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The Bar For non Automotive Related Chat |
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#1 | ||
I was correct - AGAIN
Join Date: May 2010
Location: Third rock from the sun
Posts: 1,801
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Not GFC1 or GFC2. We are heading for a depression. Don't worry about house prices. Worry about putting food on the table people!
EDIT: Farnsworth title change - less Y2K'ish Last edited by Professor Farnsworth; 10-08-2011 at 02:20 PM. |
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#2 | ||
meh.
![]() Join Date: Jul 2010
Location: Was Central Coast, Now Sydney NSW
Posts: 8,584
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For real, or just want the attention?
Until there's proof, I call ********
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Previous - BF XR6T - 325rwkw, 6 Speed Auto, Process West, X-Force and Turbosmart gear |
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#3 | ||
Miami Pilot
![]() Join Date: Jan 2005
Location: ACT
Posts: 21,701
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How many 1/4s of negative growth does it take to make a depression? I remember years ago Keating saying it was the "recession we had to have" - so what's the difference between a recession and a depression (or is it just the words???).
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The Hammer: FG GTE | 376rwkw | 1/4 mile 11.793 @ 119.75mph 1.733 60' (4408lb) 1 of 60 FG MK1 335 GTEs (1 of 118 FG Mk 1 & 2 335 GTEs). Mods: Tune, HSD/ShockWorks, black GT335 19” staggered replicas with 245 & 275/35/19 Michelin Pilot sport 5s Daily: BF2 Fairmont Ghia I6 ZF, machine face GT335 19” staggered Replicas with 245s and 275s, Bilsteins & Kings FPV 335 build stats: <click here> Ford Performance Club ACT |
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#4 | |||
I was correct - AGAIN
Join Date: May 2010
Location: Third rock from the sun
Posts: 1,801
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Quote:
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#5 | |||
Miami Pilot
![]() Join Date: Jan 2005
Location: ACT
Posts: 21,701
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Quote:
So....shop at Aldi, Coles, Woolies, the local butcher, or wherever is cheapest!
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The Hammer: FG GTE | 376rwkw | 1/4 mile 11.793 @ 119.75mph 1.733 60' (4408lb) 1 of 60 FG MK1 335 GTEs (1 of 118 FG Mk 1 & 2 335 GTEs). Mods: Tune, HSD/ShockWorks, black GT335 19” staggered replicas with 245 & 275/35/19 Michelin Pilot sport 5s Daily: BF2 Fairmont Ghia I6 ZF, machine face GT335 19” staggered Replicas with 245s and 275s, Bilsteins & Kings FPV 335 build stats: <click here> Ford Performance Club ACT |
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#6 | ||
.
Join Date: Mar 2006
Location: Brisbane
Posts: 6,197
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It's pretty ordinary that's for sure. Could be worse though...
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#7 | |||
FF.Com.Au Hardcore
Join Date: Aug 2006
Location: Salamander Bay
Posts: 5,427
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Quote:
"(1) a decline in real GDP exceeding 10%, or (2) a recession lasting 2 or more years"
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[SIGPIC][/SIGPIC]
Everyone starts off with a bag full of luck and an empty bag of experience. The trick is to fill the experience bag before the luck bag is empty. "It is better to remain silent and be thought a fool than to speak out and remove all doubt." Start a new career as a bus driver Rides: FG2 XR6 stock at this stage but a very nice ride xc 4 DOOR X CHASER 5.8 UNDER RESTO |
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#8 | ||
Call me Spud
Join Date: May 2008
Posts: 1,995
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My issue is countries borrowing money to give to countries that can't afford to pay it back. As harsh as it sounds, at the very least halve the money given out to 3rd world countries, christ countries like pakistan get handouts, why?. There is going to be a big shift in the world, china and india are about to become number one. To be honest the U.S have no one else to blame but themselves, it is sad that their inability to control their finances etc can cause grief for so many around the world. The same applies in the euro zone, what **** wit gives a country loan after loan and never bothers to check if said country can repay the debt. I am not sure australia will be massively affected due to our mining industry and china being the main player.
