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Throughout the economic slide we have seen numerous changes. We have also heard many quotations in regards to the credit crunch. There is always someone that has something to say, whether it be good or bad. In my searching around I have found some that are quite comical and others that will ring quite true. When you're in a pit, the first thing to do is to stop digging. - James Ellman, Seacliffe Capital How much more truth can be said than that. He put it all in a nutshell that's for sure and many people will definitely be able to relate to this comment. Another quotation on the credit crunch; "This is worse than a divorce. I've lost half my net worth and I still have a wife." A trader grimly assesses the ruins of his portfolio one day in September. We can assume by this statement that he has had some far better days of trading prior to the crunch. "How do you define optimism? A banker who irons 5 shirts on a Sunday." This was a funny one that I found with no mention of who said it. But it does ring so true. To be a |
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People around the country are being affected by the tough economic times that have hit America. The meaning of credit crunch is often misunderstood by many even though it is used a lot in these times. Here is a brief explanation of this term so that you can get a better understanding. The meaning of credit crunch is when the availability of loans from banks or other lenders is dramatically reduced, or the conditions in order for people to obtain them are made a lot more difficult for them to obtain. The credit crunch is often a result of banks and other lenders having the loans that they have previously allowed have gone bad. Thus making it difficult for them to recover what they have lost which results in them having to get a tighter grip on things to stay afloat. This is the situation that the automotive industry is seeing right now. They have not received the sales that they anticipated and this has put them into a position where they are having great difficulties in regards to paying back the banks and other investors that have given them money. With this being said, they have cut thousands of |
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With interest rates rising and home building being at the lowest point that it has been in over 60 years, the lists are growing as the demand for social housing is increasing at an alarming rate. All due to the credit crunch that the world is reeling from. Social housing seems to be the only viable option for many people anymore. But in the UK right now the waiting time for a 2 bedroom home is 6 years. With the lenders making things so difficult for the home builders to secure funds to build the homes that are needed is not helping the situation at all. In the meantime the people that need homes will have to wait on the list until it is their turn to get a home that they can call their own. Until then they will have to stay in the small flats until their time. The housing prices and restrictions that have been imposed have made impossible for the people on these lists to be able to afford to purchase a home without it being one that is through social housing. Now if the financial institutions would make things somewhat easier for the developers and
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