To think another great Depression is coming?

[littleblackdress04]

Spoke to a surveyor friend yesterday - he said they can’t value houses at the moment as they think they could lose up to 50% of their value. Also read an article about how another Great Depression is coming.

Is it the re-set we need as a world? The end of billionaires when millions have no food? What will the societal impact be?

I personally hope it’s a fairer, kinder society where everyone gets their basic needs met

Hmm this is a socialist state and it works very well. See the roads, schools, our health service, Al very socialist. Socialism doesn’t preclude some free market on top but means lots of socialism around infrastructure (have you seen an independent train company building tracks lately? Nope. What about an independent electricity company putting up their own pylons? Nope.)

@Thisisworsethananticpated

what is coming that we all know? Recession/depression/mass unemployment/propertycrash

All of the above? None, significantly?

I honestly don't know what to expect (perhaps that's self protection kicking in)

Lunar

I never mentioned financial services, you must have me mixed up with somebody else. I did say corporate, but this could be in many fields.
No, I don't think all mc work for corporates, and have lost much of our own business, but we're not mc, but wc poor.
I was replying to the post about mc losing out, most won't lose anything only part of their savings.
I'm sorry if your business has been affected, it sucks.

Iwannabeadored20

Fair question . For me it’s life as we know it . For the first time in decades i risk unemployment . I also became a single parent this year (not that my ex would have helped ) but I feel very worried and just scared
We are being pushed to sell - but what if our clients don’t have any money to buy

@Thisis

Thank you for replying and sharing your personal details. I hope things are so rough for you that you can't see a way through. Things might change for the better in ways we can't imagine, yet

I hope things aren't so rough for you that you can't see a way through

AREN'T !!

As more and mire people lose work, the tax base shrinks. There are then fewer and fewer people to support those out of work and the benefits become less and less generous. It is a downward spiral that is hard to change.

It took WWII to bring us fully out of the Great Depression. No one wants that.

Our politicians need to balance priorities and risks. It’s an impossible job and I hope they are getting it right.

EmpressoftheMundane - as WW2 was manmade, as indeed is the global economy, the logical conclusion of your statement is that you just need human beings to find a reason to be more constructive and collaborative if you want to get out of a mess.

I really hope the house prices don't crash too much. We have a help to buy loan and we won't be able to remortgage if we're in negative equity :s

@TheGoogleMum nows the time to start overpaying if you can

nows the time to start overpaying if you can

If you know your house price is going to crash (and it's far from certain it will) then throwing money into the mortgage is basically throwing money into the void.

then throwing money into the mortgage is basically throwing money into the void.

No it isn’t

You owe your mortgage regardless of the value of the house.

I suspect if someone could afford to over pay they wouldn't need a help to buy loan in the first place.

I can’t see it happening on this scale. I work for a global financial services firm and we are forecasting a dip but a gradual bounceback.

For all the people that are struggling there are also households like mine; 2 x adults WFH on full pay and actually saving money by being at home (no commuting cost, gym membership paused, no takeaway coffee etc). We have more disposable income and are planning on how we can spend it to support local businesses that we wish to survive. So we have put down a deposit with a local business to lay us a patio once it is safe to do so, put down a deposit on a holiday and also planning on buying theatre tickets to try and get money into the industries we enjoy that will currently be struggling.

We are also fully anticipating and will gladly pay increased taxes when this is over and are fully supportive of the government spending to support those in need. We hope that the increased taxes will be targeted at households like ours who can afford to pay (no dependants, 2 x full time incomes, small mortgage) though we still hope to have some disposable income to spend in the industries previously mentioned. If I look around my peer group, lots of my friends are actually in similar circumstances and will currently be accruing additional disposable income. We’re just not shouting about it, because no one wants to say it when other’s are struggling. But in reality, the more people like us there are the better as we should be able to shoulder some of the cost for those less fortunate.

The people that have put themselves at risk during this pandemic are not highly paid they are nurses, carers, shop workers, delivery drivers, bus drivers and many others.

The recession is certain together with a credit crisis making house affordability difficult for the very people that have seen us through this. We owe them big time.

All those groups that carried on working should get

A medal
A tax free concession for two years
Access to money during the recovery

I can't wait to get back out to the shops, theatres and restaurants when all this is over, I don't spend much in them usually because I don't earn much, but I am really looking forward to it. Everyone I know is saying the same thing.

The question is how long businesses can be on pause for? How long they can afford it? The longer lockdown goes on, the worse it will be. For everyone.

This will be the scarier that any of us can imagine.
I’m a long term prepper and I’ve always prepped for the fall out after something like this, rather than the event itself.

This is going to be a waking hell.
The country doesn’t have enough food to feed itself, house prices won’t matter because there will be so few jobs that people will be unable to move anyway and the poor will get poorer and sicker.
After supporting the NHS through this, the Tories won’t be able to prop it up post covid and we will need to pay for healthcare within 5-7 years.

This is nuclear bomb of our times.

Your post cheers me user147...

The thing is @user1471548941 is that you aren’t richer than when this all started, even if you have saved money from going to the gym.

Your pension will be in funds taking a hit, your property will be in a stagnant market compared to say February and (broadly/likely) your future pay and prospects are seriously hit. In very real terms you, like all of us, are poorer.

I am pragmatic about the economy coming back but it will be slow. The penny will drop with people and they will conserve their cash. Maybe book an immediate holiday/meal out but thereafter much much quieter living.

The elites wanted a way to take everything off everyone. The 'virus' was the perfect 'event' to do that.

We have been scammed.

PersonaNonGarter - alternatively, people will conclude you only live once and will not lead quieter lives at all. Who knows?

Given that other countries that don't have an NHS are managing coronavirus better than we are, I can't see that remodelling the NHS onto something relying partially at least on private insurance is that terrible a prospect.

It would be interesting to compare how the poorest have fared in countries such as Germany and Australia and compare it with the same group in the UK. It might smash the idea that not having an NHS is always bad news for the poor. People always go on about not wanting to be like the US but there are other models we could look at.

@Walkaround which again is what the rich want. Give a poor person £6000 they piss it up the wall have nothing to show for it and have to keep working. Give a rich person the same, they buy assets that produce income

@ChrissieKeller61 - that’s capitalism. Poor people keep voting for that, too.