Is The Recession Affecting You?

[Ardiles]

...all of which was predicted at the time the Euro was first mooted.  But no - the European Project could not be halted.

[Samdy Gray]

Even the BBC are running a "STOCK MARKET TURMOIL" live text feed. You'd think it was the end of the world.

[janaage]

The BBc are a flipping disgrace, listened to 5live earlier words such as 'panic, collapse, unprecedented' shouldn't be used when the markets are going through a correction, some say an electronic correction which is only occurring due to most of the experienced traders being on some beach in the south of France.

If I had the cash I'd be investing right now, probably on a regular basis to make use of pound cost averaging, great way of making money out of volatile prices.

We always knew recovery would be a bumpy ride. 

As for the Euro, I think the European resolve to save the currency shouldn't be under estimated, whether it will survive in the end is anyone's guess.  I have heard a rumour that all tills in France have a switch at the back that change the currency back to francs should the need occur.  Not sure how true that is though.

[Samdy Gray]

The conditions are nowhere near as bad as 2008, yet the press would have us believe it is.

It's scaremongering. We had several clients ring in today asking what to do with their portfolios because they believe, because of the media, that they'll lose it all overnight.

[janaage]

My biggest pet hate is to advise anyone a financial adviser has to go through exam after exam, product test after product test, only talk about stuff he's qualified too etc.  All this on a 1:1 basis.

However Robert fucking Peston and the other BBC knobjockeys can indirectly advise thousands of people by writing articles in the press.  That cock Martin Lewis is another one 'invest in Icesave' he says, and when Icesave fucked up is he accountable for anything, no.

Ignoring the media is the best thing to do in these circumstances.  Think long term (unless you're coming up to retirement and have plans for the amount held in your plan now).

[Samdy Gray]

We sent an email out today telling clients not to panic and to ride it out etc. We actually considered calling it "Don't listen to Peston"

[Nemo]

I have a small investment in a few share funds, so I logged on about noon when the news really started going in to doomsday mode, expecting to see huge losses, and it was down about 3-4%. It's recovered a bit from there by now as well, so mass hysteria may have been a touch ott.

24 hour news has much to answer for.

[janaage]

You're not wrong Nemo, not matter the subject, news, sport, 24hrs blanket coverage is not good for the masses.

[iffy]

I have a small investment in a few share funds, so I logged on about noon when the news really started going in to doomsday mode, expecting to see huge losses, and it was down about 3-4%. It's recovered a bit from there by now as well, so mass hysteria may have been a touch ott.

24 hour news has much to answer for.

This is ridiculous. I don't think it's BBC News 24's fault that the Italian economy is run by a moron, that the Greeks don't pay their tax or that the ECB couldn't make a decision if their lives depended on it. In Europe, UK and the US, massive economic policy mistakes are being made on an almost daily basis.

It's like watching a very slow car crash. If anything, the UK media have been too distracted by phone-hacking to focus on this story.

[iffy]

The conditions are nowhere near as bad as 2008, yet the press would have us believe it is.

It's scaremongering. We had several clients ring in today asking what to do with their portfolios because they believe, because of the media, that they'll lose it all overnight.

It's not scaremongering. Worst case is a 1937-style bank crash, best case is a Japan-style 'lost decade'. Steering away from the markets is in no way a bad idea.

[Samdy Gray]

So if you steer away from the money markets, what do you suggest? Sticking your savings under the mattress?

[@MacPhlea]

At the moment the economy is like a punctured dinghy being constantly inflated with loans and no-one looking to repair the puncture.  There will be some very poor euro countries whose interest on debt eats significantly into their GDP stifling growth for years to come - as iffy says a lost decade (at least) for the likes of Greece, Ireland, Italy and Portugal.

Surprisingly the UK could come out smelling quite sweet as UK bonds seems quite 'secure' (compared to others) and so are being bought up, putting money back into out coffers

[fittons_coaching_badge]

Just been told a load of us are been made redundant!

CUNTS!

[iffy]

So if you steer away from the money markets, what do you suggest? Sticking your savings under the mattress?

I genuinely think there aren't many places to confidently put your money. All the traditionally defensive stuff is overvalued IMO. On an earnings basis, corporate equities aren't unattractive, but the downside risk at the moment is horrible. Maybe Brazil? BP? God knows.

[nevillew]

So if you steer away from the money markets, what do you suggest? Sticking your savings under the mattress?

Pay down your (own) mortgage where at all possible, after that , anybody's guess