is the credit crunch just beginning?

[mannix]

You will not have long to wait for major headaches in Ireland, Property in Ireland went from 100,000 to 300,000 in a short few years, just like the USA, a major correction will happen and lots of pain for lots of people.
If you have a job, sit down and be quiete, a nasty spell is on the way.

[Declan]

Thought this was good

[behind the wire]

we'll probably now see the return of the humble building society.

[Hardy]

And the credit union.

Maybe the world will be a better place at the end of all this, if people are smart enough to learn the lessons. It's already a better place for the next generation of house buyers, who will, let's hope, be able to afford a place to live and own an asset priced at its real value.

I think the ban on short selling should be extended and made permanent too. That would go a long way towards ensuring that assets trade at their proper value, rather than have their price set by gamblers.

[nifan]

if people are smart enough to learn the lessons.

good one hardy:)

[Hardy]

Aye - a bit naive, I suppose.

[Handy]

And the credit union.

Maybe the world will be a better place at the end of all this, if people are smart enough to learn the lessons. It's already a better place for the next generation of house buyers, who will, let's hope, be able to afford a place to live and own an asset priced at its real value.

I think the ban on short selling should be extended and made permanent too. That would go a long way towards ensuring that assets trade at their proper value, rather than have their price set by gamblers.

An excellent statement - I feel sorry for the string of first time buyers sitting with negative equity as they were literally forced into buying at inflated prices due to the "boom".

[Uladh]

Question time last night - some english bloke suggested that we're approaching the time where communities will need to pool their money in a "local building society" with rates etc. which will facilitate each other's saving and borrowing needs. where's john hume when you need him?

[bcarrier]

We hit the bottom about 1 gmt today. All up from here IMHO.

[Bogball XV]

We hit the bottom about 1 gmt today. All up from here IMHO.

Can't see it, redundancies look to be on the up all over the place, worldwide they will recover much quicker than we will here, but this american deal aint going to help them make a quick recovery either.

[bcarrier]

It will be bumpy for a while but now is time to buy . Its the reverse of the shoe shine boy. DYOR.

http://www.timesonline.co.uk/tol/news/world/us_and_americas/article4827627.ece

http://www.iii.co.uk/articles/articledisplay.jsp?article_id=9959026

and buffet is buying into GS albeit not ordinary shares.

BTW see my Kerry V Dublin AIF Official thread if you doubt me .

[Lecale2]

You would be mad to buy now. Buffet has been given a deal to try and sucker you in. No ordinary man in the street will get that deal. The bankers still think we are sheep.

I think this article explains it best.

http://www.newstatesman.com/business/2008/09/banks-financial-paulson-public

[bcarrier]

I wasnt suggesting buying bank stock ..although some are oversold IMHO.  Read the iii article.

Anyway everyone DO YOUR OWN RESEARCH.

[magickingdom]

i think you should buy now and sell monday, deadly serious cause this bail out is going to happen over the w/e and we'll get a nice bounce monday morning before whatever reality sets in on tuesday! i worked for 7 years in investment banking in the late 90's (as an accountant) and even then no one knew what was going on with some of the banks. this is an unmitigated disaster for our economies...

[Bogball XV]

i think you should buy now and sell monday, deadly serious cause this bail out is going to happen over the w/e and we'll get a nice bounce monday morning before whatever reality sets in on tuesday! i worked for 7 years in investment banking in the late 90's (as an accountant) and even then no one knew what was going on with some of the banks. this is an unmitigated disaster for our economies...

The problem is that everyone else will be having the same idea - safer to keep well clear for a while, it could definitely work, but it'd be as handy to throw a few quid on the 3.30 at Haydock!

The Buffet deal is an unbelievable deal - for him - they're basically throwing him a few billion for virtually no risk, brilliant.