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post #1 of 6 (permalink) Old Oct 25th, 2008, 1:35 pm Thread Starter
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Swim together or sink together?

what is happening in your countries these days? here in romania interest rates are going up, fuel cost is going down, real estate down. no bank crush, none anticipated. banks were cautious when giving credits. stock exchange down every day, exchange rate going up and down, no major inflation though. other than that, no real sign of depression. what is the situation on your side? if this crisis should affect only the banks i woud say they deserved it. unfortunatelly not so.


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former and future k owner

Last edited by Doru-in-Romania; Oct 25th, 2008 at 1:42 pm.
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post #2 of 6 (permalink) Old Oct 25th, 2008, 4:11 pm
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I paid $1.86 for gas today. That included a thirty cent savings from buying my groceries at Tom Thumb, but still, it's the lowest I've paid for gas in years. Less than $40 to fill up the SUV. Amazing.

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post #3 of 6 (permalink) Old Oct 25th, 2008, 9:49 pm
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I don't see much difference in the local economy except that there are more house for sale or foreclosure, fuel prices are down. and most consumer prices are holding steady for the moment. My stock investments are off 40%, and I am at retirement age....

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post #4 of 6 (permalink) Old Oct 26th, 2008, 4:21 am
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Down here we have no problems with our banks due to prudent regulation. Cost of funds for banks is up due to USA crisis.
Our exchange rate is down 30% which has wiped out any savings on fuel as we buy our oil out of Singapore in U.S. dollars.
The stock market is [email protected]&ed.
A new development last week which will hit our automotive industry hard was that GMAC has decided to withdraw from Australia and so did GE for motor and mortgage lending . A case of circle the wagons as they are both in deeeeep shit back home.
This will leave probably 30% of the nations car dealers looking for a new supply of wholesale and retail funds. GE have given them 60 days to repay all floor plan.
Im not sure where the other providers of wholesale funds will find that sort of money in the current market and if they do at what price?
Our domestic interest rates are coming down quickly to try and ward off recession but this is also keeping our dollar soft as investors bail out of the $A for stronger returns. Our superannuation (retirement) funds have been decimated.
We are reasonably placed here overall due to 10 years of strong government and a buoyant economy largely driven by the resource industry. But we now have a Labour government who have just pumped half of our budget surplus into the economy to try to stimulate spending.
The only problem is that its going to cash payments for old age pensioners who will mostly only pay their bills and buy essentials with it and a generous $21k first home buyer bonus that will get eaten up by developers.
Its not a horror story here but the wall street genius`s would not enjoy a private chat out the back with most Aussies.

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post #5 of 6 (permalink) Old Oct 26th, 2008, 7:41 am
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Quote:
Originally Posted by Dadicool59
Its not a horror story here but the wall street genius`s would not enjoy a private chat out the back with most Aussies.
I'm pretty certain they wouldn't enjoy a little chat out back with the
average American either,

I have to admit though, it'd be mighty entertaining if we could arrange that.

tim-----still on the right side of the frostline

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post #6 of 6 (permalink) Old Nov 2nd, 2008, 2:27 am
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Quote:
Originally Posted by shook sez
I'm pretty certain they wouldn't enjoy a little chat out back with the
average American either,

I have to admit though, it'd be mighty entertaining if we could arrange that.


Interest rates up here, almost no credits from the banks, some of the small banks closed and their owners moved abroad for good, rates of exchange = a US dollar costs more Russian roubles but a EURO costs less, realty prices are stable- means same skyhigh, fuel costs the same USD 3,5/ gln of RON95 though the govenment/ and Putin personally/ promissed the hell to the oily guys should they keep the prices, , on TV at least, to rent an office in Moscow costs even more now, stock market is 3 times down - a lot of money lost by ordinary people-shareholders, small and medium-size companies started to fire personnel/up to 20-25%/, food prices up as usual, so everything is like usually. Just some big construction projects were frozen because of lack of financing and metal prices down significantly. A lot of central bank reserves come to support the "oligarchs"
I ordered some Touratech goodies thinking about more favorable rate of exchange - no way, my bankers charged me on the old, "pre-crisis" one.

Take care!

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Last edited by easyman05; Nov 2nd, 2008 at 2:33 am.
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