tagged w/ Credit Crunch
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The recession isn't only affecting what we humans have for lunch. It seems its having an affect on sharks too. University of Florida researchers who compile the annual tally of shark attacks on humans have said that figures are down to their lowest in five years, and are citing the recession as the reason.
Apparently the recession means less people are taking holidays and swimming in the sea, therefore not coming into contact with sharks so often. The researchers remember a similar drop in attacks during the recession after 9/11.
Read more at the linkThe recession isn't only affecting what we humans have for lunch. It seems its... more
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Pardon
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3 years ago
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1 in 290 borrowers, had their home repossessed in the fourth quarter of last year. The figures are fuelled by growing unemployment, relationship breakdown and buyers overextending themselves from the days of easy credit.
Nasty.1 in 290 borrowers, had their home repossessed in the fourth quarter of last year. The... more
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The financier and a few friends drank 5 x £350 bottles of Cristal plus 2 x £1,900 magnums and 2 x £9,000 methuselah's of Dom Perignon and was over heard say: "F*** the credit crunch - there isn't one".
The service charge alone came to £5,617,50 !!!!!The financier and a few friends drank 5 x £350 bottles of Cristal plus 2 x... more
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According to witnesses, the fight started during a party hosted by the British consul-general after Schultz refused to retract his comments. Mandelson smashed his glass at the Starbucks supremo’s feet and threw a round house kick at him, breaking his nose. Caught off guard, Shultz sprang back, parried Mandelson across the room, twisted to deflect a sucker punch and then pushed him face first into the buffet, scattering canapés and petit fours over the floor.
http://thestupidtimes.blogspot.com/2009/02/mandelson-and-starbucks-chief-in-street.htmlAccording to witnesses, the fight started during a party hosted by the British... more
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This dress can be worn 100 different ways, and therefore "fashion experts" are saying it's perfect garb for the credit crunch. I think its U-G-L-Y. I don't think a recession is a good excuse for wearing zippers. Would you wear this?This dress can be worn 100 different ways, and therefore "fashion experts"... more
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Money men from the US, Italy, France, UK, Germany, Japan and Canada announced the radical proposals after three days of clueless exchanges on how to tackle the financial crisis. The ministers are now confident that people around the world will follow their lead and start to pay-off their new 168 inch plasma TV and third new kitchen of the year.
http://thestupidtimes.blogspot.com/2009/02/g7-finance-chiefs-vow-to-slash-plastic.htmlMoney men from the US, Italy, France, UK, Germany, Japan and Canada announced the... more
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It seems like our horrible economy is finally catching up to high fashion, an industry whose excess during the last 8 years looks increasingly insensitive in the face of a growing inequality between rich and poor in developed countries.
The Sex and the City ideal of the past decade coupled with constant celebrity coverage in the media convinced women and men without the means that they had to own products by luxury brands like Chanel and Prada to be socially relevant. These overpriced items usually lost their stylistic value in a few months and in order to keep up with what Vogue or W Magazine determined they should own that season, many of these consumers would go deeper and deeper into credit card debt assuming the fantasy world of the Bush years would last forever.
But now with the frightening unknowns of a major economic crisis looming, these same middle and lower class consumers are waking up and realizing the terrible trap they were caught in and are deciding in massive numbers to forgo spending their dwindling dollars on such excess.
Some in the fashion world are at least attempting to appear concerned. Recently, the oracle of the fashion world, Vogue chief Anna Wintour in a interview with the Wall Street Journal talked about the boom era, "...I think it was excessive, and there's a very correct correction going on." Wintour's magazine reflected her new posture on affordability by featuring First Lady Michelle Obama on the most recent cover. Obama, a freshly minted fashion icon dresses her family in the sensible, affordable styles of J. Crew and the GAP.
Like it or not, the luxury brands are being forced to take notice of the world's fashion conscious shift. A great example is what's happening in Japan. Japanese shoppers, whether buying locally or around the world account for roughly half of the global luxury-goods market. After falling by 2 percent the previous year the luxury market there was expected to drop by 7 percent in 2008 and it looks to get much worse in 2009.
An article in this month's Atlantic Magazine reported on Japan's youth culture and it's almost total lack of desire for luxury products. A massive change from just a decade ago which saw some Japanese women turn to prostitution in order to afford the latest high fashion.
For young Japanese, as for youth everywhere, the more that personal style differs from their parents’, the better. Junpei Kosaka, a 26-year-old advertising executive, can afford to buy luxury brands but chooses not to. Brands like Armani, he sniffs, are “for rich old dandies.”
Despite global economic gloom, the "let them eat cake" attitude still persists in the fashion world. At the recent couture shows in Paris, designers showed little restraint in their designs and execs bloviated about the magic of fashion and how important it is to escape the realities of a this hard-knock world. "Something to make people dream," said Bernard Arnault, chair and chief executive of LVMH Group and Christian Dior. One gets the feeling that if the citizens of that hard-knock world are dreaming about fashion, they are dreams of affordable clothes that don't insult their stylistic senses. Gods of high fashion take note and read up on the results of of the last tumultuous era of inequality. The ghost of Marie Antoinette might have some advice for you.It seems like our horrible economy is finally catching up to high fashion, an industry... more
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One of the areas hit by the recession in the U.K is the Heritage Sector. 6 Years in the making, the Heritage Protection Bill which would have given more power to Local Government to help preserve and restore heritage sites was about to be passed. But at the last minute, it was dropped from the Queens Speech as the government shifted priorites in order to tackle the credit crunch.One of the areas hit by the recession in the U.K is the Heritage Sector. 6 Years in... more
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The leader of the oppositon, David Cameron called on City bonuses to be capped at £2,000 to all staff at taxpayer-backed banks.
