Gordon it’s time to go
Welcome back!My Money Saving tip today is for Gordon Brown to resign which will save us billions of pounds.
Gordon Brown bedded the bankers and took their advise not to regulate our Banking Industry. Duh! “It’s like God taking advise from the Devil on how to prevent Evilness!”
Your true legacy is that you are an unelected [...]
A year on from the Credit Crunch, so how are we doing?
The Credit Crunch Explained
Not very well the banks still don’t trust each other and they have found it hard to raise money to lend to us. The value of houses has dropped and property valuers are down valuing our properties. The number of mortgage interest rates available today is down from around 21,000 a year ago and today there are approximately 3,500 mortgage interest rates; interestingly, the number of interest rates available in the mid 1970’s was around 5,000.
The house builders have stopped building houses and have laid off thousands of workers. The cost of petrol has risen and the knock on effect of this is the rising costs of groceries in your weekly shopping. We are now being told regularly that gas and electricity prices are going to rise by up to 35% over the next three years.
I have found a brilliant explanation of the credit crunch byThe BBC’s Economics Editor Hugh Pym. Hugh explains, What is the credit crunch? How did it start? And how does it all link together?
Also for those of us who are really interest in the Credit Crunch here is a Timeline of the Global credit crunch
The Independent on Sunday - Credit Crunch one year on. A year ago this week interbank lending froze up, heralding 12 months turmoil in the markets. So where do we go now? We asked 10 leading figures. By Sean O’Grady, Sean Farrell and Stephen Foley on Tues 5 August 2008
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- 6 Comments
- Tags: banks, credit crunch, housebuilders, mortgage interest rates
It looks like the builders will continue suffering until the lending improves in probably a year’s time. But I wouldnt be too hopeful on a massive rebound with so much debt on our hands.
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