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Am I Being Unreasonable To Feel Seething Resentment Towards Those Who Profited From The House Price Bubble


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#1 flatnose

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Posted 14 April 2012 - 11:56 AM

Interesting reading at Mumsnet.

Am I being unreasonable to feel seething resentment towards those who profited from the house price bubble and hot anger at the Governments who allowed it to happen?

Click here to read the Mumsnet thread

#2 Frank Hovis

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Posted 14 April 2012 - 12:05 PM

Most of those mumsnetters seem to have their heads screwed on correctly.

There is the odd muppet but we had Sibley, Hamish and HPC Convert posting their rubbish for years on here.
High house prices - wrecking economies worldwide since 2003

#3 Mr. Miyagi

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Posted 14 April 2012 - 12:08 PM

perceptionreality Fri 13-Apr-12 21:19:17

Life's not fair - you're right. But at least you have a home which you actually own.


Er no, the op has an interest only mortgage and from reading between the line has no repayment vehicle. Classic zombie household, just waiting for an interest rate hike to put them out of their misery.

#4 Russe11

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Posted 14 April 2012 - 12:10 PM

^^^^ :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: ^^^^

#5 okaycuckoo

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Posted 14 April 2012 - 12:12 PM

Didn't read it all, but it is interesting.

Not your usual plucky mumsnetters.

#6 goldbug9999

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Posted 14 April 2012 - 12:14 PM

Interesting reading at Mumsnet.

Am I being unreasonable to feel seething resentment towards those who profited from the house price bubble and hot anger at the Governments who allowed it to happen?

Click here to read the Mumsnet thread


Mumsnetters are the ones who lapped up property porn and nagged their "DH"'s to buy at all costs, so they've got f*ck all to complain about now.

.. instead of supporting productive industry by extending credit to increase tangible capital investment, the banking system has extended credit mainly (about 80 percent in the United States and most English-speaking countries) to buy real estate and load it down with debt. The result is that rental income is used to pay interest to the banks rather than to pay taxes. This forces governments to tax wages, profits and sales. That increases the cost of living and doing business, on top of the interest charge.


#7 flatnose

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Posted 14 April 2012 - 12:20 PM

On page seven : "You only have to go onto House price crash to see what resentment does to a person. Some of them have been foaming at the mouth for 8 years now, every newspaper headline gives them hop that you and I will be homeless on the streets with our children (breeders we're called) because we over stretched, lied to get loans apparently and now we are stealing their free money interest too.
It's not pretty."

#8 Russe11

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Posted 14 April 2012 - 12:31 PM

On page seven : "You only have to go onto House price crash to see what resentment does to a person. Some of them have been foaming at the mouth for 8 years now, every newspaper headline gives them hop that you and I will be homeless on the streets with our children (breeders we're called) because we over stretched, lied to get loans apparently and now we are stealing their free money interest too.
It's not pretty."


forgot to mention subsidising them with tax credits

#9 KingBingo

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Posted 14 April 2012 - 12:34 PM

forgot to mention subsidising them with tax credits



*chortle*
The truth is that the economies of rich countries, including the UK, are being kept alive by another and astonishingly under-reported bull market in government debt. This is the bond bubble; and when it bursts, as it surely will, the result will be a recession far deeper than the crash from which we are trying to recover.

Allister Heath
17 September 2011

#10 DeepLurker

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Posted 14 April 2012 - 12:41 PM

Jesus.
That thread belongs on HPC! :blink:

I thought it would be another 5 years before sentiment turned massively anti-HPI.
Food, shelter; both are basic necessities of life.
If you call out for cheaper food, you are a saint.
If you call out for cheaper shelter, you are ostracised, ridiculed, even your partners and family feel slightly ashamed of you.

#11 thecrashingisles

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Posted 14 April 2012 - 12:49 PM

Very revealing thread. There are so many comments from people whose parents can't understand why their children are struggling despite good jobs and qualifications.

#12 ska_mna

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Posted 14 April 2012 - 12:54 PM

It's an interesting thread and quite bearish. But there are also a few gems in there that are worth trolling out here on HPC:


We have been lucky but we have taken risks, scrimped and saved. We bought out first house for 45 K about 17 years ago. We drove an old banger and had a lodger. We made several moves up the ladder, taking the lodger with us until I was pregnant with our first! We then downsized by 25% value as I was becoming a SAHM.

Seventeen years on we live in our " forever" house worth over 3/4 milllion.
How have we got here? Luck, prudent investments. hard work, savings and taking risks. DH earning well is probably as big a factor, TBF.
We had lodgers for a decade aswell. How many people are willing to make that sort of sacrifice, though?

Nothing is handed to most of us on a plate.



I only own my house outright because over the 10 years that I've been on my own I have bought up tiny wrecks, lived in them with the DDs, done them up and moved to the next one.

I've been up decorating at 2am most nights for nearly a decade. I've worked damn hard and imo I deserve what I have now achieved. There is no other way for me to have done this legally.

It's not always just luck, some of us have struggled, lived in very shitty conditions, and worked very hard.


i also bought in 2006 with 100% mortgage, we still have no equity in our house because prices dropped, so we cant move or remortgage, but we own our home and are steadily paying it off, the mortgage costs little more than rent would and at some point prices will go up again. Im glad that we bought when we could get 100% mortgage because we would have no chance of saving the big deposit and fees needed today.


But yes, I found the thread very revealing otherwise; feels like there's more and more people who I would have traditionally thought of us "blue pill types" have actually woken up and taken the red pill.

#13 KingBingo

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Posted 14 April 2012 - 12:56 PM

Very revealing thread. There are so many comments from people whose parents can't understand why their children are struggling despite good jobs and qualifications.



While they rattle around with their elderly spouse in a 4 bed, 2 sittings room family house by themselves 'worth' 500k that they paid 30k for 25 years ago.

If they ever stopped to ask where the extra 470k came from they might realize that it is coming out of the pockets of their children and grandchildren right now. Hence all the struggling.



Mind you that would sail so far over the heads of the average breeder I wouldn't bother attempting to explain that.
The truth is that the economies of rich countries, including the UK, are being kept alive by another and astonishingly under-reported bull market in government debt. This is the bond bubble; and when it bursts, as it surely will, the result will be a recession far deeper than the crash from which we are trying to recover.

Allister Heath
17 September 2011

#14 KingBingo

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Posted 14 April 2012 - 12:59 PM

We have been lucky but we have taken risks, scrimped and saved. We bought out first house for 45 K about 17 years ago. We drove an old banger and had a lodger. We made several moves up the ladder, taking the lodger with us until I was pregnant with our first! We then downsized by 25% value as I was becoming a SAHM.

Seventeen years on we live in our " forever" house worth over 3/4 milllion.
How have we got here? Luck, prudent investments. hard work, savings and taking risks. DH earning well is probably as big a factor, TBF.
We had lodgers for a decade aswell. How many people are willing to make that sort of sacrifice, though?

Nothing is handed to most of us on a plate.



Nothing handed to you on a plate...... Apart from the 705k capital appreciation then.
The truth is that the economies of rich countries, including the UK, are being kept alive by another and astonishingly under-reported bull market in government debt. This is the bond bubble; and when it bursts, as it surely will, the result will be a recession far deeper than the crash from which we are trying to recover.

Allister Heath
17 September 2011

#15 bmf

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Posted 14 April 2012 - 01:08 PM

Nothing handed to you on a plate...... Apart from the 705k capital appreciation then.


The reason this person cannot understand the problem is the same reason we had to have a debt fuelled binge. The British are thick yet want to live better than most people in the world.




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