Profile for stubby43 - lehman brothers collapse another casualty in thhe world crisis, how has the crisis affected you?

stubby43 aka Phil is a 25.42 year old boy, has been a member since December 22, 2006, has scored 3,809 submissions, giving an average score of 2.65, helping 191 designs get printed.

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Sep 15 '08 by stubby43
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lehman brothers collapse another casualty in thhe world crisis, how has the crisis affected you?

Lehman Brothers, the fourth-largest US investment bank, has filed for bankruptcy protection, dealing a blow to the fragile global financial system.

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So apparantly this is the biggest collapse of a finacial company in US history, which I'm affraid is more proof were heading into recession.

Things havent been this bad since the wall street crash of 29.

Atleast thats what the news has been saying, I was wondering how have people been affected by the crisis?

I'm fortunate because my parents earn a good wage and I'm at university so for the large part I've been pretty well protected from the crisis.

The only thing that has affected me is the rising fuel price, months a go I booked tickets to fly from manchester to toronto with a company called Zoom airlines. They were a budget carier but collapsed because the price of fuel was too high.

So I was stuck with useless tickets I'd paid �500 for and couldnt afford a second flight. Fortunatly for me I'd got my parents to pay for the tickets on their credit card because I didnt have the money to pay them there and then which meant that we could claim the cash back off the credit card company.

If I'd of bought the tickets on my debit card I would of lost the money because debit cards dont offer insurance (credit cards do).

So how has the crisis affected you?

Tess Fondie on Sep 15 '08 at 4:31pm

that nice stipen check we got because of it paid most my way for disneyland....

thats about it

Gar0 on Sep 15 '08 at 4:32pm

All I know is that half of the 2 bed flats in Clapham will now be up for sale as all those 20 something bankers try and make some money.

stubby43 on Sep 15 '08 at 4:35pm

Its hard to feel sorry for them, on average the employees were earning $332,000 a year plus bonuses but the fact is if the crisis can topple a company as big as Lehmans the world economy is in a sorry state and it will ripple and affect all of us.

Tess Fondie on Sep 15 '08 at 4:37pm

wait I'm confused. Is the US economy also screwing with the UK economy or something?

I just got confused because you were talking about US history, and how we are going into a recession....

but then also talked about flights from the UK and now Garo is talking about stuff from the UK.

Ste7en on Sep 15 '08 at 4:39pm

Ha. I was just arguing with jackanapes about how big companies fall harder, because they need to take bigger financial risks to continue to grow.

Ste7en on Sep 15 '08 at 4:41pm

Tess, the world economy is linked by a mess of investments and partnerships. If the US goes, so does the world. If China goes, so does the US. That kind of thing.

Krakaboom on Sep 15 '08 at 4:42pm

Tess, I think Stubby was just commenting on how it's affected everyone. When a firm as big as Lehman Brothers collapses, the effects are far-ranging, whether directly or indirectly, as the financial institutions are all part of a dense web of deals. It also reflects on the economy as a whole; things must be bad if they can bring down a financial giant like LB.

stubby43 on Sep 15 '08 at 4:43pm

Long and short of it Tess, the subprime crisis started in america and now its fucking over everyone, partly because their multinational companies with offices the world over (lehman had offices in london and 5,000 jobs have been axed) but also because finance is so linked.

The USA is causeing a world recession.

wullagaru on Sep 15 '08 at 4:45pm

im guessing we wont feel anything yet ..YET.

lemonalle on Sep 15 '08 at 4:46pm

The USA is causeing a world recession.

i think you should buy more of our fine products to help us turn this beast around!

stubby43 on Sep 15 '08 at 4:46pm

Well Lehman brothers is just another causalty in the long line of fatalities caused by the subprime crisis and the fact is theres alot more to come.

If you are planning on flying buy the flights with a credit card and make sure you get insurance because unless the company you fly with has very deep pockets or is goverment supported theres a chance you will loose the flights which can be anywhere from a couple $100 to several $1000.

tesco on Sep 15 '08 at 4:46pm

This is the end

tesco on Sep 15 '08 at 4:47pm

but on the bright side - less city boys means more room on trains

shirtflirt on Sep 15 '08 at 4:49pm

tribalism is making a comeback

Tess Fondie on Sep 15 '08 at 4:50pm

well that sucks =(

Goldendust on Sep 15 '08 at 4:50pm

Funny that the police had to cordon it off. It's not as if the building was gonna collapse when the company did...

stubby43 on Sep 15 '08 at 4:52pm

It does make wonder whats going to happen in my area, I live on an estate where a substantial part of the populations own a house in london (they live their during the week) and own a second house here where their family lives all the time but they only live here on the weekend.

I wonder how many of these properties are going to go on the market when they can only afford one morgage instead of two?

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