Monday, Jun 11, 2007
Ooops...
Forbes: UK lenders with specialist mortgage exposure may face rating pressures
This is fresh news: "S&P estimates that the specialist mortgage lending accounts for one-third of all new lending, and more than one-fifth of the total UK mortgage market stock, the release added." Then Professor Nickell said: "Nooo, it is not pooovsible, how can vnemployment and IRs go up? iiit is a new eeera, and ve vneed house prices to hit 10x salaries... but I have an idea... Gooordon, let us slash the saalaries. That will wooovk too"
Posted by confused76 @ 03:32 PM (375 views) Add Comment
6 Comments
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1. Orwell said...
Are we referring to Sub Prime here?
2. paul said...
I'm not sure though confused - it's very conditional:
1. IRs going up
2. unemployment going up
3. house prices going down
In isolation, any of them possible. A combination is not beyond likelihood, but all three at the same time seem less likely ...
3. taffee said...
yes but the wall street crash of 1929 happened at a time of great prosperity.....unfortunately like now it was all based on huge debt.
4. confused76 said...
Paul,
I am with you, but you only need 1 OR 2 to achieve 3.
5. paul said...
Aha. Yes, I see.
6. Pandyhead said...
If IR go up you'll have less money floating about, but not tamed the inflation monster. Which will lead to higher unemployement,
1+2=3
Just like last time