Doom

[suityou01]

Linky

The Dow Jones Industrial Average slid 165 points, or 1.4%, to 11968, on Tuesday, less than an hour before the closing bell. The blue-chip index is on track for its eighth consecutive decline, which would be its longest since October 2008. It has lost more than 700 points during the skid, dating back to July 22.

Stocks slumped even as the Senate voted to approve legislation to raise the country's debt ceiling and cut the budget deficit by at least $2.1 trillion over the next decade.

[BlasterBates]

gr8 doom post

[BlasterBates]

more doom:

HSBC to cut 30,000 jobs

7 Top Firms Currently Undertaking Cost-Cutting Programs - HereIsTheCity.com

[scooterscot]

The relief on the faces of the senate when the bill went through was akin to a junkie piercing their vein after a long absence.

Prolonging the inevitable.

[DimPrawn]

more doom:

HSBC to cut 30,000 jobs

7 Top Firms Currently Undertaking Cost-Cutting Programs - HereIsTheCity.com

Barclays profits fall sharply, warns of 3,000 jobs cuts - Telegraph

[fullyautomatix]

Its all gllom and doom again at the moment it seems. But Dow Jones falling by 250 points aint doom, it fell by 700 points in a day during the credit crunch times.

US having to struggle to stay afloat and relying on borrowing to run the country just shows how the western economies are struggling. The outsourcing boom has finally caught up and its time the politicians realised that you cannot just be a consumer economy.

In other news, Spanish prime minister had to cancel his holiday because his country was not able to borrow.

He needs to take some coaching from Gordon Brown on how to **** up an economy and still manage to go on holidays.

[PAH]

Caught the start of newsnight last night and they were saying Italy are also having discussions on how to prolong their economic meltdown. Looks like the eurozone crisis isn't stable yet.

Bring it on. Looks like the only way the housing market will rebalance is by another major banking crisis.

I'm looking forward to news stories like the following but concerning England. Then maybe houses will become affordable to first time buyers (and anyone on normal wages) again.

BBC News - Up to 5,000 unfinished homes in Northern Ireland

[DimPrawn]

Caught the start of newsnight last night and they were saying Italy are also having discussions on how to prolong their economic meltdown. Looks like the eurozone crisis isn't stable yet.

Bring it on. Looks like the only way the housing market will rebalance is by another major banking crisis.

I'm looking forward to news stories like the following but concerning England. Then maybe houses will become affordable to first time buyers (and anyone on normal wages) again.

BBC News - Up to 5,000 unfinished homes in Northern Ireland

If the banks go pop, they will get another bailout, money coming from the printer at BoE. House prices will rise in Sterling terms, crash in gold terms, a loaf of bread will be five pounds.

Enjoy.

[TimberWolf]

Barclays profits fall sharply, warns of 3,000 jobs cuts - Telegraph

I bet their Indian IT staff are quaking in their boots

The outsourcing boom has finally caught up and its time the politicians realised that you cannot just be a consumer economy.

WHS.

[PAH]

House prices will rise in Sterling terms, crash in gold terms, a loaf of bread will be five pounds. Enjoy.

That's ok for jo pubic as long as wages are also inflating, otherwise fewer and fewer will be able to get new mortgages and homes won't sell, much like we are already seeing.

Seems we have biflation or whatever it's called, where certain items are inflating noticably (food, fuel) while others are slowly deflating (houses, imported electronics).

All very confusing to people like me with little nouse of economics and current influences on the UK.

What is the likely scenario for the UK for the next 5 years, anyone have a genuine inkling based on more than a guess or wishful thinking?