recession good or bad

hey stranger, ok but is lower house prices really a bad thing ?? before the recession many 1st time buyers were priced out of the market etc etc unemployment is a problem, but don't you think now that we have had a recession and people have had pain that people will not over stretch themselves in the future and be a bit more of a saver than a spender. just throwing a few suggestions in there

Yes, property prices went so high a few years ago that it was difficult for first time buyers to afford to buy a house. I sold my cottage in 2005 and bought my house. Now we are in this recession that value of my house has gone down a bit. If wishing to sell low property prices are bothersome but if wanting to buy it makes the house more affordable. People are becoming savers with bank accounts rather than spending on their credit card. I know that some pet owners have got rid of their animals. The price of dog food goes up and down a lot. I am pleased people are caring more for the environment these days.

yeah it makes it problematic if people have got 100% mortages etc etc or have been out and bought houses they really couldn't afford. I guess its the same as why have a 1.2 corsa or a 3.5 litre bmw, people seem to spend spend spend and end up spending more than their means.

yeah but being a graduate should never guarantee anyone a job, I think the recession is bad but there are also some plus points to it, people have had years of easy credit and living above their means maybe now that the recession is slowly getting better people will not live above their means and will save instead of spend spend spend. I think a little pain is good as it makes people appreciate what they have a lot more.

A little pain is good ..until it doesn't make bigger.

the rich will always get richer etc etc but now I have seen people shopping smarter only buying what they need foodwise and not wasting as much, also instead of going to tesco's people seem to be now going to local producers and saving money by buying local instead of the rip off prices that the huge super markets charge. I guess a recession is a time of reflection and hopefully moving away from the spend spend spend climate and the climate of easy credit. I just hope everybody comes out of the recession stronger and better off than when they went in to the recession.

yeah I think most people (I am generalising) used to spend spend spend, have a few credit cards and live outside of their means. I just think the recession will be good for the enviroment as people will think why do I need a big gas guzzler when a little car does the job just aswell. Also if people save instead of spending then there is more money in financial institutes and should their be another recession people have a buffer so they won't loose their houses and can still pay their bills.

well I agree to a certain extent, yet if people save and don't over commit themselves then it lessens the effect of a recession on the individual. I am generalising here but I would say 75% of people don't save when the times are good or get car finance when a cheaper car would be better or a big house when a smaller house would do etc etc I guess its human nature but hopefully the culture that existed before the recession here in the uk of spend spend spend will go and people will start to save for the unexpected. I also hope that banks sit up and stop lending money to people who obviously can't afford to borrow and also make credit cards harder to get etc etc I guess its painful but as long as people emerge stronger and possibly wiser then a recession can be turned into a positive thing in the longer term.

yeah it is bad when we are going through it, but every cloud has a silver lining and maybe people will look at their own actions previous to the recession and go back to basics and save save save instead of spend spend spend, even growing their own fruit and veg, even my brother who lives in a flat has a tiny balcony he has buckets of potatoes onions peas etc etc he even has an apple tree in a old bucket and gets a good crop of apples every year. I just think that the recession will re-focus everyones mind about what is really important in life. I am of course generalising as I know a lot of people have saved me included so the recession's impact is not really that bad but most people haven't.

yeah the recession is bad but if you look at the silver lining, You mention financial institutes learning from the mistakes but they would only lend if their was a market to lend ie us the general public, yes the financial institutes need to portion some of the blame but so do we as consumers huge credit card bills (I know a lot of people who live off their credit cards even when the economy was good. Also allowing people to take mortages they couldn't afford, giving everybody credit when really credit should be a privilage as opposed to a right. Also I know my brother used to spend spend spend where as I have always saved a portion of my income hopefully people will start saving a lot more for a rainy day like my brother has started doing once unemployment lowers again. I personally think that the recession will give a lot of families pain and its never a good thing but from the optimistic view lets hope we all learn from the economic suffering that most people have endured.