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#9 | |||
.
Join Date: Mar 2006
Location: Brisbane
Posts: 6,197
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Quote:
The US is a big buyer of Chinese exports, as is the rest of the world and there would be no hiding from a Chinese fart at the moment. The problem that faces the troubled economies (which realistically is most of them) is that the biggest numbers in the Euro Zone, US and Japan are all in a lot more trouble than they can hope to fix without epic change. |
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#10 | ||
You dig, we stick!
Join Date: Mar 2006
Posts: 7,461
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By design.
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"....You don't put the car through engineering" - Rod Barrett. |
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#11 | |||
Pity the fool
Join Date: Jan 2007
Location: Wait Awhile
Posts: 8,997
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Quote:
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Fords I own or have owned: 1970 XW Falcon GT replica ![]() Proud to buy Australian and support Ford Australia through thick and thin |
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#12 | ||
Pity the fool
Join Date: Jan 2007
Location: Wait Awhile
Posts: 8,997
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Also, I don't think we are in for a depression, but a global recession as strong as or a bit worse than 2008 because of the level of sovereign debt in the euro zone and the US which is causing problems. Governments this time around (including Australia) do not have access to the same amount of cash to throw around for stimulus packages to stave off the worst effects of a recession. So the next 6 months are going to be interesting.
Certainly consumer spending is subdued at the moment and there is a general reluctance amongst consumers to enter into more (material) debt, but unfortunately the damage has already been done and wasn't fully dealt with during the GFC. Economic crises in Europe and the US will of course have a flow on effect to China whose economy depends on providing consumer goods to the western world. With shriveled demand for consumer goods, the Chinese will fall on hard times as well which in turn may (emphasis on the word may) impact on Australia's resources sector, a prime mover of our economy.
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Fords I own or have owned: 1970 XW Falcon GT replica ![]() Proud to buy Australian and support Ford Australia through thick and thin |
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#13 | ||
Regulator
Join Date: Jan 2005
Location: Melbourne
Posts: 4,168
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Future isn't very bright - yet whenever you say that to people, they say you're just being negative and it doesn't affect them.
Well, the 1990s was most definitely the best recent decade as life was great then.
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Regards Bobby Current Cars: 2000 AU2 Fairmont (2019-current) 2003 BA1 Falcon Divvy Van (2017-current) 2009 VW Mk6 Golf 118TSi (2020-current) Previous Cars: 2003 MCX10R Avalon VXi (2017-2020) 1995 EF1 Falcon GLi (2016-2019) 1997 XH2 Falcon Van OPT20 (2016-2019) 2006 BF Fairlane Ghia (2013-2018) 2001 AU3 Futura (2010-2013) 1996 EL Fairmont (2008-2010) 2004 BA XR6 (2005-2008) 2001 AU2 Forte (2005-2006) 1988 EA Fairmont Ghia (2003-2005) 1984 AR Telstar TX5 Ghia (2001-2005) |
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#14 | |||
T3 TE50 Blueprint
Join Date: Apr 2005
Posts: 934
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#15 | ||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Serious question. If there is a depression where is the best place to keep your cash? In your loan, under your mattress or if you had loans that could be paid off should you to get full ownership?
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#16 | |||
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Join Date: Mar 2006
Location: Brisbane
Posts: 6,197
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Quote:
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#17 | ||
FF.Com.Au Hardcore
Join Date: May 2007
Posts: 575
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economic downtowns can be a great time for investing if you're well prepared. the first great depression created some of the wealthiest people of all time
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#18 | ||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,324
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In my opinion, I think buying silver or gold is higher than cash. I have nothing to back that up but I have a distinct feeling about it. With the threat of a cashless society looming among the conversations on the news, it may possibly be the only way governments maintain control.
