How Has The Global Economy Effected Your Industry?

[Guest]

Would they be able to increase the interest rate do you think??

[Dagabond]

Lol, yes Dan - the GE thing is going to effect alot of people (i keep changing how i spell effect...) I'm expecting a letter in the mail this week about whats happening to my GE accounts (GO Mastercard and CHP car finance)

No more 2 years interest free periods from Hardly Normal....

[senna_T]

Would they be able to increase the interest rate do you think??

I've been told that they should honour the account and how it is set currently - sorry I can't give you any more definitive answers at the moment.

Dags - yes that's right, unless Esanda or someone like that steps in and introduces a similar plan.

[PDIDDY]

As you may or may not know, I am in the Motor industry too (like you Pat), selling cars. That was, until I was made redundant last Tuesday. The owners claimed they had lost $1.5 million in the last 3 months, so the broom was put through the entire dealership. You would think that selling the number 1 product in the country (Toyota), would have been enough to get me through, but obviously not. I think the industry for selling cars STM is stuffed. That's why I am looking in other areas of retail.

The thing is, this has been going on for a while now. For the last 4 months or so, the service manager was getting between 10-15 calls a week from tech's whose dealerships had laid them off.

And now with GE going, which is who they were floor planned with, they are not improving. However, I did hear the same rumor as you Pat, that TFS would be buying out a lot of GE customers and their loans.

Sort of makes you wonder though, how big this financial situation is. I mean, GE globally is massive. What do they know that we don't?

[senna_T]

Sorry to hear mate - I think the same thing has started here, just today I've hear dof 3 people that have been made redundant...

GE is massive globally, but all that means is that they are lending even more money that they don't (or didn't) have. I think companies like GE have brought alot of this on themselves by doing that. Although apparently Australia was deemed as a "High Risk" economy for GE to stay in...

[Superdan]

EDIT: Nevermind, I'm safe!! The Age

"But GE Money will continue to offer retail store finance with interest-free periods, credit cards, personal loans and insurance."

So retail offers will still be available

[Ford_Power]

As you may or may not know, I am in the Motor industry too (like you Pat), selling cars. That was, until I was made redundant last Tuesday. The owners claimed they had lost $1.5 million in the last 3 months, so the broom was put through the entire dealership. You would think that selling the number 1 product in the country (Toyota), would have been enough to get me through, but obviously not. I think the industry for selling cars STM is stuffed. That's why I am looking in other areas of retail.

The thing is, this has been going on for a while now. For the last 4 months or so, the service manager was getting between 10-15 calls a week from tech's whose dealerships had laid them off.

And now with GE going, which is who they were floor planned with, they are not improving. However, I did hear the same rumor as you Pat, that TFS would be buying out a lot of GE customers and their loans.

Sort of makes you wonder though, how big this financial situation is. I mean, GE globally is massive. What do they know that we don't?

The financial situation is HUGE - much MUCH more to come.

Last time I tried explaining a few things about "What do they know that we don't" I was labelled a know it all.

I won't go into detail as that will just start the regular goon squad firing up, but there will be literally hundreds of banks across USA declaring bankruptcy over the next year. That my friend is going to cause a big problem with the companies who ACTUALLY have money to lend, but are too scared to lend it in case whom they are lending to goes t*ts up. GE Money and all the other big bank failures are due to massive overleveraging on (now) worthless assets.

Huge deflation to come for the economy - except for food, where price inflation will happen.

[tab]

Lucky we've got Kev out there to protect us though

Goes to show how retarded these blokes are with the whole bank guarantee fiasco. Now everyone is pulling all their available funds from wherever they can and have stopped spending because the banks are now safe - not that they were ever anything to the contrary in Aus.

Hospitality industry is poo. Most of our business comes from the corporate sector at the top-end of town (banquets, seminars etc.) and we are usually under the pump from the start of October through to the end of the year....but things aren’t looking too rosy at all.

Luckily I’m comfortable with the fact that my job is secure purely because it’ll cost too much to get rid of me and it is a key position, but it certainly is an uncomfortable position to be in knowing that colleagues may not be as safe and my workload will suffer.

[Trucka]

I work in the insolvency side of accounting, so I'm expecting that we will be getting very busy over the next 12 months. The job isn't very enjoyable at times but one of the up sides is that it is virtually recession proof.

[tab]

Oh yeah - know a few people at Ferrier Hodgson and they are working seven days straight and screaming for new staff. That is not a good sign