Interest rate rise on the cards

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mickb2112 said:
The whole system is designed as a win:win for the banks while we are left to struggle by as best we can. A rise in interest rates will devastate those who have bought in the last couple of years.
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Frankly, without reading the rest of this thread, if an interest rate rise of 0.25 - 1% would devastate you I would suggest you are overextended and should never have bought.
 
Stevie Freestein II said:
Why did you feel sick then? Were you directly affected in some way?

Ignorance is bliss sometimes. At this moment all kinds of mental things are occurring but the best defence is to be ignorant if you cannot affect it. I try not to watch the news for example.
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I remember watching as the HBOS share price fell in real time on the bloomberg screens at work. It was spooky, really scary. We didn't know what was going on really. The company I worked for was going bust before my eyes.

At 4pm it was announced that Lloyds had bought us. We just looked at each other in amazement. Then went out and got utterly shitfaced. There was nowt else for it. Everyone didn't know what had just happened. But there were guys who had joined BoS from 16, worked there for 40 years and the bank had just ceased to exist. 400 years of banking history wiped out in a day. It was surreal and scary.
 
HellsBells said:
I remember watching as the HBOS share price fell in real time on the bloomberg screens at work. It was spooky, really scary. We didn't know what was going on really. The company I worked for was going bust before my eyes.

At 4pm it was announced that Lloyds had bought us. We just looked at each other in amazement. Then went out and got utterly shitfaced. There was nowt else for it. Everyone didn't know what had just happened. But there were guys who had joined BoS from 16, worked there for 40 years and the bank had just ceased to exist. 400 years of banking history wiped out in a day. It was surreal and scary.
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Just downloaded AD's book to read on the train. In a sick way I would have liked to have been more switched on/involved in the economics of the time
 
Jasper said:
Just downloaded AD's book to read on the train. In a sick way I would have liked to have been more switched on/involved in the economics of the time
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a nice book to read is Andrew ross sorkin's too big to fail if you haven't read it. more us-centric but probably the best book on the crisis
 
monkeytassle said:
a nice book to read is Andrew ross sorkin's too big to fail if you haven't read it. more us-centric but probably the best book on the crisis
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I haven't cheers for the recommendation mate. Do you see any differences in institutional attitudes and behaviours since pre 2008? It seems to me that the current upturn in economic conditions, is too heavily weighted towards consumer spending which is what got us in this mess in the first place.
 
Jasper said:
I haven't cheers for the recommendation mate. Do you see any differences in institutional attitudes and behaviours since pre 2008? It seems to me that the current upturn in economic conditions, is too heavily weighted towards consumer spending which is what got us in this mess in the first place.
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yeah, huge changes mate. regulation has been the biggest change for us by a long shot. leverage ratios are down, tier 1 capital is well up, yesterday the EU imposed new regulations that shareholders and bondholders are first in line to take the hit over tax payers, speculation is down, bond origination is much more controlled and pay is now much less linked to short-term performance.

I am still concerned about debt levels though. you can't solve a debt crisis with more debt.
 
monkeytassle said:
yeah, huge changes mate. regulation has been the biggest change for us by a long shot. leverage ratios are down, tier 1 capital is well up, yesterday the EU imposed new regulations that shareholders and bondholders are first in line to take the hit over tax payers, speculation is down, bond origination is much more controlled and pay is now much less linked to short-term performance.

I am still concerned about debt levels though. you can't solve a debt crisis with more debt.
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How do we fix it?
 
HellsBells said:
I remember watching as the HBOS share price fell in real time on the bloomberg screens at work. It was spooky, really scary. We didn't know what was going on really. The company I worked for was going bust before my eyes.

At 4pm it was announced that Lloyds had bought us. We just looked at each other in amazement. Then went out and got utterly shitfaced. There was nowt else for it. Everyone didn't know what had just happened. But there were guys who had joined BoS from 16, worked there for 40 years and the bank had just ceased to exist. 400 years of banking history wiped out in a day. It was surreal and scary.
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Black Wednesday in 92 was my first taste of such shenanigans so sticks in the memory far more for me.
 
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