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.
dribblingpensioner 
This is a very SORE subject with me. “Bl***y” greedy bankers and people spending money they do not have. We retired early based on the fact we would be getting a pension at 65yrs. Now not so.
I watch our govenment in the UK fritter our money by giving to countries like India. INDIA…they have their own SPACE program for goodness sake. Loads of money goes to overseas aid, while back in the UK they are closing day centres for the elderly and disabled, cutting services and making people work longer. I could not even get a job when I was 40 because they thought I was to old!
I think the riots say a lot about the society in which we now live. If you are a scrounger and a whiner you get money. If you’ve worked hard all your life and saved-no chance!
RANT rant rant…I could go on.
Already decided when money runs out I am going to jump from the clifftop.
HAve a nice day! 🙂 🙂 LOL
I agree PIP, our gov; should stop giving billion’s away while we get a hard time in Britain, your post was edited 🙂
sorry that should be a scrounger…and I will also add waster for good measure!! 🙂
What we seem to have is government by the rich for the rich and sod the rest!!!
The western economy is in severe decline and we better get used to it.
The legacy we are leaving for our children doesn’t bear thinking about
David
It is a case of sod the poor. Legacy, by the time the gov; is finished we won’t have one to leave.
I hear that comment a lot, the rich get richer. That is petty envy, born from a utopian attitude that “what’s yours is mine”, simplistic redistributive thinking. I’m pretty sure that the “rich” have suffered during this downturn. Or do I have it all wrong?
Thanks for your visit Moxy. The rich get richer of the backs of the working class which i used to be one of, but i’m proud to say that i have been debt free for 3 years, i have always paid cash for everything for about the last 15 years, now thats some thing the rich people never ever do they let the por people wait for their money.
Actually Moxy, greed has caused much of the problems we have today.
Yes, the “Rich” probably have suffered in the down turn but I bet they won’t be turning their heating down this winter because the electricity has gone up 20% so they can afford to pay the bill.
Nor will they go from one supermarket to the next with vouchers etc looking for special offers to make their food budget match their income. I live in a country where the minimum wage is about 450euros per month. They spend more than that on a trinket. I don’t envy people with money many do not seem that happy despite great wealth.
Life is not about money it’s about people, dignity and respect.
PiP
I just resent bankers getting obscene bonuses when the banking system is in such a mess.
Those of us in the US have not heard anything constructive either. We continue to elect people I wouldn’t have as my 8th grade home room president. Earlier this week I posted an interview with the latest crazy who will be running for president of the US. He is our own Texas governor. The one who threatened to have Texas secede from the Union. It’s an animated video with the BBC but everything he says is factual. I am afraid he actually may win because he’s tall and he has good hair.
ALL major countrie’s are getting into trouble, you have to get out more Sara 🙂
A lot of the us people who run for president do seem to be crazy 🙂 AN ordinary America has no chance of running because they would need millions.
I cannot see any thing constructive coming out of the states because half of them could not wipe their own back sides.