Our government just admitted we are in a "technical recession". Why not just come right out and say we are in a recession? Is it any surprise? Things have been going downhill. Creditors (aka banks and financial institutions) are hounding their debtors to death. Honestly, if people fall on hard times, and they can hardly make ends meet already, is it any use pestering them all the time, giving summons, hounding their family members, suing them for legal costs and whatnot, calling their employers and making them lose their jobs?
Does not make sense right? If they want their money back, would pushing them to a corner when they are already dry help matters? Or worse, calling up their employers and making them lose their jobs, then they will never be able to get the money to pay back! Creditors always think they have every right to demand every single cent back, with interest, which is true, so they will have no qualms about circumstances except to get the payment. But upon thinking, have they ever considered if they ruin a person's life and name, and the person will lose the job and may not get another job, how on earth are they going to get their money back?
I guess with the economic prognosis being bleak, all the banks are getting so aggressive and merciless. At times I wonder, who is going to be responsible if a person jumps down because of all the hounding of creditors? Incidentally, the New Zealand dollar has dropped! Good news for us!
This is such a bad time for everything. My company is having a property launch during the weekend, and today we were brainstorming on the kind of questions potential investors may ask at this time. Like for instance, we may foresee questions like what will happen if the company goes bankrupt? What will happen if they do not get the cash returns as promised due to the economy downturn?
Once there is a recession, the industry my company is in will be one of those being hit the most. Afterall, if cash flow is tight, no one will indulge in luxurious resorts and spas. A certain financial giant is still answering to their extravagant retreat despite being bailed out. Looks like everyone really has to beware of a Great Great Depression ahead! Hold on to your horses!
Does not make sense right? If they want their money back, would pushing them to a corner when they are already dry help matters? Or worse, calling up their employers and making them lose their jobs, then they will never be able to get the money to pay back! Creditors always think they have every right to demand every single cent back, with interest, which is true, so they will have no qualms about circumstances except to get the payment. But upon thinking, have they ever considered if they ruin a person's life and name, and the person will lose the job and may not get another job, how on earth are they going to get their money back?
I guess with the economic prognosis being bleak, all the banks are getting so aggressive and merciless. At times I wonder, who is going to be responsible if a person jumps down because of all the hounding of creditors? Incidentally, the New Zealand dollar has dropped! Good news for us!
This is such a bad time for everything. My company is having a property launch during the weekend, and today we were brainstorming on the kind of questions potential investors may ask at this time. Like for instance, we may foresee questions like what will happen if the company goes bankrupt? What will happen if they do not get the cash returns as promised due to the economy downturn?
Once there is a recession, the industry my company is in will be one of those being hit the most. Afterall, if cash flow is tight, no one will indulge in luxurious resorts and spas. A certain financial giant is still answering to their extravagant retreat despite being bailed out. Looks like everyone really has to beware of a Great Great Depression ahead! Hold on to your horses!
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2 comments:
There's a reason why it's called 'technical' not 'full'. Technical so called because it is 2 quarter consecutive drop in GDP. You may be surprised that for full year 2008, GDP might still grow... It will be full blown recession when full year 2008 GDP is in negative territory, which is not known yet until next quarter
I suppose so, but then the lay public know a recession is in the works, as they are not positive that the results for the next quarter will show an overall growth. Still, everyone is edgy and thinking of the worst scenarios during these times!
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