Liam Byrne's Hardest Lesson

[Bland Unsight]

Telegraph:

What has been the most difficult lesson you’ve learnt about money or business?

Liam Byrne

That in today’s economy putting money into bricks and mortar rarely gives a bad return. But when you have children, you do worry how on earth they are going to be able to buy anything as the property market continues to rise.

Source: Telegraph Money, 22 May 2016

A former New Labour Chief Secretary to the Treasury (June 2009 to May 2010) and the hardest lesson he's learned is that you can't go wrong with bricks and mortar, innit. FFS

Coming as it does from a member of a government that was in charge during an epic credit boom which saw the huge swathes of the banking sector actually or effectively nationalised, it is certainly a striking choice.

[long time lurking]

Source: Telegraph Money, 22 May 2016

A former New Labour Chief Secretary to the Treasury (June 2009 to May 2010) and the hardest lesson he's learned is that you can't go wrong with bricks and mortar, innit. FFS

Coming as it does from a member of a government that was in charge during an epic credit boom which saw the huge swathes of the banking sector actually or effectively nationalised, it is certainly a striking choice.

See Vince i`m sure theres no agenda

[South Lorne]

Source: Telegraph Money, 22 May 2016

A former New Labour Chief Secretary to the Treasury (June 2009 to May 2010) and the hardest lesson he's learned is that you can't go wrong with bricks and mortar, innit. FFS

Coming as it does from a member of a government that was in charge during an epic credit boom which saw the huge swathes of the banking sector actually or effectively nationalised, it is certainly a striking choice.

...still financially inept....could not run a corner shop never mind the economy.....

[zugzwang]

The events of 2008 appear to have induced a form of retrograde amnesia. A cursory exam suggests the entire political class is similarly afflicted.

[billybong]

A former New Labour Chief Secretary to the Treasury (June 2009 to May 2010) and the hardest lesson he's learned is that you can't go wrong with bricks and mortar, innit. FFS

That and a cushy top level public sector job especially one that has a strong link to government house price and housing policy. Then you can't go wrong with bricks and mortar.

Of course once you've nicked, taxed, borrowed and spent all the money supporting you're own particular VI at everybody elses expense then there's "no money" left - so you just have to print it.

I am evangelical about making Britain an entrepreneurial democracy. That is my personal mission.

Yeah "evangelical" as long as it's bricks and mortar and debt and manipulated GDP figures - and self serving.

Edited May 23, 2016 by billybong

[“Nasty Piece of work”]

This cretiness, with such awe inspiring stupidness of The Treasuries report into the cost of "BREXIT" is why Politicians are held with such hate.

[renting til I die]

Source: Telegraph Money, 22 May 2016

A former New Labour Chief Secretary to the Treasury (June 2009 to May 2010) and the hardest lesson he's learned is that you can't go wrong with bricks and mortar, innit. FFS

Coming as it does from a member of a government that was in charge during an epic credit boom which saw the huge swathes of the banking sector actually or effectively nationalised, it is certainly a striking choice.

Hardly surprising. This lot were even worst than the current twits in power!

[Guest]

I'm not sure the lesson has been taught yet.... once the bubble bursts THEN he'll learn the bricks and mortar is not always a safe bet

[Simon Taylor]

Source: Telegraph Money, 22 May 2016

A former New Labour Chief Secretary to the Treasury (June 2009 to May 2010) and the hardest lesson he's learned is that you can't go wrong with bricks and mortar, innit. FFS

Coming as it does from a member of a government that was in charge during an epic credit boom which saw the huge swathes of the banking sector actually or effectively nationalised, it is certainly a striking choice.

Certainly won't ever make a bad return if you can claim your mortgage interest on expenses (which they used to be able to do) and then flip the houses to make sure that you claim primary property relief from GCT.

MPs filled their boots with this scam whilst loudly lecturing everyone else to pay more tax. Contemptible.

[ccc]

Thought I recognised the name so had a google. It is indeed the same **** I was thinking of. He is the one of "There is no money !!" infamy.

"Before working in Parliament, he worked for the multi-national consulting firm, Accenture and merchant bankers, N M Rothschild & Sons, before co-founding a venture backed technology company, e-Government Solutions Group, in 2000."

I wonder how his company is doing. No conflict of interest there.

They're all just parasitic gravy train complete ***** - aren't they ?

https://en.wikipedia.org/wiki/Liam_Byrne

Edited May 24, 2016 by ccc

[Simon Taylor]

They're all just parasitic gravy train complete ***** - aren't they ?

