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?
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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