who has been hit by credit crunch?

[oompaloompa]

I hear the U.S is worse with regard to forclosure....here they are called repossessions, and whilst there are more of them, I wouldnt call it a crisis situation......

anyone been hit badly?

[aspkin]

I had a pretty good last year.. though a lot of people I know have been hit pretty hard.

A home contractor friend of mine has seen his business pretty much dry up the past couple years. Another had to move to another city to find a decent job.

Some are doing well others are struggling.

[riversnew]

The real crunch time will hit US after government won't be able to sell T-bills anymore.

Many banks stopped foreclosures so they can pretend that mortgage debt on their books is collectible. There are numerous reports of individuals living 'for free' in banks' houses.

This board is a perfect microcosm of what is going on US and UK: China wage arbitrage, that's selling cheap Chinese goods for high profit margin. US corporations have been doing it for more than three decades, while US consumers get deeper in debt. This ain't going to last forever. On one hand you have incredible wealth accumulation by few while on the other hand is massive debt that can't be possibly repaid.

[aspkin]

I sometimes think we're part if the problem, especially those sellers so dependent on Chinese suppliers. Then again it's part of business and the way the world works now. I bet in 200 years or so there will be one universal currency and instead of only a couple super powers the playing field will be more leveled as trade becomes easier. Though cheap goods will always be nice, china won't be the cheapest place for long. That's part of becoming a superpower.

[Ghost]

Originally Posted by aspkin

I bet in 200 years or so there will be one universal currency

Sometimes I think about that too, but if that happens then who would be printing the money?

[oompaloompa]

yes construction has been hit hard here too.......

people arent living in tents though, like I saw was happening in US

[Burning]

Canada it doing pretty well....but we have alot of "inside" corruption. Canada is the one of the top ten countries for corruption. Otherwise, Canada is doing better than the UK and the USA.

[waterproof]

I have been very fortunate you could say. However, I too have seen some friends around me "fall" hard and others put in a situation to where they must move. Otherwise, job hunting, the housing market and over all economy of the small town I live in does fairly well for itself.
Just lucky!

[Burning]

I've had very few friends lose these jobs but most of them got another job in less than 2 weeks. The economy is going good in Canada. But, the auto industry was severely effected, but everything is coming together now. At least 2 GM local dealerships closed down in our community. I wonder what's going on with Fiat...I want to see there new car models!