Yes.

And, as you're in the mood for a bit of research, have a dig around to see how many of our elected representatives have residential property investments.

They run things for their interests, not yours.

[Guest eight]

Thought I recognised the name so had a google. It is indeed the same **** I was thinking of. He is the one of "There is no money !!" infamy.

"Before working in Parliament, he worked for the multi-national consulting firm, Accenture and merchant bankers, N M Rothschild & Sons, before co-founding a venture backed technology company, e-Government Solutions Group, in 2000."

I wonder how his company is doing. No conflict of interest there.

They're all just parasitic gravy train complete ***** - aren't they ?

https://en.wikipedia.org/wiki/Liam_Byrne

After Labour's 2010 election defeat my Dad, as a member of that union that they've all merged into, was invited to a "meet and greet" with Liam Byrne to discuss where it all went wrong. Regrettably he had to decline.

[ccc]

Yes.

And, as you're in the mood for a bit of research, have a dig around to see how many of our elected representatives have residential property investments.

They run things for their interests, not yours.

Someone on here did a brilliant extract of data of the above on this site. I will try and remember what thread and provide a link. Unless it was you ?

[Bland Unsight]

Someone on here did a brilliant extract of data of the above on this site. I will try and remember what thread and provide a link. Unless it was you ?

I think it was FT.

[ccc]

I think it was FT.

It was in the big thread with lots of monthly stats - ONS maybe ? Can't find it on the site.

That particular list was done eye opener. Especially the SNP. For all their 'we're wonderful here for the people' rhetoric - they are just as bad as the others.

[renting til I die]

I'm not sure the lesson has been taught yet.... once the bubble bursts THEN he'll learn the bricks and mortar is not always a safe bet

This is pretty much the only way any of these people will learn. Bring on the pain!

[Bland Unsight]

It was in the big thread with lots of monthly stats - ONS maybe ? Can't find it on the site.

That particular list was done eye opener. Especially the SNP. For all their 'we're wonderful here for the people' rhetoric - they are just as bad as the others.

Here.

[Frugal Git]

Certainly won't ever make a bad return if you can claim your mortgage interest on expenses (which they used to be able to do) and then flip the houses to make sure that you claim primary property relief from GCT.

MPs filled their boots with this scam whilst loudly lecturing everyone else to pay more tax. Contemptible.

I still think the worst ethical abuse was Andy 'I am the man for Labour leader' Burnham. Especially as that was after the expenses scandal that was hijacked by moats and toilet seats - leaving the real story you mentioned to languish.

Once he wasn't allowed to claim mortgage interest as an 'expense', he moved down the road into a rental, claimed that as an expense and rented out his flat. Innit.

A true 'man of the people'.

Edited May 24, 2016 by Frugal Git

[Executive Sadman]

Until the top brass of labour actually come out and directly state, over and over, house prices are obscene, they must fall by between 40-80% depending on region, one has to assume they still believe high prices are the key to electoral success.

No more, 'we'll get more affordable housing for keyworkers' 'we'll free up brownfield land' 'well tackle the london housing shortage'

Just a simple, prices are obscene' Over and over. We will halve the value of your house.

When they speak the unspeakable, then well know they mean it. They wouldnt say it otherwise.

[Venger]

I doubt that time will ever come ES.

Even if they want HPC (which many on here don't believe and core-voters certainly don't believe it) - Gov will protest they don't want HPC all the way, and the will find scapegoats to blame through the HPC. "It started in America."

Although perhaps it could go to a more blunt position, but I doubt it. No one seems to have the guts to do a Major, "If it isn't hurting it isn't working" though a hard HPC. And this lot have led a few people into HTB along the way as well (overall debt levels don't look so bad and I wouldn't push back against some mortgage forbearance for them)..... although HTB numbers/volumes nothing vs the double-down by the BTLers over the same time, who can get hit hard by HPC.

The search for scapegoats is in many respects silly. But it unintentionally makes a point that you should take to heart. When the news is bad and apt to get worse you cannot draw your bearings about the economy or the market from channels of mass communications. Can you imagine a major newspaper (much less the leaders of the country) saying that stocks fell because objective conditions no longer supported their further rise? Has it ever been recognised politically that a market has topped out? Or that an economy needed to go through a painful slump to facilitate a transition and shake out dead wood? In nearly every case which we know, politicians have continued to pretend that all was well long after events provided impressive evidence to the contrary. This is a game that President Hoover, in retirement, described as “sustaining the morale of the people.”

[ccc]

Here.

Cheers.