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"the greatest trick the devil pulled, is convincing the world he doesn't exist" 2022 Mazda CX5 GTSP Turbo 2018 Hyundai Santa Fe Highlander 1967 XR FALCON 500 Cars previously owned: 2021 Subaru Outback Sport 2018 Subaru XV-S 2012 Subaru Forester X 2007 Subaru Liberty GT 2001 AU2 75th Anniversary Futura 2001 Subaru GX wagon 1991 EB XR8 1977 XC Fairmont 1990 EA S Pak 1984 XE S Pak 1982 ZJ Fairlane 1983 XE Fairmont 1989 EA Falcon 1984 Datsun Bluebird Wagon 1975 Honda Civic |
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#19 | ||
Trev
Join Date: Apr 2006
Location: Was Perth, now country Vic
Posts: 8,017
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People talking up depression and the negative everything attitude that Abbott and his minions are talking about will be the main thing that drives this country into recession, they will take us into one even if we shouldn't be in one with their scare tactics. They don't care, only power is important to them, same as all modern day politicians, it is not about what is good for the country, only what is good for them.
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Trev (FPV FG II GT-E thus the fully loaded burger with the lot as standard +Alpine/Dynamat fitout - 2 of only 4 ever made GT-E factory 9" rear rims - Michelin Pilot Supersports - Shockworks Suspension) |
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#20 | |||
FF.Com.Au Hardcore
Join Date: Sep 2009
Posts: 2,527
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Quote:
Or Those who can afford to have their cash in stocks/shares and again sit it out But, too many are worried about this, hence the sell,sell,sell of shares There was alot of people who had alot tied up in shares,in the GFC The companies went broke and the shares dissapeared If i had loans that had money owing, id be looking at ways to own the debt But, people need to chill a bit and dont panic If your in huge debt, well whos fault is that ??? Yours |
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#21 | |||
FF.Com.Au Hardcore
Join Date: Aug 2006
Location: Salamander Bay
Posts: 5,427
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Quote:
__________________
[SIGPIC][/SIGPIC]
Everyone starts off with a bag full of luck and an empty bag of experience. The trick is to fill the experience bag before the luck bag is empty. "It is better to remain silent and be thought a fool than to speak out and remove all doubt." Start a new career as a bus driver Rides: FG2 XR6 stock at this stage but a very nice ride xc 4 DOOR X CHASER 5.8 UNDER RESTO |
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#22 | ||
FF.Com.Au Hardcore
Join Date: Sep 2006
Location: TAS
Posts: 2,551
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Depression no, recession yes. So people may have to let their second or third car go, and their internet connection, and their mobile phone, and austar subscription, and magazine subscriptions, and eating at nice restuarants, and buying everything new, or not replacing their huge plasma TV when it blows up....so what? It's just things. It is highly unlikely we will struggle to put food on the table. People really don't know how lucky we are. Those that complain and beg for food handouts rarely give up their fags, grog and pokies. Maybe we all need a reality check to focus on living within our means. A recession will be good for us.
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XA coupe 8.8sec @ 150mph http://www.fordforums.com.au/showthr...coupe+drag+car BA GT-P for the shed Mustang GT for the other half E3 chubsport - fully fat (and slow), sitting there waiting for me to get sick of it and sell it. BA XR6T for a daily NT Pajero for the bush XB 4 door project- swallows a BF xr6 turbo My dad is a generous bloke. He gave away his dead car batteries free of charge.... |
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#23 | ||
Regular Member
Join Date: Oct 2008
Location: Perth
Posts: 267
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Did anybody seriously believe that the economic climate of the 90's-00's could continue forever?
Unfortunately many people were coerced into believing that this was the case and made their financial plans (or made plans for others via managed investments) accordingly. Perhaps this is the real beginning of a 'Global Financial Correction'? |
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#24 | ||
FF.Com.Au Hardcore
Join Date: Jun 2008
Posts: 1,137
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Holding onto your wealth and paying of debt (especially as most asset classes are going backwards) shoud be the game. I like cash and have had all my super (no losses) and investments in cash for the last 3 years.
