The Wall Street Crash of 1929 was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and longevity of its fallout causing major debt hangovers and severe cash shortages.
To describe this collapse three phrases – Black Thursday, Black Monday, and Black Tuesday – are used. [...]
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Monthly Archives: October 2008
Wall Street Crash 1929 — Could it be now ?
Sterling Falls to Five-year Low
The pound has fallen, against the United States dollar, to its lowest level in five years. Fears of recession resulted in a reduction of almost 3% against the dollar.
Mervyn King, governor of the Bank of England, warned that Britain was entering recession for the first time in 16 years. Sterling’s fall came shortly after [...]
What is a debt management plan?
What is a debt management plan? A Debt Management Plan (DMP) enables individuals to pay personal unsecured debts which are not being managed as they are late and taking too large a portion of income or even exceeding it. Debt management involves recording all the debts, assessing monthly income and expenditure and re-negotiating interest rates [...]
IPODs
OK, so I may be a bit of a dinosaur when it comes to computers and the like and I have no love of acronyms, but I always thought an IPOD was some sort of a music player. Imagine my surprise then when I saw the term used to describe young adults with debt problems [...]
Britain already in recession
The Ernst and Young Item Club have predicted a further decline in the UK economy, according to Hetal Mehta.
The club has predicted that the economy will shrink, over the next 12 months, by 1% and is unlikely to show signs of growth until at least a year after that.
Experts have stated that the economy is [...]
Young adults to be hit hardest by recession
Young adults aged between 18 and 34 will be the hardest hit as the UK slides into recession, according to a report by the Chartered Insurance Institute (CII) and independent thinktank Reform.
Based on their findings, they said that over-regulation and the outdated attitudes among financial services companies have rendered this group unable to handle an [...]
Tracker-rate small print denies let up
Thousands of homeowners with tracker rate mortgages could miss out on the recent interest cuts, because of small print restrictions denying them from falling below a minimum threshold.
With the recent half a per cent rate reduction and further cuts predicted, many borrowers will not feel the benefit of reduced monthly repayments, as the lenders fail [...]
Repossessions
Predictions by experts that the number of homes repossessed this year could increase to 45000 (from 26200 last year) has led to a warning from Yvette Cooper, Treasury Minister, that rules on repossession may have to be tightened to force lenders to be a little more understanding towards those experiencing debt problems and falling behind [...]
Lender Accused of Aggressive Repossessions
A debt charity, Credit Action, has accused a bank, recently nationalized by the government, of not being flexible with customers who default on their mortgages.
The charity, which gives debt advice and helps people with debt problems, said that the Northern Rock is ‘aggressively’ pursuing people who are struggling with debt and finding it difficult to [...]
Record Government Borrowing
Last month, ONS records show that the UK government borrowed a record amount.
Net borrowing in the public sector reached £8.1 billion in September. This is a rise from £4.8 billion for the same period last year, a record for the month.
So far, this financial year, the amount borrowed has reached £37.6 billion, which exceeds the [...]
Working through a liquidity crisis
Should you trade through a liquidity crisis? A liquidity crisis will occur when a business has a lack of cash required to grow, can’t meet its debts when they are due or pay for day-to-day operations causing it have debt problems. Some businesses choose to “trade through” a liquidity crisis in the hope of finding [...]
Cameron attacks PM over unsustainable debt levels
David Cameron has criticized Gordon Brown over the financial crisis and launched a stinging attack on his poor handling of the economy.
The Tory leader said that Mr Brown’s strategy had “fundamentally failed” and accused him of making mistakes that have led to the downturn which was now hurting families and businesses.
Mr Cameron told a City [...]
Lloyds TSB and HBOS deal needs rethink
Leading industrialists are concerned that the controversial takeover of HBOS, by Lloyds TSB, could be against the long-term interests of the economy and the taxpayer. They are also worried that it could damage the mortgage sectors and retail banking north of the Border. They have signed an open letter to the Chancellor and the [...]
Banks Still Not Lending
The governments of the world have put two trillion pounds of taxpayers’ money behind the banking system, in the form of capital injections and guarantees for inter-bank lending. This should have reduced the perceived risk of banks getting into financial difficulty.
Despite this action, the Banks are still not lending money to each other at normal [...]