Posted on 10/01/2008 1:11:09 PM PDT by knighthawk
Families borrowed more than they saved in the early months of this year as the credit crisis and soaring food and oil prices squeezed their incomes, official figures have showed.
The saving ratio, a measure of how much households put in their bank accounts, dropped into negative territory for the first time since 1958 - when Harold Macmillan was Prime Minister and the Soviets welcomed Sputnik back from orbit.
The ratio was -1.1 per cent in the first three months of the year - the lowest level since comparable records began in 1955, according to the Office for National Statistics.
(Excerpt) Read more at telegraph.co.uk ...
Ping
Maybe our banks can give em some credit cards. We are running totally on Credit. I hope everybody realizes we can not borrow and spend out of this hole. No way. We are totally bankrupt as a country and it is over....Rock bottom. This stupid plan will not work it is the last gasp of desperate people. Get your cash and hunker down.
Ohhh..let's not forget greed and deceit too....my bad.
People here need to take note of what is happening in Britain...it will be the same if The Messiah is election with a DemonicRAT controlled Congress.
No one in our five member family has ever paid a dime in interest on a credit card. We pay all our bills when they arrive.
If we can’t afford something we don’t but it till we save up for it.
Our children learned from our example. They have jobs, SAVINGS, and a strong work ethic.
If you think it’s a stupid plan you should buy bulk rice & beans & perhaps powdered milk etc..
If we are a bankrupt nation you will not be able to eat worthless $’s. Have you forgotten about the Weimar Republic?
Wow! “Plundering their Savings”. It’s been a long time since I was a kid, but I was raised with the idea that we “save for a rainy day”. Dipping into savings when that rainy day arrives is hardly plundering. Not something one wants to turn into a permanent habit, but sometimes necessary. You’d think the world was coming to an end with some of these mediots.
Nahh I am stocking up on rum and beer. I can always catch a fish or two. Sorry but we are a bankrupt nation. Have been for some time. The kooks have been right. Sorry.
Good we are gonna need it. Me too. This is so nuts and so crazy. Wonder if this bank bailout can buy some time. Do you think prices will go up or down?
It is a stupid plan because it is only for foreign banks, it will not be for US.
After the dollar is toast, watch out, it will be inflation city.
Britain, the land of Political Correctness and open borders to the Islamic free loaders and cops looking for 70 year old retirees with a 3’ walking stick instead of Muslim thugs with knives, guns and whatever.
Home prices will stabilize if mortgage money is available.
Right now, there are very little funds available for construction funds so jobs are shut down and people laid off.
Credit must be available for qualified borrowers.
Yep but nobody is going to buy a house for what is twice what it is worth. So what good will credit do?
I hear a lot of high enders are leaving Britain to the muslim hordes. Scotland and Ireland might hold a bit longer.
I am headed to the Bahama out Islands by sail to plot strategy. If Obama wins it will be civil war.
I was in Nassau AUG 67, just before VN. Hotel was like Dr No. Nice.
I’m exactly the same. I pay all my bills asap, I have no credit card, I have no debts, and if I can’t afford it, I dont buy it.
Fat lot of good its done me. The banks only give loans to people with no incomes, no jobs and no assets.
Hopefully you won’t need to borrow money for a while.
Things will settle down, unless the unthinkable happens and the One is president.
I just wanted to remortgage the house to get a better deal, and generate a bit of cash for some repairs and improvements. My credit rating was (and still is) excellent, other than the mortgage (very modest) I had no debts...I have plenty of equity and collateral. They turned me down flat. The reason? I didn’t want to borrow enough money! (????????)
And these b(w)ankers wring their hands and tell US to be financially responsible?
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