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Originally Posted by rhythmic delivery
this is the first time in my adult life i've witnessed a recesion. for about two years now i've been hearing about it but i'm only starting to feel the efects now. i'm scared, most of all because i've no expierience of this happening before. i don't know how bad it is in comparison to other recesions, i don't know how loing it will last, or whether it will get worse, or what if anything can be done to fix it. can anyone shed anylight on the sittuation?
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Hi Rythmic, Although this is the biggest 'global financial meltdown' we have seen, it's unprecedented that the worlds leading central banks have expressed their support in financial backing for the leading institutions. It would take hours to explain the situation in detail but basically: The money is still there (e.g. in the US federal bank) and the real losers are 1) people who bought their homes after the huge cash injection by the US government after 9/11 to boost the economy...house prices boomed out of control. 2) sadly, the investors that have their additional pension schemes tied to fonds. They have lost around on average 20,000 gb pounds, 34,000 usd or 50,000 aus $. The only good news is that China and India (and indeed the whole of Asia) have realised they need to support the West due to the fact, they are wholly dependent on the western nations for their growth and success . This recession will be more of a slow-down because too many nations are involved and the stakes are high. It's like the long over-inflated financial bubble has been pricked more than it burst. Don't worry too much buddy. Rgds Lba