can pick up the slack. My neighbour is crapping his pants as he is the major breadwinner and things are a bit different when you have a mortgage, kids, cars etc.

These are all people who live sensibly and well within their means, but have been hit very hard by the financial crisis. I assure you that all of the people in the above examples have more than half a brain, but are feeling the effect.

PWC just shed 180 staff from Brisbane. Macquarie have let a number of people go.

I can keep going on about how badly hit a lot of people have been by this crisis and none of it is to do with not having half a brain. No such thing as a "secure" job unless you go government, a lack of mortgage is also not something most people with kids can afford. That's why they have a mortgage. It's a tough situation out there for a lot of people.

[greenfoam]

My father got made redundant a few weeks ago suddenly and he was the manager of the most profitable arm of his company in the state if not the country (making profits in the millions) and had been working there for over 40 years, one of his men had to go with him

[Shounak]

I also have a feeling warehouse, logistics staff all over the board will get hit soon.

All it will take are a few more drops in consumer confidence for that to happen. Retail spending will plummet.

The situation is also pretty good at the moment, we're nowhere near the great depression. 20% unemployment and people throwing themselves out of buildings is yet to be seen.

Hopefully it doesn't get that bad.

[minux]

I also have a feeling warehouse, logistics staff all over the board will get hit soon.

All it will take are a few more drops in consumer confidence for that to happen. Retail spending will plummet.

We are hiring more than we are firing atm, most businesses we are involved with will barely be pinched, sure some wil go down, but I know many are still having higher turnovers than last year. Sure some badly managed places will go down, but from what I am seeing, many of the job losses occuring atm are in the finance sector. They also seem to be middle management positions(finally companies realising they do not need managers between managers).

I think if we stop hearing about this recession coming it will go a long way to minimise the damage. As I said in another thread(maybe this one?) I know people who have been so busy last few months that they havent heard news etc and were amazed at apparently how in the shit we are especially when they are turning over record profits.

[greenfoam]

When I left school there was 60% unemployment for people under 25 in South West vic (keatings time) so for me this is just nothing

[minux]

Shounak, to give you an idea of one company we are working with atm. They have upper middle and lower management. Upper and lower is company directed. Middle is company appointed 3rd party.

This middle company organises sub contractors etc. The last tender process we seen was for successful bid of 380k by a 3rd party. This middle company then charged the parent company 718k to do the work. Now apparently, upper management financial area claim this is the best way to work? I am unsure how? This division is now being restructured and 4 people in the finance area of upper have lost their jobs...I wonder why. I hear of this happening in so many companies Australia wide...it is bloody madness and sheer lunacy.

[Shounak]

Shounak, to give you an idea of one company we are working with atm. They have upper middle and lower management. Upper and lower is company directed. Middle is company appointed 3rd party.

This middle company organises sub contractors etc. The last tender process we seen was for successful bid of 380k by a 3rd party. This middle company then charged the parent company 718k to do the work. Now apparently, upper management financial area claim this is the best way to work? I am unsure how? This division is now being restructured and 4 people in the finance area of upper have lost their jobs...I wonder why. I hear of this happening in so many companies Australia wide...it is bloody madness and sheer lunacy.

Ok well, I can only guess why you'd outsource certain area's of a business. It can be a good thing, but it can equally be a bad thing.

I'm willing to accept that in a lot of cases middle management can potentially be cut, but that's more the domain of management consultants and possibly even the accountants.

The point I was pin pointing was your one about people with half a brain not being affected. A lot of degree qualified professional people who go to work everyday with the reasonable expectation of a job are being downsized. They do their job pretty damn well, whether it's necesary on a macro level is a different story.

These guys are getting laid off left right and centre, through no fault of their own. The kicker is that unlike in good times, they're no longer getting any severance pay.

Many innocent bystanders are being hit hard by this crisis, through none of their own doing. The well set up ones (such as my aunt and uncle) are able to deal with it without ruination, but it's impacted significantly upon their lives.

As it has, mine.

Of course a lot of this is industry specific. It's always been the case that some industries boom during bust time and vice versa. You can't really blame people for being in particular industries, especially when the whole economy does an about face in less than 24 months. We went from 33% ASX returns to -50%. Whoda thunk it.