Thread: So what will a depression do to you.

Originally Posted by PhilipA

If you are a good looking girl, you will be OK.LOL.
A

well i might have a problem, im an ugly bastard

i disagree guys, find that "hot chicK' , brainwash her into landies, take her out into the outback and let the "tiger" in her come out.
Occasionally take her to town and spoil her rotten but in the mountains "she" will be centre of attention(according to her) and the time alone with her should be great. Women were made to be with Men - get one, brainwash her and elope!!!!

Lets not start with the stories.........
john

Originally Posted by FenianEel

Mate, what more could you want?
You have it made.

i suppose keeping things simple is half the battle these days. i dont trust myself with a credit card, so i wont get one. If the market keeps falling and falling, some people might get a pretty rude wake up call about what they think of life.

Well I will be ok due to...destiny..or just the course of events?..I have bought and sold 2 houses with an ex over the last 10 years and now all assets are in cash except the disco..and the ex is long gone (thank #$ist!) . I live simply and have a fairly secure job. I will go bush and live on trout if required. But realistically, I doubt that Australia will suffer anything like our catastrophic visions of a 'depression'..we have banked squillions from the mining boom and GST collection and our banks learned there lessons in the late 80's early 90's...we'll be right. Of course some will do it hard due to too much borrowing etc..but I do feel for those considering retirement now or in the next few years and there are plenty of you facing dilemmas about this.

i will probably move to my old man place (125 acres) build a hut and hunt for my food .have the wife and children pick berries in the forest .damn its going to be hard giving up the internet

we should right, just a shame i have just left a permanent position doing 2:1 to try and progress a bit further as a contractor doing 8:6, being FI/FO most of my living expenses are covered by the company when on site & gold doesnt seem to be that affected at the moment with shares in the co. i currently work for having gone up a couple of dollars since the start of sept, (and we have just discovered another metal that is of v. high value at the moment with limited world resource/development - and no its not bloody iron ore and no it hasn't been mentioned to any shareholders etc until we can be certain of the quantity). we never spend with the cc unless we have the money to repay it that month, we own both our vehicles outright, and have a minimal mortage compared to alot of people we know but thats mostly due to starting of small and basic and progressing up to the house we have now rather than buying beyond our means straight away. i guess the ****tiest part of all this is I have to wait a bit longer before getting a disco but i guess good things come to those who wait and driving around in the defender for hols will toughen the daughter up, worse comes to worse the wife may have to go F/t permanent instead of part time/casual at her govt job (at the moment shes knocking back a heap of offers to return to Full time) but she really enjoys doing no more than 4 shifts a fortnight.

Im with WayneP on this.

Why is it that when a young person buys their first house these days it has to be brand new, have all the trimmings and they wont accept a job below $50k per year and if they cant get a job like that they will stay on the doll and collect maxed out credit cards until one presents itself.

I dont understand it but maybe that is because of my upbringing as would be most people my age or older that lived through the 80's recession.

I very much doubt that this will be a depression to the extent of the 20's/30's and a doubt that it will be even as bad as the 80's.

The reason for this is that our banking system is not totally reliant on the US and our mortgages are not as stupid as in the US.

I believe the reason the US has crashed is because they lent more money that their cliants were earning and to people who had no possible way of paying the loans back.

The NINJA (No Income No Job or Assets) loans were just the start of what is a greed driven society of which when people started handing back houses once their 2% odd honeymoon period was over and the interest rate rose to 12% to 16% and this then drove the house prices down due to a glut on the market and nobody buying.

The second wave came when the rest of the people who had the rediculasly high mortgages decided to hand back their keys and wait until the house came onto the market and buy it back at 80% of its inflated value.

The rest is history and so far over there the drop isnt slowing down very much, but it cant get much lower and once it hits the bottom it can only go back up and it should recover faster this time that the last 2 times.

You have to remember that in the last 2 crashes the world had no control over what happend due to problems with information not being able to get around as fast as these days with the internet etc so this time the world has jumped to so the fall and this I believe should save us all from a very very long depression.

Im waiting for another few months and then Im going to start buying property I hope as there is always a possitive to this sort of negative and that poss should be a more leveling out of property prices.

This is just my lay mans thoughts of the situation and a little hope thrown in.

Regardless of what happens, I will still be alive and I will start again, as I have done before, wont be easy but it is always possible.

If you have a trade and you can think outside the square then you will be fine.

Even in the last recession there was plenty of money to be made, you just had to look away from the usuall places and maybe back to the past for examples of what to do.

Vegi patch and maybe sheep in the back yard for food and go back to 1 car for the family will save a fortune which can then go onto the mortgage or into savings for when you cant pay the mortgage.

Dont panic, it's not all doom and gloom yet

Hi,

A rather long, but interesting read on one of the primary causes of all this (sub-prime mortgages) --> http://www.thislife.org/extras/radio/355_transcript.pdf

Rob.