Lots of friends and advisors suggested this was foolish and I was at risk of missing out on big gains when the market turns, well that seems to have happened, only it has turned down. There is no GFC 2, GFC 1 hasnt finished yet. Artificial stimulus hasnt worked and has only driven most countries (and people) into more debt. |
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#25 | |||
FF.Com.Au Hardcore
Join Date: Jun 2008
Posts: 1,137
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Quote:
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#26 | |||
Size it up
Join Date: Jul 2010
Location: big blue ball of mostly water
Posts: 591
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#27 | ||
2004 TX Territory
Join Date: May 2005
Location: Perth
Posts: 1,250
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As someone who is looking at getting my first house, I am very worried about it. I've factored in a 2% rate rise into my affordability but if it goes higher I could be in a spot of bother.
Add to it a loss in value (if the housing market drops) and I'll be in real trouble. I might just wait another 6months. I'll have a bigger deposit as a bonus. Cheers
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Sadly the EB is dead.... Now a AWD TX Territory Daily P6 Silver Monarch Weekender And on 2 Wheels, ZZR 250 Can do mixer shaft replacement on BA-BF Falcon and SX-SY, fix your heater Today. PM For more details For sale: Heaps of Territory bits and bobs including front brembo doglegs, NOS I-design territory body kit painted offshore, also FPV 290 engine bits. FS thread here http://www.fordforums.com.au/showthread.php?t=11397826 Pm for more details. |
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#28 | |||
Performance Inc.
Join Date: Aug 2008
Location: In a cave
Posts: 2,554
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The company I work for are preparing for the worst we recently sold a parcel of land at Noosa for @14mil. just to be cashed up ready and to remain in the manufacturing game. The property development side of the business is virtually on ice at the moment we currently have an estate in Brisbane suburbs with 21 home and land packages we developed and have only sold 7 in 12 months. We are prepared to buy companies that would be good add ons for our manufacturing business as the money gets tighter and things start to go pear shaped for those not so well prepared. I guess we are at an advantage that our owner is 76 and has seen it all before and is in a position to shore up our position before it's too late.
I manage 3 of our companies in Newcastle and the majority of the meetings of late are about poor sales figures and where we (australia) are heading now and where we as a group will be 3-5 years down the track. We have bought another business only 4 months ago and have fixed it by being properly capitalised many other small businesses are falling into the same hole call it a recession or whatever it all spells a hard time ahead for all of us.
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In The Garage... ![]() FPV Super Pursuit Build no 0080/91 Lotus Exige S/C S240 Kart Hasse Chassis 100J Power Quote:
Last edited by FPV+fteT3; 07-08-2011 at 12:38 PM. |
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#29 | |||
FF.Com.Au Hardcore
Join Date: Sep 2006
Location: TAS
Posts: 2,551
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Quote:
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XA coupe 8.8sec @ 150mph http://www.fordforums.com.au/showthr...coupe+drag+car BA GT-P for the shed Mustang GT for the other half E3 chubsport - fully fat (and slow), sitting there waiting for me to get sick of it and sell it. BA XR6T for a daily NT Pajero for the bush XB 4 door project- swallows a BF xr6 turbo My dad is a generous bloke. He gave away his dead car batteries free of charge.... |
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#30 | |||
FF.Com.Au Hardcore
Join Date: Sep 2006
Location: TAS
Posts: 2,551
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Quote:
Think of it this way... what if you or your partner lost your job - you would probably need to sell the house. If you borrowed 90% of the value, and the property prices drop by 10%, then you are in big strife. You will be forced to sell on a depressed market, pay the realestate thief, pay out the bank, and go broke. If you have a buffer, then if the brown stuff hits the fan you have some wriggle room. And when you do buy your home, don't forget that everything costs. Rates, insurance, plumbing repairs etc. Then you will probably want to change a few things (new shed, paved walkwaqy etc), and fill you new home with new lounges, plasma TV etc. So, I would suggest you really need more than a 2% buffer....
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XA coupe 8.8sec @ 150mph http://www.fordforums.com.au/showthr...coupe+drag+car BA GT-P for the shed Mustang GT for the other half E3 chubsport - fully fat (and slow), sitting there waiting for me to get sick of it and sell it. BA XR6T for a daily NT Pajero for the bush XB 4 door project- swallows a BF xr6 turbo My dad is a generous bloke. He gave away his dead car batteries free of charge.... |
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