Thank you and F**k you America

[divechuck04]

Pete is right, though the rest of the financial world must share the blame.

The Americans introduced the Community Reinvestment Act in 1977 (yes, 1977!) to stop mortgage companies discriminating against poor districts / people. Successive administrations amended this act and when interest rates fell to 1% in the early 2000s, mortgage companies started throwing away Adjustable Rate Mortgages.

Of course, by the time the fixed rate term ended, America was at war with the world and interest rates were up at 4%

People couldn't afford to pay and defaulted. Of course, the mortgage companies had long since palmed off these high risk mortgages to investment companies around the world. It spiralled out of control over the last 2-3 years and now we're all in the sh!t

In the meantime, the fat cats got fatter and governments closed their eyes to the inevitable, taking their share of the cream along the way.

Ok, mini economics lecture (rant) over.

Hope things pick up soon, Pete. Have been there myself so know how hard it is to end people's jobs.

DC

[Dive Clive]

Let's all go into politics. One years claims on expences will sort all our money worries out .
It really p1sses me off when I hear things like this on the same day that the papers are yet again printing stories about MP's expenses .
Hang in there mate. I'v been on both ends of redundancy so know what you are going through. It's not easy either way.

[Miraman]

Pete

I know exactly how you feel, it is not an easy thing to do or live with, but unfortunately sometimes inevitable.

I have been running my own business for 20 years. Earlier this year I had to lay off a colleague who had worked with me for 14 years, her work was great, attitude perfect and she and her family were close friends of mine. This was the singular most difficult decision that I have ever had to make in business, but a decision that had to be made.

I am pleased to say that we have remained good friends, she has found a new position and the business is ticking over.

Roll on next year, it has to be a better one (doesnt it??)

[chrisch]

Sorry to hear you need to do this. I hope things pick up again.

The yank's weird system of handing back the keys is a big part of the issue, not being lumbered with the debt.

Don't forget though (and this is important) it takes two - while the loans were shit and the bankers dishonest and the mortgage people fraudulent (hey its the financial service industry - scum) the punters who took out loans they knew they couldn't pay are to blame too. Spread the love around brother

Chris

[Craby]

sorry to hear this pete and as i work for b n q

i have to say my jobs pritty safe, but i talk alot to tradesman
and of course jims a plasterer and my its been very tough

it seams to be getting a little easier, but not alot

good luck pete hope things get better soon hun

best wishes dawn xx

[Sparky750]

Hang in there Pete it's hard i know fingers crossed for things picking up.

[Chardy]

Chris makes a good point, here in FL if you own two homes, you can hand back the keys on one and the homestead law means the debt cant follow to your main residence. People were speculating on a second home increasing in value, knowing the debt could'nt follow, people were taking equity loans against the house to pay off car loans and the first mortage and then handing back the keys.

Nuts!

[Pigpen]

I have just had to start redundancy procedures for two people who work for me.

I blame America and all who sail in her (well, those with their hands on the ships wheel) for lending money to people who couldn't pay it back.

What the fcuk were you thinking?

Sub Prime Mortgages.

Twats.

I'm now close to having to take away the livings of two very good people.

I'm running a business, so I know I have to take the rough with the smooth, but it really hurts me inside to have to put these people through this.

And all so the 'Fat Cats' could smoke the biggest fcuking cigars.

Nobs. All of them.



Really hacked off Pete

Whether it is sub prime in the US , UK bankers, Gordon Brown or the fairies at the bottom of the garden , it's immaterial.

If you have to take the decisons that Pete has, its all shit!!

Hard call, Pete but you have to do what is right for the business and those that still rely on it!!

Best of luck.

[pies]

Chris makes a good point, here in FL if you own two homes, you can hand back the keys on one and the homestead law means the debt cant follow to your main residence. People were speculating on a second home increasing in value, knowing the debt could'nt follow, people were taking equity loans against the house to pay off car loans and the first mortage and then handing back the keys.

Nuts!

People doing the same in the UK, but not with the same law........wow! Didn't know this.

To all those in the sh*t, I am reminded of a phrase that serves me well daily: "this too, will pass". It is really tough being on the receiving end of redundancy, but equally tough for those who have to do it, particularly in small firms. Respect.

Hang in there. From one with no job in a foreign country in the middle of a recession......this too, will pass

Pies

[Richard Mason]

People doing the same in the UK, but not with the same law........wow! Didn't know this.

To all those in the sh*t, I am reminded of a phrase that serves me well daily: "this too, will pass". It is really tough being on the receiving end of redundancy, but equally tough for those who have to do it, particularly in small firms. Respect.

Hang in there. From one with no job in a foreign country in the middle of a recession......this too, will pass

Pies

How are you getting on over there with the Crow-Eaters? Hurry up and get a job, then you can come over to Tassie and see what you have missed out on by going to Adelaide.