Friday, Jul 13, 2007
"Value is opinion, debt is reality" (M. King)
Guardian: Mortgage madness
Please let us make permanent links on the home pages to this wave of negative comments that appear in the press. Let us give our contribution to changing the sentiment.
Posted by confused76 @ 09:55 AM (302 views) Add Comment
5 Comments
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1. nearly30 said...
Great quote: "The brooding dark cliff of debt towers over the economy". That's debt to finance property, debt to finance consumption, debt even to pay the monthly bills.
2. benedict said...
:lol
One of the comments:
"If you want a business opportunity, I understand the website HousePriceCrash is now on the market - like the Second Coming, it never came."
3. confused76 said...
One things keeps amazing me that people that invest in property do not have a clue of... nothing
Read this comment, it really shows naivety. This is probably a BTLer that is talking to himself in the mirror in the hope that the market is listening to him. He is probably reading from an EA brochure.
"There is a general belief that property is over-valued and there has to be a correction sometime soon. But no-one has ever been able to tell me why such a thing will happen. Interest rates and inflation are low by historical standards; IRs are unlikely to increase much beyond 6%. The market remains bouyant. Households are shrinking in size, immigration is high, people are living longer. The whole world wants to live here, god knows why. Demand, in other words, is increasing massively and supply can't catch up - 3 million homes over 15 years won't sort it. People are getting richer; wage inflation exceeds RPI every year. Prices will fall we constantly hear, but why should they?"
4. Bug16 said...
@confused76 - The braincell poster making those comments was probably saying "IR's will NEVER go beyond 4%" at one point.
5. george monsoon said...
Sorry, I had to post this somewhere..
I would imagine that there are a lot of people who are getting to this point right now, with mortgage arrears and credit card debt..
Taken from the Guardian, an actual letter sent by the Inland Revenue:
Dear Mr Addison
I am writing to you to express our thanks for your more than prompt reply to our latest communication, and also to answer some of the points you raise. I will address them, as ever, in order.
Firstly, I must take issue with your description of our last as a "begging letter". It might perhaps more properly be referred to as a "tax demand". This is how we, at the Inland Revenue have always, for reasons of accuracy; traditionally referred to such documents.
Secondly, your frustration at our adding to the "endless stream of crapulent whining and panhandling vomited daily through the letterbox on to the doormat" has been noted. However, whilst I have naturally not seen the other letters to which you refer, I would cautiously suggest that their being from "pauper councils, Lombardy pirate banking houses and pissant gas-mongerers" might indicate that your decision to "file them next to the toilet in case of emergencies" is at best a little ill-advised. In common with my own organisation, it is unlikely that the senders of these letters do see you as a "lackwit bumpkin" or, come to that, a "sodding charity". More likely they see you as a citizen of Great Britain with a responsibility to contribute to the upkeep of the nation as a whole.
Which brings me to my next point. Whilst there may be some spirit of truth in your assertion that the taxes you pay "go to shore up the canker-blighted, toppling folly that is the Public Services", a moment's rudimentary calculation ought to disabuse you of the notion that the government in any way expects you to "stump up for the whole damned party" yourself. The estimates you provide for the Chancellor's disbursement of the funds levied by taxation, whilst colourful, are, in fairness, a little off the mark. Less than you seem to imagine is spent on "junkets for Bunterish lickspittles" and "dancing whores" whilst far more than you have accounted for is allocated to, for example, "that box-ticking facade of a university system."
A couple of technical points arising from direct queries:
1. The reason we don't simply write "Muggins" on the envelope has to do with the vagaries of the postal system;
2. You can rest assured that "sucking the very marrows of those with nothing else to give" has never been considered as a practice because even if the Personal Allowance didn't render it irrelevant, the sheer medical logistics involved would make it financially unviable.
I trust this has helped.
In the meantime, whilst I would not in any way wish to influence your decision one way or the other, I ought to point out that even if you did choose to "give the whole foul jamboree up and go and live in India" you would still owe us the money.
Please forward it by Friday.
Yours sincerely,
H J Lee, Customer Relations