Thursday, Feb 01, 2007
Crash Gordon's Miracle Economy Means Companies Go To The Wall
Daily Telegraph Online: More companies going to wall
More news of declining British economy. I like the line "Particularly hard hit were hospitality and leisure sector groups and financial services companies, including independent finance advisers, where the numbers calling in the administrators rose by 50pc from 2005." Does this mean all those noshbags who have encouraged normal-people into financial-suicide BTLs are starting to have their comeupance? Article was written by arch-bear Edmund Conway - well done Mr Conway.
Posted by talking rot @ 04:07 PM (133 views) Add Comment
7 Comments
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1. Orwell said...
So the Gopher's goose is finally cooked! and just as we get him as our dear leader!
Dear Gawd sell us a bit of real estate at number 11 !!! lol
2. Nohpc said...
I'm typing this here because for some reason I can never log onto the forum section. There is a thread started by somebody in general discussion saying how they closed their abbey account in protest of their 5 x mortgages. What an absolute twit. Never mind the fact the most banks invest in unethical ways and have extremely poor levels of charitable donations. Somebody suggested giving the money to ICESAVE Or ICICI.. hmmm yes he will sleep better at night knowing his money is with these ethical companies. Lets invest in a bank that supports the slaughter of wales!!!!!!!
Can somebody please post this in the forum for me? I'm really pissed off at such a stupid minded idiotic comment. As if Giving 5 x mortgages is the worst thing banks can do JESUS H CHRIST!!
3. p. doff said...
Have the Welsh been advised of the Iceland banks impending attack?
Agents report they are still very busy in this part of North Whales, with a surge following the traditional Christmas quiet period. Last rate rises seem to have had little impact. We are doing roughly the same number of mortgage valuations as this time last year. No noticeable increase in repossessions - just the odd trickle - had a few last summer but these have dried up a bit.
I have to say that I have not seen the recent negative media reports reflected on the ground. The market in this area still seems to defy gravity. Can't see it lasting - something has got to give, but I've been saying that for the last couple of years.
4. C'mon Correction said...
Yet more Immigrants coming to Wales NoHPC ?!!
P.doff - Big contrast then to down south. Cardiff market is on it's knees - houses selling for less than 3 years ago here. I want to buy soon, but no point as my rent is so cheap and prices are static to falling still here.
5. paul said...
p.doff - nice one. I'm sure the Welsh would put up a struggle if an Icelandic bank attacked (they'd probably attack Angelsey first).
Nohpc, it's not about ethics, it's about risk. If only some Japanese savers had had the sense to reassess the extent of a few banks' exposure to the real estate market in Japan in 1990, they might have been able to save some of err their savings. And this situation is no different. Lending 5x someone's mortgage can best be described as unwise, at worst reckless.
Icelandic whale hunters kill whales, yes. And sorry, what is ICESAVE's relationship to this again?
6. dohousescrashinthewoods said...
Paul, I agree with the risk approach and would agree that closing an Abbey account on the grounds that the lender is being irresponsible is a rational reaction.
However, I do think it's about ethics too. E.g. Biotech may be a good proposition, but why is the fastest growing sector organic, free-range "premium" food? (as confirmed by supermarkets' results)
I think consumers are increasingly willing to prioritise what they personally see as "right" and "fair" and vote with their spending power. Perhaps, faced with ludicrous levels of disingenuousness, "wrongness" and bare-faced lies, whether from corporations, governments or etc., consumers know that the economic power of an individual's opinions is a direct vote they have in the market.
One person closing an account is probably not too harmful, but if thousands did it, and for the same reason, Abbey would be economically and rationally wise to prioritise ethics in their business model. After all, why else would supermarkets be going to such lengths to promote (however disingenuously) their green and friendly credentials? Consumers have voted that this is important and the only rational response is to listen.
7. dohousescrashinthewoods said...
I also wonder whether you could apply market forces to taxation - if a government was adversely affected by levying too much tax, or if peoples' votes were linked to the amount of tax they paid, (random ideas, not thought through) would we have a fairer tax burden (not necessarily less) and find that people would have less incentive for tax evasion?