http://www.pprune.org/professional-p...ml#post3885841
Not quite 2 years yet but if you wind the clock back 21 months you would find this:
The US is in recession and we will be there by the summer. Europe will tear itself apart economically as the Euro brushes up to 1.50 euro to the dollar. House prices have gone lower for 5 months in a row and the shareprices of the 4 biggest UK housebuilders are all down by more than 65%.
Interest rate cuts will be small and in many cases not passed on to borrowers. New credit is drying up fast and now the credit card companies are just terminating accounts with 35 days notice.
Without the credit there is no spending. Without the spending there is no economy.
The party is over. Those with £80k of debt, 200hrs and a lovely stack of CV's have my sympathy.
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Today the Euro/Dollar is 1.487
I was wrong about the interest rate cuts, they were massive, but right about them not being passed on.
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