new recession on its way
A few years ago they were telling us to save for our pensions and now the markets we invested in are falling apart. We’re all going to be poor and will continue to be poor when we actually reach an age when the government allows us to retire (God help anyone in their 30s now they’ll be working until they’re 90).
Well now it looks like we’re heading into uncharted territory with the possible breakdown of the European monetary system and a double dip recession looming. Savers are being screwed as are the poor and middle income families have lost badly needed income.
private pensions dropped by up to 14% in 3 weeks which mean’s, what was the point taking out private pension’s when you can loose your income, one couple lost £2,500 per year a big drop for any poor pensioner.
Britain’s FTSE ended the day down 1%.
Germany’s DAX dropped 2.2% to-day
France’s CAC40 ended the day down by 1.9%.
Spain’s IBEX fell 2.1% throughout the day
The Dow Jones opened 1% down.
Japan’s Nikkei 225 index fell 1.3%
London’s FTSE 100 has ended the week 5% lower as a total of £72.7bn was wiped off the value of the index.
read here for more stock market info
Another thing to hit the pooper people is the bank rate’s we have all lost any interest and income from them.
During the day, banking stocks hit a two-year low.
Lloyds Banking Group down 6%.
Barclays down 3.8%.
Royal Bank of Scotland 1.2%
The leaders of the European union do not seem to be able to come up with any way to fix the problem’s of member countries who are in trouble already or Spain and Italy who seem to be heading into trouble.
France’s top AAA credit rating is likely to be downgraded and Germany could easily follow as the costs of bailing out weaker euro zone economies push up their own debt piles, says credit hedge fund firm Cairn Capital’s chief investment strategist.
We have not heard a word out of America about how they are going to fix their big money problem’s, nothing about cuts or how to save billions of dollars. I believe they have set up a committee to study how and what to do this, when are they going to meet, early next year ?
While all these leaders sit on their ass’es and talk, the world gets into trouble and the poor get poorer, more people get made homeless more loose their jobs but worst of all the rich get richer.