Should I be concerned?

0007

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Was in London yesterday. Used to work there until not too long ago and knew my patch quite well - last frequented just prior to sub-prime. Some observations:

1. Had lunch in my regular haunt in Lincoln's Inn Fields (legal capital of london) - place was very quiet - used to have trouble finding somewhere to sit. The stockbrokers across the arcade had gone - premises now empty. Rest of cafes in arcade quiet also. Well-used pub looked quiet from outside.

2. Read in the cafe newspaper: 2500 City jobs gone since January - more expected, possibly 10,000 by year end. Lehman sacking 10,000 world-wide. Surveyors report more unsold property than they've seen for a long time.

3. Waterstones bookshop LSE branch now has 4 or 5 stacks of financial (as opposed to economics) books for wannabee traders - some of it quite serious stuff. Used to be 1 measly stack mainly for those wanting nothing too heavy-going. I've also seen this replicated locally - result of flight from property? Are they all piling in at the wrong time as is normal for the amateur punter?

4. Went to West End theatre pm - if it hadn't been for several school parties the place would have been a bit like a graveyard. Where were all the tourists? I know it's early March but the last time I saw it like this was in the 90s.

5. Mrs 0007 tells me that M&S clothes are unappealing even though she wants to buy (and she knows a thing or two about retail therapy). Their share price is now roughly 50% what it was a year ago and less than Phillip Green's previous bid.

6. Fed has has just injected loads of confidence money into the system.

7. Alistair Darling apparently has bottled out of imposing 2p/litre fuel duty.

8. Housing market in my provincial market town is dead.

This all has a nasty 1990s feel about it - or am I being paranoid?
 
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This town, is coming like a ghost town...



The recession is coming. It has hit America already. Anyone thinking of buying a house or sportscar or booking a luxury holiday should think very carefully before signing on the dotted line. All my hatches are batterned down and have been since October.

And, yes, financial spreadbetting is quite fashionable, now. See adverts everywhere.
 
Estate agency chain runs 11 week "sale"

Estate agency chain RE/MAX Ireland has announced an 11 week "sale" with hundreds of properties being offered at reduced prices.

It says the promotion will run from now until the end of May at the chain's 50 outlets, in an effort to boost sales. :eek:

Kind Regards,
 
Was in London yesterday. Used to work there until not too long ago and knew my patch quite well - last frequented just prior to sub-prime. Some observations:

1. Had lunch in my regular haunt in Lincoln's Inn Fields (legal capital of london) - place was very quiet - used to have trouble finding somewhere to sit. The stockbrokers across the arcade had gone - premises now empty. Rest of cafes in arcade quiet also. Well-used pub looked quiet from outside.

2. Read in the cafe newspaper: 2500 City jobs gone since January - more expected, possibly 10,000 by year end. Lehman sacking 10,000 world-wide. Surveyors report more unsold property than they've seen for a long time.

3. Waterstones bookshop LSE branch now has 4 or 5 stacks of financial (as opposed to economics) books for wannabee traders - some of it quite serious stuff. Used to be 1 measly stack mainly for those wanting nothing too heavy-going. I've also seen this replicated locally - result of flight from property? Are they all piling in at the wrong time as is normal for the amateur punter?

4. Went to West End theatre pm - if it hadn't been for several school parties the place would have been a bit like a graveyard. Where were all the tourists? I know it's early March but the last time I saw it like this was in the 90s.

5. Mrs 0007 tells me that M&S clothes are unappealing even though she wants to buy (and she knows a thing or two about retail therapy). Their share price is now roughly 50% what it was a year ago and less than Phillip Green's previous bid.

6. Fed has has just injected loads of confidence money into the system.

7. Alistair Darling apparently has bottled out of imposing 2p/litre fuel duty.

8. Housing market in my provincial market town is dead.

This all has a nasty 1990s feel about it - or am I being paranoid?

Well if its hit London it must be true
I live on the east coast of Yorkshire and it started here 18 months ago

we have several large houses in town that were being converted into flats
and everything has stopped , they just cannot sell them
nice large house outside town for sale, each bedroom has its own bathroom
but they have no fittings and no kitchen fitted they just run out of money

some of the starter homes have come down in price
but people are not so keen at letting the house prices go down as the were to see them go up

I will think about buying property in 18 months time , but not until then
the price has got to be right

I need an 8% return and capital growth

Rothchild was asked before the battle of Waterloo, when was the best time to buy

he said when there is blood on the streets
so I am just going to wait
 
No mate, it's not just you, although I too am surprised that it's taken a Londoner so long to catch on.

I've been talking recession for two years (bearish bugger, me), ever since I noticed local businesses going and not being replaced, local city centre becoming more irrelevant to economic life, those adverts telling us to save energy (bugger me, never mind the 90's -- reminds me more of the other oil crisis, in the 70's), fuel prices up, house prices ridiculous but stalling, wages stuck just below inflation (so where does the fuel and mortgage money come from? Not just debt) -- in fact, it reminds me of how things were shaping before we started that convenient war in Iraq. The one in the 90's, I meant. Honest guv.

Politicans however, don't speak of recession so much as 'slowdown' -- means the same thing, if you ask me. Just as in the 90's, I don't think they'll start admitting to the recession until they're also talking about 'the green shoots of recovery.'

Lying cowards, the lot of 'em.
 
What a difference between the sell-off of Bear Stearns and the pi**@@ing about and dithering with NRK!
 
Yes Lee, have been shorting. Not terribly well, but that says more about my execution skills than my reading of the general situation. Had a good day today. For me, anyway.
 
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