Seems like a reasonable request to me, seeing as these banks are going to cost me more than that in tax!The leader of the oppositon, David Cameron called on City bonuses to be capped at... more
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SW2
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The whistleblower whose revelations about HBOS led to the resignation of a top regulatory official said he had more evidence proving that the bank took excessive risks, a newspaper reported on Sunday.
Paul Moore, who said he was fired as HBOS risk officer after raising concerns over the bank's lack of caution, also called for Prime Minister Gordon Brown to resign over his handling of the economy while he was chancellor.
HBOS was taken over by Lloyds Banking Group last month after its share price was hammered by a loss of confidence in its ability to survive the credit crunch.The whistleblower whose revelations about HBOS led to the resignation of a top... more
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The recession is causing Britain's university students serious concern about their future. Sky's David Bowden reports.The recession is causing Britain's university students serious concern about... more
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pcs007
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3 years ago
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The South Korean economy has been hit hard by the global downturn, with more than 100,000 losing their jobs in the past month alone.
Now the government is going after internet critics of its handling of the economic crisis.
Al Jazeera's Harry Fawcett reports from Seoul.
(From This clip introduction of Aljazeera English Youtube Channel)The South Korean economy has been hit hard by the global downturn, with more than... more
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pcs007
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3 years ago
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This has sadness written all over, it's like being told Willy Wonka's chocolate factory doesn't exist as a kid, or maybe even that horrible thing people say about Father Christmas...
According to reports, Sega are to close down over a 30% of its arcades in Japan, and guess what's to blame? Yup, that bloody credit crunch.This has sadness written all over, it's like being told Willy Wonka's... more
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Apparently estate agents top the list of professions clocking sexy-time hours. Those in the housing business apparently are getting some four times per week -- that's double the national average!Apparently estate agents top the list of professions clocking sexy-time hours. Those... more
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Goodwin's failure to deliver the Mail on Sunday for three weeks running in May 2008 meant that Brown was unaware of the full effect of the housing crash on the middle classes of Surrey. The lack of the Daily Sport during August also meant he missed out on the juicy gossip as Big Brother 10 reached its climax, and he suspects Goodwin of taking the tit-filled rags home with him after his round.
This is satire: http://thestupidtimes.blogspot.com/2009/02/brown-very-angry-over-bonus-paid-to.htmlGoodwin's failure to deliver the Mail on Sunday for three weeks running in May... more
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Japanese car maker Nissan is to cut 20,000 jobs worldwide, 8.5% of its workforce because of a sharp fall in sales.
Nissan chief executive Carlos Ghosn said "The global auto industry is in turmoil. Nissan is no exception."Japanese car maker Nissan is to cut 20,000 jobs worldwide, 8.5% of its workforce... more
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SW2
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3 years ago
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The chancellor yesterday announced a review of banking practices after outrage at reports of £1billion bonuses at a bailed-out bank.
The chancellor launched the inquiry after claims that RBS, which has been propped up with £20billion of public money, was planning to make the huge payments.
What a joke!The chancellor yesterday announced a review of banking practices after outrage at... more
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SW2
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3 years ago
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Gordon Brown's had a tough week. First Jeremy Clarkson publicly insults him, reportedly calling him a liar and a "one-eyed Scottish idiot," then he gets gazumped for Obama's attentions by former best-bud Tony Blair. Now French President Nicolas Sarkozy has joined in the Brown-bashing.
According to the Guardian, Sarkozy criticised Brown's handling of the economic crisis during a 90 minute interview on French TV last night, calling some of Brown's policies "mistakes," singling out the cut in VAT particularly, and said France would not be repeating them.
The French have since tried to avoid this becoming a diplomatic row but No. 10 are reportedly angered by Sarkozy's remarks.
And not to stand idly by, when an opportunity to embarrass the PM appears, the shadow chancellor, George Osborne, said in response; "Gordon Brown claims to have saved the world. It would appear that world leaders increasingly disagree."
Anyone having as bad a week as Gordon? Best sob story wins a brownie :)Gordon Brown's had a tough week. First Jeremy Clarkson publicly insults him,... more
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Experts at the world economic forum in Davos have been debating the scale of the financial crisis with phrases like "Depression 2.0" and "Depression lite" being used in a meeting of experts.
The consensus appears to be that the direst set of economic circumstances since the second world war are likely not to be quite as painfull as The Great Depression in which the US economy fell an average of 14% per year and unemployment reached 25%.
A combination of massive fiscal stimulus packages and aggressive interest rate cutting are likely to stave off the very worst.
Opinion is split as to whether or not the investment bank Lehman Brothers should have been able to collapse in September 2008.Experts at the world economic forum in Davos have been debating the scale of the... more
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The men who made millions while the banking system crumbled. Even after a year such as the last, when taxpayers around the world have bailed out their banks, bonuses have still been paid.
Have a flick through the hall of shame.The men who made millions while the banking system crumbled. Even after a year such as... more
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